ST: Rents falling at most condos

Rents falling at most condos 

New supply of homes and weak demand could mark start of downward trend

 

TENANTS, rejoice: rents have begun to fall at a majority of condominiums in Singapore on the back of fresh home supply and a turnaround in market sentiment.

Two in every three projects with a substantial number of leases saw rents drop in the second quarter from the previous three months, according to the latest data from the Urban Redevelopment Authority (URA).

 

This marks a reversal from the last two years, when private home rents soared, especially in expatriate-friendly areas, due to an insufficient supply of rental homes and an influx of expat tenants.

 

Now, rents are dipping in almost every location around the island, but particularly in the two areas most popular with expats – East Coast and the central region around Orchard Road.

 

This could mark the start of a downtrend that experts say may worsen with more home completions, especially in the prime areas, where rents have reached stratospheric levels.

 

URA’s data analysed rents in developments with at least 100 units and that have 10 or more leases each in the first and second quarters this year. Of the 124 projects in this category, 80 – or about 64 per cent – saw rents drop between the two quarters.

 

But URA also has a more comprehensive rental index that covers all rental transactions, including those at projects with fewer than 10 leases. This showed that rents across the country rose 2.5 per cent overall in the second quarter, the smallest rise in three years.

 

Rents are taking a hit largely because the stock of homes available for rental has risen, property consultants said.

 

Several major projects have recently been completed that were heavily bought into by investors planning to rent out their units. These include the 640-unit Icon in Tanjong Pagar, a 430-unit tower at Sail @ Marina Bay, the 600-unit Citylights at Lavender, and the 546-unit Sea View in Amber Road.

 

Ms Tay Huey Ying, director of research and advisory at property firm Colliers International, said the ‘peakish’ rents could also be due to the current run of high inflation, pushing up living costs in general and making expats more resistant to any rental rises.

 

Another source of rental demand, collective sale sellers, has also dwindled due to the delay in demolishing several en-bloc sale estates amid a slow property sales market, she added.

 

Colliers’ own research showed that monthly rents of luxury apartments fell 3 per cent in the first six months of this year. A 1,000 sq ft apartment was fetching $6,730 in June, down from $6,930 in December last year.

 

But Ms Tay said luxury rents are unlikely to fall by more than another 10 per cent in the second half, as Singapore remains attractive to expats.

 

Mr Colin Tan, head of research and consultancy at Chesterton International, agreed that the rental declines in the prime central districts will be ‘more gradual than elsewhere as their central location means there will be no lack of demand’.

 

‘At the other end of the rental market, in far-flung locations such as Changi and Pasir Ris, the declines are expected to be more pronounced as they will face the twin problems of weak demand and declining rentals,’ he added.

 

Source: Straits Times

New Project Launch by Developer: Scotts Tower

New Project Launch by Developer: Scotts Tower

 

Developer: Far East

 

Location: Scotts Road

 

Tenure: Freehold

 

Site Area: 65,663sqft

 

Type of Developement: 1 block of High Rise Condominium 31-storey

 

Total Units: 67

 

Unit Types:

3 Bdrm – duplex unit

3 Bdrm + study (simplex unit)

4 Bdrm + study (duplex unit)

4 Bdrm + study (Penthouse Duplex Unit)

 

Parking Lots: 221 (3 lots per unit)

 

 

Please contact us if you need further details on the above-mentioned projects or any other projects’ details. We would be more than happy to be of assistance.

New Project Launch by Developer: Urban Resort

New Project Launch by Developer: Urban Resort

 

Developer: Capitaland

 

Location: 32 & 32A Cairnhill Road

 

Tenure: Freehold

 

Type of Developement: High Rise Condominium 1 Block of 18-storey & 1 Block of 20-storey Residential Area

 

Total Units: 64

 

Unit Types:

3 Bdrm – 2121 sqft (30 units)

4 Bdrm – 2530~2551 sqft (30 units)

Penthouse – 4370 sqft (1 unit)

Duplex Penthouse – 4693~4919 sqft (2 units)

 

Facilities:

1) 50m Lap Pool

2) Swimming Pool

3) Wading Pool

4) Childen’s Pool

5) Garden Pavilion

6) Pool Pavilion

7) Children Play Area

8) Sky Terrace (2nd Storey)

9) Gymnasium

10) Multi-purpose Room

11) Changng Rooms

12) Steam Room

13) BBQ Area

14) Jacuzzi

 

 

Please contact us if you need further details on the above-mentioned projects or any other projects’ details. We would be more than happy to be of assistance.

Condo sales in S’pore hit by bad news from US

Condo sales in S’pore hit by bad news from US

 

THE bad news coming out of the United States last week took its toll on property sales in Singapore over the weekend.

