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Posted by on in Residential

The second quarter of this year saw a surge in the number and value of transactions in Good Class Bungalow Areas - to at least 11 deals totalling S$282.3 million, up from just four deals adding up to S$95.3 million in Q1.

The latest Q2 performance - which is also a marked improvement from the five deals worth S$81.8 million in the same period last year - was buoyed by the sale of 35 Ridout Road in May at S$91.7 million, the biggest sale ever, on absolute quantum price basis, in a GCB Area.

The same month also saw a record per square foot of land price of S$2,190 psf in a GCB Area being achieved for a luxuriously built and furnished bungalow in Bishopsgate. The three-year-old bungalow, which has two storeys and a basement, fetched S$33 million.

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The latest Executive Condominium (EC) project, located in Canberra Drive in the northern part of Singapore, has received relatively strong response in its opening weekend.

The Brownstone received about 300 e-applications over the weekend of Jul 11 and 12, with more than 2,000 visitors at its sales gallery. This was despite a highly competitive market with a number of new EC launches in recent months.

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Asia's first large-scale residential project to be built with prefabricated prefinished volumetric construction (PPVC) will go on sale soon.

Cutting-edge PPVC, which has been likened to Lego blocks, boosts productivity and workplace safety.

E-applications for The Brownstone executive condominium (EC) in Sembawang by City Developments (CDL) and related company TID - a joint venture between Hong Leong Group and Japan's Mitsui Fudosan - will start today.

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The resale volume for Housing Board flats rose to its highest in two years last month, further signalling a market recovery.

There were 1,709 HDB flats sold in June, up by more than 8 per cent from the 1,575 units in May, according to the latest SRX Property data.

This is the highest since May 2013, and a third up from last June.

Resale prices also inched up by 0.1 per cent last month, after rising by 0.2 per cent in April and staying flat in May. While prices of three-room flats dipped by 0.2 per cent, those of four-room, five-room and executive flats were up by 0.3 per cent, 0.5 per cent and 0.7 per cent respectively.

This comes after months of prices heading south, following the introduction of market cooling measures such as an increased mortgage servicing ratio limit.

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There's no denying that private property prices in Singapore are on a downward trend; they have been falling for seven straight quarters.

Last week, the flash estimates for the second quarter were released, showing a 0.9 per cent drop in private home prices.

Invariably, with each quarter's release, the debate gets resurrected to some degree about whether the existing cooling measures have served their purpose and are due for a review.

There are those who think some of the cooling measures - the additional buyer's stamp duty being a prime example - should be rolled back, and others who reckon the time is not right yet.

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