CBRE: More than half of high-end condos unsold
It also sees prices falling 10-15% from $2,000-$2,400 in Q4 last year Fifty-five per cent of about 2,200 units in luxury projects launched by developers between 2006 and 2008 remained unsold in November 2008, according to CB Richard Ellis (CBRE). And the property consultancy firm is tipping a 10-15 per cent fall this year in … Read more
Property investment sales fall in Q4 ‘08
It is the lowest level in five years, says a DTZ report Property investment sales in the fourth quarter of 2008 fell to the lowest level since Q4 2003, with most players sidelined as prices weakened and credit tightened, a DTZ report shows. Dormant market: The residential sector slowed tremendously in 2008 as interest in … Read more
First cracks appear in Sentosa Cove haven
Bungalow owner defaults on mortgage payments, sale may follow The first mortgagee sale of a bungalow on Sentosa Cove – an upscale waterfront housing haunt that was all the rage among well-heeled investors during the bull run – could be in the works. BT understands that a permanent resident who developed his bungalow on a … Read more
Developers may want to take that haircut right away
PROPERTY consultancy groups have issued reports over the past couple of weeks reporting declines in Singapore residential property values, especially for the high-end segment, in 2008 – with pretty grim prognoses for 2009 too. This will mount pressure on listed property groups to make provisions for Singapore residential sites. When listed property groups did not … Read more
1,200 luxury homes yet to find takers
CBRE says growing supply overhang may see prices drop by up to 15% A STOCKPILE of up to 1,200 luxury homes in prime districts remains unsold, adding to a growing supply overhang that is likely to drag prices lower this year. That grim assessment of the very top end of Singapore’s property market has been … Read more
Prime office rents could plunge by up to 40%: Report
OFFICE rents in prime districts could dive as much as 40 per cent by next year, says consultancy Cushman and Wakefield in a new report. The industry has been expecting falls, but the magnitude of the projected slump is surprising. The consultancy blames a huge stock of office space that is rising amid tough times … Read more
Court upholds ruling on govt takeover of temple site
THE Court of Appeal has upheld a High Court judgment that the Government did not discriminate against a Buddhist temple when it acquired its land for the MRT’s new Circle Line. The new ruling brings to a close a year-long battle initiated by three devotees of the Jin Long Si temple, off Bartley Road. The … Read more
Nearly half of recent launches still unsold
En bloc projects being leased out instead of getting rebuilt MANY new homes recently built for the well-heeled in Singapore are sitting empty. Only 45 per cent of the luxury projects launched since June 2006 have been sold as of November last year, according to property consultancy CBRE. This period saw the roll-out of 20 … Read more
A lodger could be the answer
But proper screening required, say landlords WITH job losses expected to spike and bonuses becoming restrained, more homeowners may resort to renting out spare rooms to make ends meet, say analysts. Although carving out a space in your home for strangers may mean a loss of privacy and inevitable adjustments to the way you live, … Read more
Japan Land warns of H109 losses
Japan Land on Thursday warned that it is expecting to report a loss for the first half of the financial year ending May 31, 2009. This is due to share of losses from associated companies, higher taxation from gain in partial disposal of subsidiary, higher expenses incurred in general takeover and other corporate action exercises, … Read more
