Singapore, 19 January 2018 – Private properties sales volume grew in 2017, the best performance in four years. The year 2017 ended stronger than it started, with a full-year GDP estimate of…
The private residential market ended 2017 on a stronger note with the price index at 1.1% above 2016 levels and 42% gain in sales volume. 10,566 new homes were sold, 43% higher than the 7,972 units sold in the whole of 2016. Resale volume totalled 14,043 units, 78% higher than the 7,901 units sold in 2016.
Taking into account the pent up demand and the return of foreign investors, new sales volume in 2018 could reach 12,000-13,000 units. In addition, fresh demand will be generated by some of the 13,000 households affected by en bloc sales. If interest in the luxury segment is sustainable, it could set the pace for prices to rise by 4% to 6% through the year.
Is this the time to buy or wait?
Skyscrapers came about from as far back as the 1880s in Chicago and New York, starting off as commercial buildings and evolving into residential as well as mixed-use properties. Such developments provide a variety of real estate development choices for developers, offering greater flexibility in terms of tenant mix, massing and design flow. From the late 80s to the mid 90s, Singapore’s urban skyline was famously marked by One Raffles Place Tower 1, Republic Plaza and United Overseas Bank Tower 1. The most recent addition is Tanjong Pagar Centre, a mixed-use property which includes Wallich Residence and is now crowned the tallest building in Singapore at 290m.
What are “tall”, “supertall” and “megatall” buildings? Why is there a race to build the tallest building in the world? Which country has the most supertall buildings? How does height affect lifestyle offering, status symbol and property prices? What are some of the challenges faced by builders of skyscrapers?
The Q3 2017 URA private residential price index finally showed a positive q-o-q change of 0.7% after 15 consecutive quarters of decline. Developers reportedly sold 2,663 new homes in Q3 2017. The secondary market also registered 4,030 sales, 5% more than the 3,828 homes sold in the previous quarter. Notable sales included a 10,300-sq ft penthouse on the 35th/36th levels of Sculptura Ardmore which was sold at $60.00 mil/ $5,825 psf, and a 7,287-sq ft penthouse on the 23rd level of Gramercy Park, sold for $21.86 mil/ $3,000 psf.
Are we out of the woods yet?