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Thread: S'pore luxury home prices lag major cities: Savills

  1. #1
    ryan
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    Default S'pore luxury home prices lag major cities: Savills

    S'pore luxury home prices lag major cities: Savills

    By Daryl Loo, Channel NewsAsia | Posted: 16 May 2007 1752 hrs


    SINGAPORE: Market watchers continue to be bullish about the residential property market in Singapore, particularly the high end luxury sector.

    Despite the recent jump, property consultancy Savills say prices here continue to lag those in major cities like London and Hong Kong.

    Savills is expecting luxury home prices to climb by another 30 per cent this year, and it says that growth will be sustained over the next three years.

    Luxury homes in prime districts such as Orchard and Marina Bay rose by 25 per cent last year, and were up another 5.5 per cent in the first three months of 2007.

    But according to Savills, they are still cheap when compared to other big global cities.

    "If you look at other major international cities such as London or New York, even Monaco or Hong Kong, Singapore looks relatively undervalued.

    "The reason is that so many luxury markets in so many of the other world cities have grown very dramatically over the last few years. In fact, luxury residential markets have tended to outperform the mass and medium markets in those cities, so the gap has really widened quite dramatically," says Simon Smith, Head of Research and Consultancy, Savills.

    Over in Hong Kong, luxury home prices are going at an average of S$3,100 per square foot, while Tokyo prices are at S$3,400 dollars.

    This, compared with average prices of about S$1,800 per square foot in Singapore.

    Savills is forecasting prices in Singapore to continue pushing higher over the next couple of years.

    Says Smith, "Singapore has a very strong story within Asia - the growth of its business district for example; this increasing shift towards higher-end financial services, as well as the integrated resort story from 2010.

    "So it's all very positive news coming into this market, and that's supported by the fundamentals. It’s very easy to see another two to three years of strong price developments. Beyond that who knows?"

    Overall, private home prices posted a 10 per cent growth last year, boosted by the luxury market. - CNA/yy

  2. #2
    Unregistered
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    Default Re: S'pore luxury home prices lag major cities: Savills

    All these are brainwashing crap lah.
    Our average pay cannot compare to any of these countries, why never commend on this?

  3. #3
    Q&A
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    Default Re: S'pore luxury home prices lag major cities: Savills

    Quote Originally Posted by Unregistered
    All these are brainwashing crap lah.
    Our average pay cannot compare to any of these countries, why never commend on this?

    Questions for everyone:
    1. What is our average pay?
    2. Since 15% of population stay in condo, what is the 85percentile pay?

    3. What is HongKong average pay?
    4. What is HongKong 85percentile pay?

  4. #4
    Registered
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    Default Re: S'pore luxury home prices lag major cities: Savills

    Quote Originally Posted by Q&A
    Questions for everyone:
    1. What is our average pay?
    2. Since 15% of population stay in condo, what is the 85percentile pay?

    3. What is HongKong average pay?
    4. What is HongKong 85percentile pay?

    Dunno man!
    1. Average maybe S$3,500.
    2. 85percentile maybe S$10,000.

    3. ???
    4. ???

    I could be wrong!

  5. #5
    Unregistered
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    Default Re: S'pore luxury home prices lag major cities: Savills

    average pay for Singaporeans is definatley much lower than any of those countries.
    Top 15% earners in any of those countries beat us flat down.
    But did they mention this? No of course not.
    Only bring one side of the story up.

  6. #6
    Registered
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    Default Re: S'pore luxury home prices lag major cities: Savills

    Quote Originally Posted by Unregistered
    average pay for Singaporeans is definatley much lower than any of those countries.
    Top 15% earners in any of those countries beat us flat down.
    But did they mention this? No of course not.
    Only bring one side of the story up.

    Please lah! Don't throw branklet statement.
    Average pay of HongKong is lower than Singapore lah.

  7. #7
    Newbie hayata1972's Avatar
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    Cool Re: S'pore luxury home prices lag major cities: Savills

    Good day, i hope this is not a damper to you guys, but i must set something straight. Top 15% of hongkong residents are much more richer than top 15% of Singaporeans. We are not considering the foreigners, because foreigners come and go they are not fixtures of our societies.
    Top 15% in taiwan is also richer than us.
    In fact the number of USD millionaires in taiwan per percentage is way higher than singapore incl our foreigners. And those are taiwanese residents.
    Sorry fact is that our big portion of millionaires are not pure Singaporeans. True Singaporeans that are millionaires are not very much in percentage. Maybe lately there are more due to the en-blocs going on. But if they put their money back in some expensive property, i guess they are only millionaire asset rich only.
    1/3 of millionaires in Singapore citizens or PR are indonesians, then how about the other Singapore citizens or PR that are from other countries?
    Hope i am not threading on race issues, i am just stating fact.
    Thank you.

