Archive for category: Misc

Luxury non-landed home sales in Singapore have fallen to $1.1 billion in the first half of 2023 – a 23% decline from the $1.4 billion recorded in the second half of 2022. Knight Frank’s research report attributes this to the new cooling measures implemented in April, which included doubling the Additional Buyer’s Stamp Duty applicable to foreign buyers from 30% to 60%.

The number of non-landed homes sold in 1H2023 had also decreased from 163 to 126. However, the average unit price of these prime non-landed homes saw a 4.6% increase to $2,580 psf compared to 2H2022’s $2,464 psf.

48 of the 126 non-landed home sales in 1H2023 were in District 4, with 31 specifically in Sentosa. This is a result of the overflow of demand for such homes from the prime districts across the island due to lack of inventory in the market.

Uncompleted homes also saw considerable demand, with Les Maisons Nassim accounting for the top two transactions in 1H2023.

There is also a plan to build a new road to improve vehicular access to the Tampines Town area.

The Tampines Ave 11 Condo development is also located right next to SUTD, Singapore’s fourth autonomous university. Residents will be able to enjoy the many benefits of having a university in the neighbourhood such as incubators, international forums, and other academic events. Furthermore, shopping, dining, and leisure activities are aplenty in the area. Tampines mall, Courts Megastore, Changi City Point, and IKEA are all just a stone’s throw away from Tampines Ave 11 Condo.

An 8,633 sq ft unit at Les Maisons Nassim was sold for $45 million ($5,213 psf) in May, and another 6,286 sq ft unit was sold for $36 million ($5,727 psf) in February. On the 27th of June, the two remaining units at Les Maisons Nassim were sold for $30.77 million ($5,050 psf) and $32.75 million ($5,300 psf).

Flash estimates from the Urban Redevelopment Authority showed that land prices of landed homes grew 0.1% from the first to the second quarter of 2023, amounting to a total of 6% during the first half of 2023.

257 landed homes worth a total of $2.7 billion were sold in 1H2023, producing a 9.9% increase in land prices to $1,996 psf compared to 2H2022’s $1,817 psf.

Good Class Bungalows also showed some resilience with total transaction value increasing from $417.7 million in 2H2022 to $424.3 million in 1H2023, even though the number of homes transacted fell from 10 to 8. The increase in land prices was more prominent, growing from $2,108 psf to $2,952 psf – setting a new benchmark for the segment.

Looking ahead, Knight Frank predicts a drop in foreign buying activities, as well as some sellers withdrawing their properties from the market, for the remainder of 2023. On the other hand, prices of landed homes are expected to move in a steady fashion, driven by more buyers than sellers in the market.