Lakeville (Review)

The wife and I decided to visit Lakeville last weekend. This is one of the project that has recently sprang back to attention after our Prime Minister’s had announced plans for the big Jurong Lake District revamp during his National Day Rally speech last month.

 

 

The sales gallery of Lakeville is located at an open field opposite to JCube. However, one may easily miss the slip road (Jurong East St. 12) leading into the gallery with all the constructions that is currently taking place around the area.

 

 

Given that it is a weekend, the sales gallery was pretty crowded with prospective buyers. The wife and I were told that Lakeville was launched about 6 months ago but interests have been somewhat lacklustre until after the National Day Rally speech.    

 

First off, the actual site of Lakevilleis not anywhere near where the sales gallery is located… at least not within comfortable walking distance anyway. The actual plot is along Boon Lay Way, between Lakeside and Chinese Garden MRT stations. To get to JCube or Westgate, you will either have to drive (about 5 minutes) or take the train from Lakeside to Jurong East MRT station, which is 2 stops away. To walk it we reckon will probably take a good 20 – 25 minutes.

 

Lakeville is a 99-year leasehold developed by MCL Land. This is the same developer that launched J Gateway back in June of 2013 – a residential project next-door to Jurong East bus interchange and opposite to Westgate, which sold 736 of its 738 units on the first day of launch, at an average price of $1,480psf.

Lakeville consists of 696 units spread over 6 towers of 16-storey high. The project sits on a plot of almost 241,000sqft and offers unit configurations of 1- to 5-bedrooms as well as penthouses. “Dual-key” units are also available within the development.

 

One unique feature of Lakevilleis that some apartment types actually come without balconies – this will please those (much like yours truly) who do not utilize the external area of their apartment much. 

In terms of access, the wife and I were told that a new access road will be constructed specially for Lakeville. This bi-directional road (Jurong Lake Link) will act as a conduit  into Boon Lay Way or Jurong West St. 41, which should make it easier for residents to get in/out of the estate.

 

Facility-wise, Lakevilleis comparatively more generous than the other new projects that we had seen recently. While the main features revolve around the swimming pool that stretches almost from one end of the estate to the other, another unique offering is the 6 “signature gardens” (with names like “Verdant Plateau” and “Golden Estuary”) that are located within the confines of each tower itself. Lakeville’s residents can also boast of having a tennis court within their estate – something of a rarity in new projects these days.

 

Parking wise, Lakevillehas 696 lots plus 7 handicapped spaces. So prospective buyers with more than one car may have to pray very hard that not every household in the estate owns a vehicle.

The showflats on display are the 2- and 3-bedroom units. The 5-bedroom showflat was closed as it is being converted to a 4-bedroom one, since most of the 5-bedders (only 1 stack of such in the development) have been sold.

We will focus our attention on the 3-bedroom showflat. This is a 1,281sqft ground floor unit (Type C6-P). The typical C6 type on the higher floors is 1,141sqft but has the same interior area and configuration.

 

As one enters from the main door, you will see the kitchen on your right before arriving at the living/dining area.

 

The kitchen is divided into a “dry” and “wet” area. However, the so-called “dry kitchen” is nothing more than an elevated platform which you can either use as a serving area or a small dining table. All cooking/washing are confined to the “wet” kitchen, which is good-sized enough for two to be working side-by-side. The “dry” and “wet” kitchen is separated by a glass door (not installed in the showflat), which is a good idea for keeping the grease and smell within the confines of the “wet” kitchen. The kitchen comes equipped with equipment (hood/hob, fridge and oven) from Fisher and Paykel and fittings from Grohe.

  

At the end of the “wet” kitchen is the utility/yard area. You do not get much space in the yard but a large set of windows ensure good ventilation and possibly the option of an extendable laundry system. The utility room is a narrow longish space but with a bit of ingenuity, one can fit both the washing machine (provided) and a custom-made bed inside.

 

 

The living/dining room is rectangular-shaped and looked rather spacious especially for an apartment of such size. Should you decide that you need even more “entertaining” space, we were told that you can dismantle the wall between the dining area and bedroom 2 – but you will have to do this at your own expense and after the project has received its certification of completion. Our only complaint is that the living/dining area for the 3-bedder only comes with homogenous-tile flooring – we were told that the 4- and 5-bedroom units have marble floors. But you do get pretty high ceiling at 2.9m, which helps to increase the perception of space within the apartment.

 

The two common bedrooms are rather small – maybe the reason why one does not feature a bed while the other has a built-in elevated single-bed. But we reckon something has to give somewhere given the size of the apartment. 

