December is usually one of the slowest months in terms of housing resale figures in any case. This year that has definitely been the case for Singland Homes Clementi Ave 1 Condo. There was a 4.3% drop from November to December yet that could have been worth if buyers were not turning to resale properties instead of new builds. Buyers have turned to resale properties in order to save money.

Effectively the housing market in Singapore is standing still, a situation not helped by the decline in the economy, which decreased by 1.3% during the year.

New Year Property Sales by Developers

This year 18,000 new Clementi Condo near NUS housing units have been built, an increase of 3,000 since last year.

With the New Year’s celebrations barely over at least one property developer is anxious that the land sales ball should get rolling again.

With that in mind the Singapore government will have just made property developers and real estate agents have a happier New Year. That is due to the Urban Redevelopment Authority (the URA) announcing that a 2.44 ha land site that was on the reserve list has been triggered for sale.

It is estimated that 570 homes will be constructed on the plot of land at the junction of the New Upper Changi Road with Bedok South Avenue 3.

New Year Sales in UOL Clementi Ave 1 Condo

An undisclosed Clementi Avenue One Condo development firm has already committed itself to a minimum bid of S$320 million, which equates to S$580 per square foot per plot ratio (psf/pr) the URA has said.

Triggering a land site auction so quickly in the New Year, especially among continuing gloomy economic news indicates that Singapore property developers must simply keep their firms ticking over. Property developers basically need the Upper Thomson Road Condo main raw material of land to keep their business running along. Without land they cannot have properties built to sell or lease to make profits.

With a bid already been made, that comes less than four months after the land parcel was taken off the reverse list. That land parcel at Lorong Lew Lian was triggered and quickly sold last year. This sale caught some real estate experts by surprise as they did not think land would sell in the current economic climate.

West Coast New Launch Singapore Clementi Ave 1

In the last few years the economy of Singapore has been so depressed that the country’s property Singapore Land Singland Homes developers have got involved in construction abroad simply to earn the money they needed to keep afloat. There was not enough money at home to carry out building projects, and it was really difficult to sell the properties they had built. Yet these companies have regained interest in building projects in Singapore.

It has sensible policy on the part of the URA and the Singapore to make land parcels available to get development firms involved in building projects at home again.

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Private Home Prices are Expected to Drop 5 to 15 Percent During 2016 and 2017
OCBC Investment Research stated that it expects the private home prices to go down 5 to 15 percent over the next two years. Analyst, Eli Lee has reported that residential rents may from 8 to 15 percent over the next two years. He pointed out the three key reasons that the domestic residential prices will change so much over the next two years.

First, there is an oversupply of housing, which can increase vacancy rates. Next, floating mortgage rates will rise along with interest rates. This will affect housing and rental affordability. Finally, curb reversals after the price declines will reach the double digits beginning in 2016.
During the first 11 months of the year, 7,380 private homes were sold. For all of 2015, consultants are estimating that sales stay around 7,500. This is very close to the 7,557 that were sold in 2014.

Tender for CCK Inz Residence EC

For 2016, is is estimated that 6,000 to 9,000 private homes will be sold.
The seller’s stamp duty (SSD) and the additional buyer’s stamp duty (ABSD) that was imposed in 2010 and 2011 may actually have a strong impact on the high end housing.

The value of property that is auctioned off has reached a 5 year high of $102.27 million. However, the number of sales have not increased. While the number of sales this year are the same as the last, the total value has increased by 41 percent. Residential homes have dominated the listings, and 26 homes were put up for auction. Also, the auction market has been very quiet, with sales plunging 76 percent and only four properties have been sold this quarter. There were only four properties that have been sold this quarter, this is down from the 12 that were sold last quarter. Three properties were sold as Orchard Boulevard Residences Condo mortgage sales, two were residential properties and one was an industrial property.

Qingjian Realty Choa Chu Kang EC

Aside from 2013, the number of properties that were put up for action since 2009 was much higher than the number of industrial and commercial sites. In 2013, residential real estate made up 46 percent of all listings. Qingjian Realty Inz Residence will be available for viewing soon. It is located near to Choa Chu Kang MRT Station.
In the last two years, there has been a significant increase in the number of mortgage properties that made up a portion of auction sales.

Brickland Choa Chu Kang Ave 5 EC Price

Because there are increases in interest rates for Inz Residences EC and softening of the rental market expected, the chances that mortgage sales will go up in 2016 is expected. Residential properties are expected to make up the majority of these. According to an analyst, auctions are going to be seen as a way to get a good property at a great price, despite the marginal, general decline in price.

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