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Thread: Healthy demand for good class bungalows

  1. #1
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    Default Healthy demand for good class bungalows

    http://www.straitstimes.com/Money/St...ry_814695.html

    Healthy demand for good class bungalows

    Q2 transactions likely to pass $250m mark with 11 deals inked so far

    Published on Jun 25, 2012

    By Esther Teo, Property Reporter


    THE market for good class bungalows has gained momentum this quarter with transactions likely to exceed $250 million.

    There have been 11 deals worth $234 million signed so far in the nearly three months from April 1 compared with nine transactions worth $224 million struck from January to March, according to preliminary data from CBRE.

    The total value will be even higher if more caveats are lodged and if deals close before the end of this month.

    The largest transaction this quarter was for a 20,000 sq ft bungalow in Binjai Park that changed hands at $31 million - or $1,550 per sq ft (psf).

    But this looked like small change compared with a 40,679 sq ft bungalow at Ridout Road that sold for $60.6 million - or $1,490 psf - in the first quarter.

    The record for the most expensive home is still held by a house on a 41,852 sq ft site in Leedon Park that sold in December 2010 for $61.4 million.

    CBRE's director of luxury homes, Mr Douglas Wong, said average psf prices have been about $1,363 psf for the first half of this year, up from $1,272 psf for the whole of last year and $1,087 psf in 2010.

    But the number of bungalow transactions is likely to slip from 56 deals last year to between 40 and 45 this year, he said.

    Mr Wong, who specialises in the sale of good class bungalows, also expects the value of transactions to dip from last year's $1.15 billion to between $900 million and $1 billion, although he expects the market to remain stable despite the uncertainties tied to the euro zone crisis.

    Experts say the bungalow market has slowed since last year on the back of cooling measures such as the implementation of the sellers' stamp duty of up to 16 per cent and tighter financing rules.

    For instance, the loan-to-value ratio was lowered to 60 per cent for buyers with an outstanding mortgage.

    This means that a buyer might have to fork out $12 million in cash for a $30 million home now.

    RealStar Premier Group managing director William Wong said prices have continued to climb because many sellers have strong holding power.

    He brokered a sale in Chatsworth Road for $30 million last month and another in White House Road for $24.6 million earlier this month.

    'The euro zone crisis doesn't seem to have much impact on the good class bungalow market; demand is still strong.

    'There is probably a psychological impact on smaller landed homes but for ultra-high-net worth individuals, they are prepared to commit if they can find a good (bungalow) since there are so few of them,' he added.

    Good class bungalows are at the highest end of the home spectrum. There are only about 2,400, and they are found in 39 gazetted areas such as Nassim, Dalvey and Tanglin.

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  2. #2
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    May 2012
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    Default real estate marketing

    Health is the important one to human.It is used as properly to maintain the homes or land properties.Lot of areas have demand for the healthy fitness in water,land,grievance and so many.So we have to build or dream home without demand for the healthy.
    Thank you.

  3. #3
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    Land is scared, best investment so far.

  4. #4
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    Default real estate marketing

    now a days the best investment is the buying bungalows.

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