In contrast, the common bathroom is surprisingly huge. The wife and I were told that the bathrooms are built according to wheelchair-friendly requirements – what this means is that anyone on a wheelchair must be able to enter the bathroom and be able to make a 180-degree turn inside. The bathroom comes fitted with bathroom fittings from Roca and toilet from Johnson Suisse – not exactly “premium” quality compared to what we have seen elsewhere.

 

The master bedroom is again pleasantly spacious even with a King-bed. The secret supposedly lies with the wardrobe, which is flushed against the wall – so that it does not protrude outside thereby taking up additional space within the bedroom. However, the 2-panel wardrobe space is hardly sufficient but is quite the norm these days.

  

The master bathroom is almost a replica of the one outside, except for the wall-mounted toilet. We are pleased that it does not come with a long bath, but a tad disappointed with the absence of “rain shower” in the shower stall.

 

Pricing wise, the 3-bedders go for about $1.4 million, depending on which floor you are looking at. This translates to around $1,230psf.  

For those who are interested in the 5-bedroom units, there are not many of these left as there is only one such stack within the development. But the asking price for a second-floor unit of 1,528sqft is $1.79 million, which translates to around $1,170psf.

 

What we like:

• The functional layout with the 3-bedder (and this will probably apply to the 5-bedder as well, given that they have similar layouts), which makes the apartment felt more spacious than it really is. 

 

• Lakeside MRT station is supposedly a 500m walk away. However, you are likely to be subjected to the elements as we cannot foresee any sheltered path leading to the station. 

• For those with kids going into primary schools in 2018/2019, there are at least 2 primary schools that is within 1-km of Lakeville – one of which being the popular Ru Lang Primary. 

• The Canadian School is located right next to Lakeville. This may offer good prospects for those who are buying for rental yields.

 

• With the upcoming plans to revamp the Jurong Lake District, this should boost the value of residential properties around the area especially when the revamp starts to take shape. So buyers of Lakeville may expect some “first mover” advantage as subsequent new projects (e.g. on the plot of land next door) are likely to be priced higher … technically anyway.

What we do not quite like: 

• The quality of furnishing and fitting seen in the showflat is average at best and definitely pales in comparison to the other projects that we have visited recently. 

• As all the towers are angled towards the NW-SE facing, many of the units (especially the outward facing ones in Tower 1, 3 & 11) will probably get the afternoon sun shining into the living & bedrooms – not very ideal if you aren’t a fan of the heat. 

• The marketing agent will expound on the “convenience appeal” of Lakeville given its location within the Jurong Lake District and proximity to Jurong Gateway. But this is really a case of “near but not quite” in our opinion. You will still have to drive or take the train to JCube/Jem/Westgate/Jurong East MRT or Jurong Point – the developer ought to provide a shuttle-bus service to ferry residents to Jurong East MRT and bus interchange at regular intervals, at least during the first year or two. And depending on the facing of your unit and how high up you are, you may end up looking at the MRT track rather than the lake.

 

Our parting shot

Lakeville will probably be the second new development (after the fully sold J Gateway) to come up in the Jurong lake District area. As such, there is always the potential upside when comes to capital gains, especially since its price is lower than what the folks paid for J Gateway. And in terms of facilities offering, Lakeville is actually one up over J Gateway judging from the respective site plans. So if you are looking to partake in the revitalisation of the Jurong Lake District and not too picky about the interior quality offered by the apartments (we can only speak based on what we saw of the 3-bedders), then Lakevilleis probably a project that you may want to take a look at.

 

 

Breaking news: August new home sales down another 15%!

The private housing market remained in the doldrums in August, with sales of homes falling 15% from the previous month as developers continued to scale back new launches. 

Excluding executive condominiums (ECs), developers sold 432 new units last month, down from the 509 units sold in July, data from the Urban Redevelopment Authority showed on Monday (Sep 15). Including ECs, 490 new units were sold in August, down from 560 units in July.

The lacklustre sales came as developers continued scaling back new launches, with just 351 units launched in August, down from the 441 units launched in the previous month.

Source: CNA

Maybe Highline Residences and Marina One will be the saviours in September?

Highline Residences: 80% of the 160 units released sold!

Keppel Land, which started closed-door sales of its Highline Residences condominium over the weekend, said it has received a good response to the project.

More than 80% of the 160 units – or over a quarter of 500 units available in total – released were sold at an average price of $1,900psf after discount. Discounts ranging from $28,000 to $68,000 were offered during the preview weekend.

