Weekly market round up

Singapore

On April 1^st the HDB released its Resale Price Index (RPI) for the first quarter of 2013. The RPI went up 1.2 percent to 205.4 points over the last quarter, the lowest quarter-on-quarter RPI growth since the first quarter of 2012.

Commenting on the news, Mohamed Ismail, CEO of PropNex Realty commented, “The HDB resale prices are beginning to show signs of moderation as witnessed by the more than 50 percent drop since last quarter. This is largely contributed by the introduction of the January cooling measures as well as the Mortgage Servicing Ratio (MSR) which have impacted the purchasing power of homebuyers. As such, I expect the pace of growth for HDB resale prices to be muted especially for larger flats.”

He continued, “ Overall, HDB resale prices for the entire 2013 will be between four to five percent as demand for resale flats will be reduced due to singles being able to purchase BTO flats directly from HDB, as well as a larger supply of BTO flats. In May, HDB will offer 4,850 BTO flats in Choa Chu Kang, Hougang, Jurong West, Sembawang, and Woodlands. An additional 3,000 flats will be launched in a concurrent Sales of Balance Flats (SBF) exercise.”

The Urban Redevelopment Authority’s price index was released on March 31^st. It showed a mere 0.5 percent increase over the previous quarter with the Core Central Region (CCR) and Rest of Central Region (RCR) showing even slower increases of 0.4 percent and 0 percent, respectively, over the previous quarter. The Outside Central Region (OCR) saw a 1.7 percent increase quarter-on-quarter.

“With the introduction of the cooling measures in January, price growth for private properties is expected to remain slow moving for the entire 2013—particularly in CCR and RCR. However, mass market properties in the OCR will continue climbing due to their more budget friendly prices and sustained demand from genuine first time homebuyers and investors” remarked Mr Ismail. “For the entire 2013, I expect overall prices to increase by between 1 to 3 percent. On the other hand, OCR properties are expected to increase by up to 5 percent.”

 

Puan Sri Datin Alice Su, Yang Berhormat Dato’ Seri Chor Chee Heung and Tan Sri Dato’ Koo Yuen Kim inspect the model of phase one of O2 City.

Malaysia

Perfect Eagle Development Sdn Bhd has launched O2 Residence, a serviced residence within the upcoming O2 City development in Bandar Puchong South. At a ceremony attended by the Minister of Housing and Local Government, Yang Berhormat Dato’ Seri Dato Chee Heung, the CEO of Perfect Eagle Development, Puan Sri Datin Alice Su said, “ We have been looking forward to this day for awhile, as it is a realization of our dreams, taking them from pen and paper to reality. We believe that this development will be a benchmark for modern sustainable living, redefining the skyline and landscape of Puchong South.”

O2 City is developed under the theme “The City That Breathes” and once completed, the 64-acre mixed use development will comprise of serviced residences, boutique offices, retail units and a hotel. O2 Residences is the first phase of the development and will consist of six blocks offering 508 units over a built up area of 13.5 acres. The phase aims to achieve multiple green rating certifications, including Singapore’s BCA Green Mark and Malaysia’s Green building Index (GBI).

 

Amari Residences Phuket. Two-bedroom living area.

Thailand

Amari Estates, the developers of Amari Residences Phuket, and CBRE on the last weekend of March held a sales preview of the development in Hong Kong. A total of 16 percent of phase one units were sold at the event, which attracted more than 130 visitors, mainly from Hong Kong and mainland China.

We are very pleased to have received such positive feedback from both Hong Kong and Mainland investors in our latest development, Amari Residences Phuket. The residences on sale are a rare investment opportunity which offers affordable luxury built in a prime location that is second to none in Phuket. We believe the launch of Amari Residences Phuket will set a new market benchmark for holiday home investments and is well timed with Phuket’s property markets’ rising cycle” said Yuthachai Charanachitta, CEO of Amari Estates Italthai Group.

When complete at the end of next year, Amari Residences Phuket will comprise of 148 residences and 12 pool villas situated on a prime coastal site above Patong Bay. Designed as two- and three-storey low-rises, the residences are spacious and afford 270-degree sea views from every unit.

The residences come in one-, two- and three-bedroom configurations with prices at the preview starting at HK$1.9 million (US$245,161) for one-bedroom units, HK$3.73 million (US$481,290) for two-bedroom residences and three-bedroom pool villas starting at HK$17 million (US$2.2 million).

Weekly market round up