  8. #8
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    Default Re: S'pore luxury home prices lag major cities: Savills

    Why bother so much?

    Singaporeans have highest disposable income so all go buy properties. So property market will chase up up up with the rest. Just sit down, relax and watch the market move lah.

  9. #9
    Unregistered
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    Default Re: S'pore luxury home prices lag major cities: Savills

    What race issues? Don't you know Hongkongers, Taiwanese, Indonesian millionaires in Singapore are all CHINESE?

    What is a pure Singaporean anyway. Orang Laut?


    Quote Originally Posted by hayata1972
    Good day, i hope this is not a damper to you guys, but i must set something straight. Top 15% of hongkong residents are much more richer than top 15% of Singaporeans. We are not considering the foreigners, because foreigners come and go they are not fixtures of our societies.
    Top 15% in taiwan is also richer than us.
    In fact the number of USD millionaires in taiwan per percentage is way higher than singapore incl our foreigners. And those are taiwanese residents.
    Sorry fact is that our big portion of millionaires are not pure Singaporeans. True Singaporeans that are millionaires are not very much in percentage. Maybe lately there are more due to the en-blocs going on. But if they put their money back in some expensive property, i guess they are only millionaire asset rich only.
    1/3 of millionaires in Singapore citizens or PR are indonesians, then how about the other Singapore citizens or PR that are from other countries?
    Hope i am not threading on race issues, i am just stating fact.
    Thank you.

  10. #10
    beavis
    Guest

    Default Re: S'pore luxury home prices lag major cities: Savills

    Why do you compare Top 15% resident's Income to Those countries like Hong kong and London ?
    You know that Many Buyers are from Indonesia and Malaysia. Just Compare to them. I guess Singapore is still on top of the leaque in Average Salary compare to neighbouring country, yet buyers are still from our neighbour.

    And also MOST European invenstors are actually Singapore PR who reside and work in Singapore. Where are their salaries come from ?

    The Businesstimes has just reported that many Expats and PRs opted to buy instead of renting properties now.

    Report also says, for most Luxury project launched in Singapore, around 50% buyers are actually Singaporean.

    For Mid-end Project more than 70% are Singaporean.

    Please Don't be surprise.... You know those people selling Chow kwe tiaw and Hokkien Mee .... THEY ARE RICH.
    Last edited by beavis; 18-05-07 at 13:00.

  11. #11
    Newbie hayata1972's Avatar
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    Cool Re: S'pore luxury home prices lag major cities: Savills

    Quote Originally Posted by hayata1972
    Good day, i hope this is not a damper to you guys, but i must set something straight. Top 15% of hongkong residents are much more richer than top 15% of Singaporeans. We are not considering the foreigners, because foreigners come and go they are not fixtures of our societies.
    Top 15% in taiwan is also richer than us.
    In fact the number of USD millionaires in taiwan per percentage is way higher than singapore incl our foreigners. And those are taiwanese residents.
    Sorry fact is that our big portion of millionaires are not pure Singaporeans. True Singaporeans that are millionaires are not very much in percentage. Maybe lately there are more due to the en-blocs going on. But if they put their money back in some expensive property, i guess they are only millionaire asset rich only.
    1/3 of millionaires in Singapore citizens or PR are indonesians, then how about the other Singapore citizens or PR that are from other countries?
    Hope i am not threading on race issues, i am just stating fact.
    Thank you.
    Pardon me for just stating facts, but i am just trying to reason why these other countries have such a high psf price compared to ours and when the property crunch comes in, the foreigners and PRs will dispose so fast you wouldn't even know how to react.
    Sorry but i am just stating facts. I am vested as well but sometimes we have to know the ground. Being over bullish is what i call foolish.
    Pardon me if i have offended anyone here.

  12. #12
    Reuters
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    Default Prime London Property Prices At 30-Year Highs

    Reuters
    London, UK
    20 May 2007

    Prime central London property prices are growing at their fastest in almost 30 years -- and at 3 times the rate of the wider British market, figures show.