The price was in line with earlier expectations by market watchers of between $1,800 and $1,900psf.

The positive response may be attributed to the pent-up demand for private housing in Tiong Bahru, which has not seen a launch in the past seven years.

Sales at the condominium is widely watched given its prime location diagonally opposite Tiong Bahru MRT Station and Tiong Bahru Plazamall.

Highline Residences’ 500 units are housed in two 36-storey towers, a 22-tower tower and four low-rise blocks. Its unit sizes range from 506sqft for one-bedders to 1,227sqft for four-bedroom dual key units. It will also have six penthouses, ranging from 2,174sqft to 2,260sqft in size.

The design of the condominium is inspired by New York City’s High Line, a public park built on a historic elevated rail line.

Residents may tap concierge services such as limousines and housekeeping, in addition to enjoying complimentary golfing at Keppel Land’s Ria Bintang Golf Club.

Info source: BT

Okay, so the wife and I were wrong on the “hard sell at $1,900psf” bit. Kudos to Highline Residences and Keppel Land. And it just goes to show how much liquidity is still out there in the market.

But is it a good buy at $1,900psf? The judgement is still out on this one…
 

 

 

Vancouver property market sizzles with China cash

Chinese investors’ global hunt for real estate is helping drive Vancouverhome prices to record highs and the city, long among top destinations for wealthy mainland buyers, is feeling the bonanza’s unwelcome side-effects.

 

The latest wave of Chinese money, linked in part to Beijing’s anti-graft crackdown, is flowing into luxury hot spots. But it has also started driving up housing costs elsewhere in a city which already ranks as North America’s least affordable urban market.

 

For decades, Vancouver, along with Hong Kong, Sydneyand Singapore and, more recently, New York and London has been attracting Chinese and other Asian buyers.

 

And just like those other cities, Vancouvergot caught in the most recent buying frenzy, which realtors say has intensified after President Xi Jinping announced his anti-corruption crusade in late 2012.

 

“In the last year, there’s been the corruption crackdown in China and a lot of people have seen their wealth evaporate over there because of that,” said Dan Scarrow, a vice-president at MacDonald Realty. “So they want to put it somewhere they perceive as safe and there’s nowhere safer than the West.”

 

Canada does not track foreign property buyers, but analysis of city assessment data carried out by a leading urban planner and made available to Reuters helped identify Vancouver’s hottest neighbourhoods. Interviews with realtors active in those areas confirmed the perception that Chinese buyers were largely behind the latest rally.

 

City-wide home values are already up more than 35% since 2009 and realtors are saying that more than half the buyers in prime markets are mainland Chinese.

 

The impact of the latest inflow of foreign cash is particularly acute for Vancouver, its market is already tight because of limited building space and a decade-long nationwide property bull run fuelled by low borrowing costs. 

 

The money flow has also transformed the DNA of the city. Condo towers in Vancouver are now built without a fourth floor, as that number is unlucky in Asian cultures, and wok kitchens – a second kitchen for cooking with a smoky wok – are standard in most new homes.

 

The influx is also having a trickledown effects as people sell out in prime locations and move to other neighbourhoods, driving up prices and widening the gap between housing costs and the condition of the local economy.

 

Vancouver has been ranked the second least affordable major city after Hong Kong for the past three years in an annual survey by think tank Demographia, which tracks housing costs and incomes in top markets such as New York, Sydney, Singaporeand London.

Info Source: Reuters

 

As long as there is a need for Mainland Chinese to park their money and Hongkongers continue to snap up apartments because these are deemed much more affordable than back home, the property market in Vancouverwill probably stay “hot” for quite awhile yet. 

 

 

 

So what’s the view like at the top of Pinnacle @Duxton?

With units at Pinnacle @Duxton reaching their 5-year mark in a couple of months, the market is already abuzz with expectations that many units in this iconic HDB project will be sold at over the million dollar mark. This is largely because of (other than locale) its supposed “million dollar view”.

So the wife and I decided to make the trip to Pinnacle this morning to find out for ourselves what all the fuss is about.

After paying 5 bucks (each), we were allowed access to the Skybridge on the 50th floor of the building.  Despite it being a somewhat gloomy mid-morning with traces of haze courtesy of our Indonesian friends, we managed to capture quite a number of pretty decent photos.

Million dollar view? We’ll let you be the judge!

 

Have a good weekend!

 

 

UK home prices: More signs of market easing…

British house prices rose at the slowest pace in August, according to a survey on Thursday that suggested speculation about higher interest rates has dampened buyer confidence.

