Launching soon: Skyline Residences (Updated)

Skyline Residences is located along Telok Blangah Road, where Fairways Condominium currently stands.

The 146,532sqft freehold site was sold to Bukit Sembawang via a collective sale back in 2007 for $244.3 million. The price worked out to $785psf ppr.

Bukit Sembawang has really taken their time to redevelop the Fairways site. But a friend of ours living across from Fairways has seen the showflat being constructed since a couple of months ago, so the wife and I were expecting some announcement on the impending project launch. We now understand that the preview date for Skyline Residences is estimated to be around end-June or early-July.

Skyline Residences is supposedly within short walking distance of the upcoming Telok Blangah MRT Station and will probably be quite closely watched given its location.

However, we heard that price is expected to be around $2,000psf. If this true, the price is even higher than the $1,900psf initial launch price of Foresta @Mount Faber located further down the road.

So it will be interesting to see how “well received” the project is during the preview.

For those who are interested, you can find out more about Skyline Residences here:
http://www.condoexpert.sg/skyline-residences-telok-blangah 

Update (16/06/2011):
We understand from a reliable source (thanks, Jonathan) that the price for Skyline Residences will be between $2,200 to $2,300psf.

Kinda steep if you ask us, especially given current market sentiments. However, if Foresta can sell at $1,900+psf, why can’t Bukit Sembawang ask for $2,200psf (or more)?

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May 2011 private home sales figure (Updated)

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Data released Wednesday by the Urban Redevelopment Authority (URA) showed that 1,575 private homes were sold last month – a 12.7% on-month drop from the 1,805 units sold in April.

Including Executive Condominiums (EC), the total sales in May would have reached an even more impressive figure of 1,825.

Chalking up the best sales was Terrasse at Terrasse Lane, which sold 184 units at a median price of $994psf.

The best selling EC was Belysa at Pasir Ris drive 1, which sold 162 units at a median price of $691psf.

The most expensive property sold in May was The Marq on Paterson Hill – a luxury property in the city centre – where a unit was sold at a median price of $5,842psf.

The lowest transacted price was at $486 per square foot for a city fringe landed property called The Hiloft.

According to analysts, private home sales fell by almost half to just under 3,800 units in the first half of this year.

Analysts said this is due to a slew of property cooling measures, with the latest and most drastic introduced in January this year.

Source: Channel News Asia

If you think the May sales number is bad, just wait till you see the June figures!

Update (from News @10 tonite):
The number of new units launched in May was down 41% to about 1,200 units, as developers anticipated new housing policies to be introduced after the General Election.

Demand in the suburban area remained the strongest , with 945 units sold. The city fringe area saw sales of 458 units, while the central region saw the least number of units sold – 172.

Analysts expect further decline in private home sales for June, at around 900 – 1,200 units.

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For those claiming that private home sales are still strong…

New home sales appear to be cooling, with key indicators down by half so far this year from those in the same period last year.

Not only has there been a plunge in the number of new private homes sold, but the total value of sales has also more than halved, according to a new report by property consultancy CB Richard Ellis (CBRE).

Expert attribute this to weaker market sentiment this year, as well as the cooling measures in January, which were the strictest seen in the past few years.

CBRE also highlighted how smaller homes are gaining favour. Median sizes of new homes hovered around 1,200sqft in the first six months of last year, but they have shrunk to around 900sqft now.

These smaller units, with their lower overall prices, could be partly to blame for the reduced transaction values, said CBRE.

About $5.1 million worth of new homes have been sold so far this year, less than half the $12.3 billion in the first half of last year.

CBRE data also show a drop in sale volume: 3,796 private homes were sold this year till last week, well down from the 7,189 sold in the first half of last year. This translates to a median price of around $1 million for each home sold this year, compared with about $1.2 million last year.

Analysts say the muted numbers this year could be a sign that the recent cooling measures are taking effect.

Extracted from : The Straits Times

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