    The value of the best properties in central London has risen by more than 33% in the 12 months to end-April, according to estate agent Knight Frank's prime property index.

    That is the fastest rate of growth since mid-1979 and means prices in central London are rising at three times the UK average.

    A property worth just 100,000 pounds in 1976 would now be worth more than £4.1 million, the index shows.

    Knight Frank said demand had been supported by growing numbers of overseas buyers and money spent on property by City bankers.

    Over the past year, Belgravia and Knightsbridge have seen the strongest market, with prices surging by more than 40%.

    Head of residential research Liam Bailey said: "London's traditional spring market rush starts earlier and earlier every year. For the past two years, the season has opened in December rather than March, and has run on well into May.

    "The early part of 2007 saw an incredibly active market, with price growth totalling nearly 11.9% in the first quarter."

    He said, even after 18 months of strong price appreciation, the pace of growth was yet to slow and, if anything, had quickened.

    In the six months to end-April, monthly price growth averaged 2.8%, against 1.7% in the same period last year.

    "The strong performance of the top end of the market can be attributed, at least in part, to the continuing health of the City economy and the bonus season," said Bailey.

    "However, it is our experience that, whilst there have been growing numbers of deals completed by City workers, it is the influx of overseas buyers -- European, Russian, Indian and increasingly Middle Eastern -- which is the key to the substantial price growth seen in many areas of central London."

    Knight Frank data shows that the supply of available property fell by more than 50% in the first quarter of 2007, compared to a 17% rise last year.

    Looking forward, Bailey believed stock shortages would continue to buoy the market.

    Higher transaction costs -- stamp duty, in particular -- mean people are moving less often, while the introduction of home information packs (HIPs) this summer is also likely to cause a drop in supply, he said.

    The controversial packs -- designed to making the home-buying process more efficient, cut the number of transactions that fall through and encourage homeowners to reduce energy consumption -- are due to come into force in England and Wales on 1 June, but have met fierce opposition.

    HIPs are expected to cost sellers around £500 and estate agents have been reporting a rush to complete deals ahead of their introduction.

    The Knight Frank prime central London residential index charts the value of property at the top end of the market: flats and penthouses with an average value of £2.5 million and houses valued at close to £5 million.

  13. #13
    Registered
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    Default Re: Prime London Property Prices At 30-Year Highs

    Quote Originally Posted by Reuters
    Reuters
    London, UK
    20 May 2007

    Prime central London property prices are growing at their fastest in almost 30 years -- and at 3 times the rate of the wider British market, figures show.

    The value of the best properties in central London has risen by more than 33% in the 12 months to end-April, according to estate agent Knight Frank's prime property index.

    That is the fastest rate of growth since mid-1979 and means prices in central London are rising at three times the UK average.

    A property worth just 100,000 pounds in 1976 would now be worth more than £4.1 million, the index shows.

    Knight Frank said demand had been supported by growing numbers of overseas buyers and money spent on property by City bankers.

    Over the past year, Belgravia and Knightsbridge have seen the strongest market, with prices surging by more than 40%.

    Head of residential research Liam Bailey said: "London's traditional spring market rush starts earlier and earlier every year. For the past two years, the season has opened in December rather than March, and has run on well into May.

    "The early part of 2007 saw an incredibly active market, with price growth totalling nearly 11.9% in the first quarter."

    He said, even after 18 months of strong price appreciation, the pace of growth was yet to slow and, if anything, had quickened.

    In the six months to end-April, monthly price growth averaged 2.8%, against 1.7% in the same period last year.

    "The strong performance of the top end of the market can be attributed, at least in part, to the continuing health of the City economy and the bonus season," said Bailey.

    "However, it is our experience that, whilst there have been growing numbers of deals completed by City workers, it is the influx of overseas buyers -- European, Russian, Indian and increasingly Middle Eastern -- which is the key to the substantial price growth seen in many areas of central London."

    Knight Frank data shows that the supply of available property fell by more than 50% in the first quarter of 2007, compared to a 17% rise last year.

    Looking forward, Bailey believed stock shortages would continue to buoy the market.

    Higher transaction costs -- stamp duty, in particular -- mean people are moving less often, while the introduction of home information packs (HIPs) this summer is also likely to cause a drop in supply, he said.

    The controversial packs -- designed to making the home-buying process more efficient, cut the number of transactions that fall through and encourage homeowners to reduce energy consumption -- are due to come into force in England and Wales on 1 June, but have met fierce opposition.

