Up: Prices of suburban landed homes

[land118]

http://propertyshowflat.com/property...-landed-homes/

Up: Prices of suburban landed homes

Posted on November 12, 2012 by propertyshowflat

Prices of landed homes in areas such as Bishan and Ang Mo Kio have surged in the past year even while those in the more central Watten Estate and Novena areas have dipped.
The price movements signal that cost-conscious buyers are increasingly shunning expensive inner-city property for more affordable homes on the fringes.
Average resale prices in District 20 – which includes Bishan, Ang Mo Kio, Braddell Road and Thomson – rose to $1,266 per sq ft (psf) of land area in the three months to Sept 30.
This is up from $1,028 psf in the same period last year, according to the Singapore Real Estate Exchange (SRX) last week. The 23.2 per cent increase is well above the 16 per cent rise in overall average prices for the landed segment in the same period.
District 16 – made up largely of Bedok, Upper East Coast and Kew Drive – recorded the next highest price rise, with values up 22 per cent in the period, while District 23, comprising areas such as Hillview, Dairy Farm and Bukit Panjang, racked up an average increase of 21.5 per cent.
But prices in prime District 11 – covering Watten Estate and Novena – dipped 0.7 per cent to $1,483 psf. It was the only landed home district that recorded an average price drop.
Experts say the introduction of the additional buyer’s stamp duty (ABSD) last December could have affected the demand for centrally located landed homes.
Prices of leasehold terraced homes in suburban areas lodged the highest increase of 8.5 per cent in the third quarter compared with a year ago.
In the prime 9, 10 and 11 districts, prices of freehold terraced homes rose 4.5 per cent.
The Serangoon planning area recorded the highest number of sales in the third quarter, possibly indicating its growing popularity among buyers. About 160 landed homes were sold, 33 per cent more than the quarter before.
The SRX collates transactions by major property agencies, which account for more than 80 per cent of the landed market.
Districts with fewer than 10 transactions for at least one of the quarters being compared were left out of the analysis.
The remaining districts surveyed recorded gains of between 7 per cent and 23 per cent.

Source: The Straits Times –12 November 2012

[land118]

up & up...

[reporter2]

http://www.straitstimes.com/premium/...homes-20121112

Up: Prices of suburban landed homes

But prices in Novena, Watten Estate fall slightly in the past year

Published on Nov 12, 2012

By Esther Teo Property Reporter


PRICES of landed homes in areas such as Bishan and Ang Mo Kio have surged in the past year even while those in the more central Watten Estate and Novena areas have dipped.

The price movements signal that cost-conscious buyers are increasingly shunning expensive inner-city property for more affordable homes on the fringes.

Average resale prices in District 20 - which includes Bishan, Ang Mo Kio, Braddell Road and Thomson - rose to $1,266 per sq ft (psf) of land area in the three months to Sept 30.

This is up from $1,028 psf in the same period last year, according to the Singapore Real Estate Exchange (SRX) last week. The 23.2 per cent increase is well above the 16 per cent rise in overall average prices for the landed segment in the same period.

Knight Frank research head Png Poh Soon told The Straits Times: "Landed homes in more centralised areas are commanding a land rate of more than $1,000 psf, making landed homes under $1,000 psf in fringe areas more attractive, providing more value for money for home buyers."

District 16 - made up largely of Bedok, Upper East Coast and Kew Drive - recorded the next highest price rise, with values up 22 per cent in the period, while District 23, comprising areas such as Hillview, Dairy Farm and Bukit Panjang, racked up an average increase of 21.5 per cent.

But prices in prime District 11 - covering Watten Estate and Novena - dipped 0.7 per cent to $1,483 psf. It was the only landed home district that recorded an average price drop.

Experts say the introduction of the additional buyer's stamp duty (ABSD) last December could have affected the demand for centrally located landed homes.

Mr Png noted that demand for landed homes of a higher quantum would be hit as the ABSD is also higher in absolute terms.

But although average prices in District 11 were slightly lower in the three months to Sept 30, compared with the same period a year ago, the area remains popular, being close to popular schools such as Raffles Girls' School, he added.

Property consultancy DTZ also found that prices for landed homes in suburban areas have risen more than those in the prime districts of 9, 10 and 11.

Prices of leasehold terraced homes in suburban areas lodged the highest increase of 8.5 per cent in the third quarter compared with a year ago.

This is slightly more than the increase of 7.3 per cent for freehold terraced homes, noted Ms Chua Chor Hoon, DTZ's head of Asia-Pacific research.

In the prime 9, 10 and 11 districts, prices of freehold terraced homes rose 4.5 per cent.

The Serangoon planning area recorded the highest number of sales in the third quarter, possibly indicating its growing popularity among buyers. About 160 landed homes were sold, 33 per cent more than the quarter before.

Colliers International research and advisory director Chia Siew Chuin noted that prices of landed homes are at an all-time high.

"In the mid to long term, demand for landed housing should stay positive and prices are expected to continue to trend upwards as it is a fundamental reality that landed housing will always be scarce in Singapore's urban landscape," she added.

The SRX collates transactions by major property agencies, which account for more than 80 per cent of the landed market.

Districts with fewer than 10 transactions for at least one of the quarters being compared were left out of the analysis.

The remaining districts surveyed recorded gains of between 7 per cent and 23 per cent.

DTZ's Ms Chua cautioned that there are different types of landed homes - terraced, semi-detached, detached and good-class bungalows - that come with different tenures and varying ages.

This means grouping them and deriving an average may not be representative of the price change for each category.

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[stl67]

up & up...

Is the report saying that prices of landed has increased by about avg 16%? I am a bit puzzle as I am not sure it has gone up so much.

[sherlock]

Could it be because of the size of the land sold differs from the past few quarters?

[land118]

Is the report saying that prices of landed has increased by about avg 16%? I am a bit puzzle as I am not sure it has gone up so much.

Yup, YoY average increase is 16% as per report:

"the 16 per cent rise in overall average prices for the landed segment in the same period."

[carbuncle]

is it becoz all count by built up instead of land area now

[lajia]

Is there a reason for the change? A lot still base on land size and very confusing...some use land, some use builtup...

is it becoz all count by built up instead of land area now

[Ringo33]

this report doesnt take into account of A&A and rebuilding. when you tear down and rebuild sure price will go up.