Two newly released projects sold fewer than 20 units each, as homebuyers’ caution deepened after the collapse of US bank IndyMac and the forced rescue of mortgage giants Freddie Mac and Fannie Mae.

 

CapitaLand’s Wharf Residence in Tong Watt Road, which started taking bookings over the weekend, sold just over 10 units, sources said.

 

The 173-unit condominium off River Valley Road is priced between $1,500 per sq ft (psf) and $1,900 psf. Unit sizes start at about 1,000 sq ft, so a two-bedroom unit costs $1.6 million to $1.7 million.

 

Meanwhile, Frasers Centrepoint sold about 19 of the 48 units it released at Woodsville 28 near Potong Pasir MRT station.

 

But the developer, which priced the units at an average of $880 psf, said it was ‘quite encouraged by the take-up rate’.

 

‘It was above our expectations, given the general sentiment in the market,’ said a spokesman.

 

Woodsville 28 has two- and three-bedroom units, starting from 829 sq ft, with an average two-bedder costing about $755,000.

 

Sales also continued at a snail’s pace at other condos that have recently been launched, despite reports of large crowds at showflats.

 

OLA Residences in Mountbatten Road has sold only about 10 of its 50 units since sales began three weeks ago.

 

‘There are a lot of walk-ins but offers from buyers are coming in too low,’ said a property agent. The freehold project is priced at about $1,200 psf on average.

 

Two smaller projects, The Scenic@Braddell in Braddell Road and Jubilee Residence in Pasir Panjang, have sold about 10 units each in the last few weekends, putting them at the halfway mark in sales. The Scenic is priced at $820 psf to $850 psf, while Jubilee is going for $900 psf.

 

Cheaper projects are seeing better sales. Buyers have picked up more than 60 of the 212 units at Beacon Heights in St Michael’s Road for an average price of $800 psf, agents said. The 999-year leasehold condo developed by Kim Eng Securities started sales two weekends ago.

 

‘Buyers are still waiting to see if prices go down further, and this will continue until the US situation stabilises,’ said Mr Ku Swee Yong, director of marketing and business development at property firm Savills Singapore.

 

‘There are definitely buyers with enough money to buy new properties, but they are doing their homework these days.’

 

 

 

Source: Straits Times

For Sale/Rent: Cuscaden Residence, 3+1, 1485sqft, #1x-02

For Sale/Rent: Cuscaden Residence, 3+1, 1485sqft, #1x-02

 

Cuscaden Residence, 26 Cuscaden Road

 

District 10

 

3+1 bedroom, 1485sqft

 

Full Condo Facilities

 

Tenure: Freehold

 

TOP: 2001

 

Located at the prime area of Orchard, Cuscaden Residence offers a luxury living that one would always dream of. With fine dine around here, one is so spoilt of choice. Not forgetting shopping is around the corner.

 

For Sale: $3,420,000 or $2,300psf

 

For Rent: $9,000/month

 

View from Living area

 

View from the Masterbedroom

 

Floorplan

 

Living Area

 

Masterbedroom 1

 

Masterbedroom Wardrobe Area

 

Master Bathroom

For Sale/Rent: Urbana 2bedroom 1012sqft #2x-04

For Sale/Rent: Urbana 2bedroom 1012sqft #2x-04

 

Urbana: 1 River Valley Close

 

District 09

 

2bedroom, 1012sqft

 

Full Condo Facilities

 

Tenure: Freehold

 

TOP: May 08

 

Located at the heart of River Valley and on top of the slope. Urbana is truly a place you can call home. A gentle 10min walk from Somerset MRT Station where there are plenty of eateries along the Killiney Road, not forgetting there is a Supermarket too.

 

For Sale: $1,600,000 or $1,581psf

 

For Rent: $6,000/month

View from Living Area

View from the Balcony

 

Location Map

 

 

Siteplan

 

Floorplan 

 

 

 

 
 

 

For Rent: The Sail 2Bedroom 861sqft

For Rent: The Sail 2Bedroom 861sqft

 

The Sail @ Marina Bay

 

District 01

 

2bedroom, 861sqft

 

Full Condo Facilities

 

Tenure: 99years leasehold

 

TOP: June 08

 

Located at Marina Bay, The 1st Residential in Marina Bay. Walking distance to all the major offices inside CBD, Raffles Place MRT station and also to the future Integrated Resort, Marina Sand. This is the place truly to be Work, Live and Play!

 

For Rent: $6,000/month

 

View from the Living Area

 

– Siteplan

 

– Floorplan

 

 

Living Area

 

Study Room

 

Bedroom 2

 

Kitchen