This week in property: HDB resale index down, private home prices up, Cairnhill Heights sold en bloc, Oxley previews The Verandah Residences

By EdgeProp Singapore
/ EdgeProp |
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Property highlights of the week from April 2 to April 6:
HDB’s flash estimate for 1Q2018 showed a 0.8% decline in resale prices of public housing flats. This is a steeper decline than the 0.2% dip in 4Q2017 and marks the latest quarterly decline since 2Q2013.
The price decline could be attributed to the steady supply of new HDB BTO flats in 2017 and 2018. HDB will offer about 3,900 Build-To-Order (BTO) flats in Sengkang, Tampines, Toa Payoh and Yishun in the May 2018 BTO exercise.
Further, the increase in supply of new BTO flats will also come with a shorter waiting time, and the introduction of the Re-offer of Balance (ROF) flats could have drawn some demand from the HDB resale market.
Price recovery of private homes gathers momentum in 1Q2018, rising by 3.1% from 4Q2017, according to URA flash estimates. This marked the third straight quarter of price growth since the index bottomed in 2Q2017.
It is also the strongest quarterly increase since the 5.2% quarter-on-quarter (q-o-q) increase in 2Q2010, says Tricia Song, Colliers International head of research for Singapore.
With the latest price increase, the URA private property price index is up 4.6% year-on-year, adds Song. As at end 1Q2018, private residential prices are just 7.5% below the peak in 3Q2013.
The largest price uptick was seen in the Core Central Region (CCR), which registered a 5% increase, boosted by new launches over the past year, such as Gramercy Park, Martin Modern and New Futura.
Cairnhill Heights condominium has been sold en bloc for $72.6 million to the 60-40 joint venture company between Tiong Seng Holdings and Ocean Sky International, TSky Development. The condo was launched for collective sale with an asking price of $80 million in December 2017.
Located in prime District 9 with a site area of about 15,408 sq ft, Cairnhill Heights is zoned “Residential” with a gross plot ratio of 2.8. The site may be redeveloped into a residential development of about 42 units based on an average size of 95 sq m (1022.3 sq ft).
It is situated within the prestigious Cairnhill enclave, within walking distance of the Newton MRT station and Anglo-Chinese School (Junior).
Singapore-listed property developer Oxley Holdings previewed its newest residential development, the freehold The Verandah Residences in Pasir Panjang, over the Good Friday weekend (March 30 to April 1).
The 170- unit The Verandah Residences is Oxley’s first in a series of seven new residential projects to be launched in 2018.
Designed by DP Architects, the development has a theme inspired by the black-and- white colonial bungalows that used to dot the area. Given its location at the junction of Pasir Panjang and South Buona Vista Road, it is expected to be the new icon in the neighbourhood.
Oxley intends to release 100 units in the first phase at an average price of $1,800 psf.

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