    HIPs are expected to cost sellers around £500 and estate agents have been reporting a rush to complete deals ahead of their introduction.

    The Knight Frank prime central London residential index charts the value of property at the top end of the market: flats and penthouses with an average value of £2.5 million and houses valued at close to £5 million.

    We have along way to go.
    Many of these foreigners have not heard of Singapore before. They only know New Yor, London, Paris, Miami, Tokyo and Hong Kong.
    We need the F1 races to create the awareness.

  14. #14
    AP
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    Default Hong Kong Expat Apartment Rents World's Most Expensive: Survey

    AP
    Singapore
    21 May 2007

    Hong Kong's high-end apartments are the world's most expensive to rent, followed by Tokyo and New York, reflecting high living costs in those cities, a survey on expatriate accommodation showed Tuesday.

    An executive three-bedroom apartment in Hong Kong costs more than US$8,500 (€6,311) a month to rent, according to the survey by U.K.-headquartered human resources consultancy ECA International.

    Rents for typical expatriate apartments in Hong Kong rose an average 10% last year and 15% in 2005, thanks to the Chinese territory's robust economic growth, said Lee Quane, general manager of ECA International Hong Kong.

    The gap between Hong Kong and other cities was widening, he added.

    The survey compared rental prices in 92 locations worldwide, the firm said in a statement.

    Tokyo rents for expatriates averaged US$7,358 (€5,474), while in New York, they were US$7,249 (€5,392).

    Moscow was ranked fourth most expensive at US$6,526 (€4,854), followed by Seoul, London, Mumbai and Shanghai, the survey found.

    The Venezuelan capital of Caracas was ranked ninth as expatriates there need to live in high-security compounds for safety reasons, Quane said. Paris was 10th.

    The cheapest location of the 92 cities was Nairobi, Kenya, where a three-bedroom apartment cost about US$1,000 (€750) a month, the survey said.

  15. #15
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    Default Rents of Singapore luxury homes surpass those in Hong Kong

    Rents of Singapore luxury homes surpass those in Hong Kong

    By Daryl Loo, Channel NewsAsia | Posted: 18 May 2007 1823 hrs


    SINGAPORE : Rental rates for luxury homes in Singapore have outstripped those in Hong Kong for the first time.

    This is according to corporate leasing agents Savills.

    And it says this is due largely to the short supply of rental units in the prime residential districts amid the recent spate of en bloc sales in Singapore.

    Savills also notes that this is pricing some expatriates out of the prime areas.

    It is now more expensive to rent a luxury apartment in Singapore than in Hong Kong.

    According to corporate leasing agents Savill, a unit in the prime districts of 9, 10 and 11 could cost up to 10 percent more than a similar unit in Hong Kong's most prestigious locations.

    For example, a 3,000 square feet unit at Regency Park can fetch $18,000 per month in rental, more than the $16,500 being asked for a same-size unit in Mid-Levels.

    Simon Hill, Regional Director, Corporate Real Estate, Savills, said: "The expats certainly have an obsession in particular with districts 9, 10, and 11. Their social structure is there, their friends, work colleagues, they are close to all the facilities. And there is, if you like, a snob value of being there too.

    "We are now urging prospective tenants to consider other areas because the stock is in such short supply. As I often say, particularly to the English expats that are coming out here - 'you have to consider that 9, 10, 11 is like living in Chelsea or Knightsbridge in London, and would you expect to live in Chelsea or Knightsbridge in London?'. And normally the answer is, 'no of course not'."

    But increasingly these expatriates - who are mainly mid- to high-level executives of multi-national companies - are looking at units in other areas such as the East Coast and Buona Vista.

    And some have even deemed it more economically-prudent to buy the unit, rather than rent.

    Savills says the difficulty of finding affordable housing has prompted some MNCs to reconsider locating staff in Singapore.

    Simon Hill, Regional Director, Corporate Real Estate, Savills, said: "We've had at least three corporates say they are putting on hold the number of people coming into the country until they can work out what's happening with the housing packages.

    "Companies and employees are much, much more portable now, and I think that if the situation continues there will be pressure. For everything that Singapore has to offer, if we can't find places for people to live, then they will have to go elsewhere, it's fairly fundamental."

    Overall rental rates for apartments and condominiums in Singapore jumped 8 percent in the first three months of this year. - CNA/ch

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