Property News & Market Trends

2007 – the Year of Ochard!

The property scene in Singapore is going to enjoy a good year (2007), this is reflected by Mr Liew Mun Leong, Chief Executive of CapitaLand Ltd on his recent visit to KL.

Analysts estimated that the high-end properties which have attracted foreign investors as well as expatriate executives may see a price rise by as much as 10% which is a lower rate of increase as compared with that of 20 to 30% in 2006. Mr Liew gives a more conservative estimate of between 5 percent to 10 percent year on year. Mid-end property prices would rise by a 5 percentage point.

He foresees that the trend of rising prices is streaming down as the demand on properties is driven by expats and foreign investors. He expressed optimism as there is real demand as compared to pure speculative pursuits. “Many companies are establishing their bases here in Singapore”, thus the need for housing, he added.

Just an example of the trickling effect, Yew Tee Residences experienced a heartwarming interest liken to that of the mid-1990s following other recent successful launches in the Central Business District. Property buyers are flocking to check out designs and to view properties in the rain and on weekends. Developed by NTUC Choice Homes, this Choa Chu Kang project is a witness to genuine demand of home owners.

Miss Tang, "We got a two-room apartment. We are only looking at it for investment purpose. This property is good in the sense that the location is good. There are facilities which are very family-based. And the price, in the backdrop of today's property market, I think it's a fair price."

Well, that’s a “live” one -“In the backdrop of today’s property market, I think it's a fair price.” That’s how the general people are feeling. Yet, many HDB agents are complaining that transactions are not growing as fast as the demand for central districts. “Some owners are even asking for more, even when no buyers are viewing at current prices!” lamented one experienced agent.

Potential buyers do not just buy into a property for the design and price alone, the location is a primary consideration; the closer it is to amenities the better; like being next to MRT station, the market and schools. It is all of these and the competitive price that make it all the more attractive to potential buyers.

Response has also been good at other private residential projects. Mass-market properties like these are beginning to see better days after years of dull growth. For example, Allgreen Properties' Blossoms@Woodleigh had about half the units taken up when it was launched during a weekend. And it has been the same for Frasers Centrepoint Homes, when it soft-launched the Clementi Woods condominium. Property analysts attributed the good response partly due to the buoyant economy.

Well, looks like the trickling down effect only affects the private industry for now. HDB owners, buckle up. The journey’s still some distance away.

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