The Royal Institution of Chartered Surveyors’ monthly house price balance fell to +40 last month, its lowest level since last August, and falling short of forecasts for +47 in a Reuters poll of economists. July was revised down slightly to +48.

Agreed sales fell for the first time since September 2012 and there was a second consecutive fall in buyer inquiries.

“Some of the momentum has come out of the housing market of late reflecting in part concerns over a likely rise in teh cost of borrowing at some point in the not too distant future,” said Simon Rubinsohn, chief economist at RICS.

Bank of England governor Mark Carney said on Tuesday that the bank may start to raise interest rates next spring if the labour market continued to recover from the financial crisis.

The RICS survey of chartered surveyors added to evidence that London’s housing market is cooling off after fervent price growth earlier this year. The London house price balance eased to +9 in August from +11.

Mr Rubinsohn said: “There are signs that the Londonmarket is gradually moving on to a more sustainable footing with a modest increase in the number of instructions coming through slowly helping to create a better balance with demand, and in the process, taking the edge off price gains.”

Britain‘s biggest house-builder Barratt Developments on Wednesday predicted a return to “more normal” trends in Britain’s housing market.

Source: Reuters

Yet another sign of easing in the British property market but then again, one has to take such survey with a slight pinch of salt as depending on who does it and how it is done, the results can most always be subjected to interpretations.
 

However, the fact remains that the amount of new housing stock is currently rising at a much faster pace compared to say, 2 years ago. This is especially within the prime areas around London. Market analysts have estimated that 48% of the nearly 23,000 new homes priced at more than GBP1,000psf are located in the six key clusters along the River Thames. And some 13,000 units could enter the rental market over the next few years. 
 

But with a combination of increasing number of new homes coming onto the market, increasing sound bites about upward revision of interest rates and the implementation of capital gains tax come April 2015, these are certainly factors that potential investors (especially overseas) should take into consideration before putting ink to paper on that investment property in London…

 

 

 

The London Collection

The wife and I were invited to a cocktail reception earlier in the week organized by Savills to showcase The London Collection – a portfolio of three luxury residential properties developed by Ronson Capital Partners. 

 

The London Collectionconsists of the following projects:

 

1.   Riverwalk

Located on the North Bank of the Thames in Westminster, Riverwalkoffers spectacular views over the river and London. This 999-year leasehold project consists of 113 apartments spread across two organically shaped buildings that have been designed to echo the curvature of the river. Riverwalk offers units of one- to four-bedroom as well as penthouses. It is scheduled to TOP in autumn of 2015.

Asking price for a 681sqft, one-bedder is GBP1.40 million (GPB2,056psf) while a 934sqft, two-bedder goes for GBP1.82 million (GBP1,948psf).

 

2.   Chiltern Place

Located at Chiltern Street, which is often doubted “the coolest street in London” as it combines the historic beauty of Londonwith the best of contemporary retail and culture, Chiltern Place is a 16-storey luxury private residential tower consisting of 55 apartments. The 999-year leasehold project is scheduled to TOP in Q3 of 2017 and offers units of one- to 4-bedroom and penthouses. 

We do not have the asking price for the one-bedder (either all 8 of them are totally sold out or yet to be released) but the smallest 2-bedder of 1,137sqft on offer costs GBP3,600,000 (GBP3,166psf)!

 

3.  The Heron

Completed in 2013, The Heron is the tallest apartment tower to be built in London Citysince 1976. Centrally located at the Square Mile, the 36-storey tower offers a panoramic view of the Londonskyline. The 190-year leasehold project consists of 285 units offering 2- and 3-bedroom apartments as well as penthouses.  

The showcase for the evening only featured the “Penthouse Collection”- these are the bigger units located on the 31st – 35th floor of the building. Each apartment is over 2,000sqft and costs between GBP3.75 – 4.95 million. The 2 penthouses are 4,343sqft (3-bedder) and 6,775sqft (4-bedder) respectively with prices only available “on application”. 

Out of the 13 apartments within the “Penthouse Collection”, 8 of them have already been sold. And if it’s any consolation, the price will include 1 parking space within the building.

 

 

The event was another “education opportunity” for the wife and I:   Other than reaffirming the fact that we will not be able to afford anything within London Cityitself (not in this lifetime anyway), it also reinforces the notion that location is paramount when comes to determining the value of a property. 

And speaking of location, the view at the rooftop bar of The Fulleration Bay Hotel (where the reception was held) was actually quite spectacular, despite this being a rather short building.

 

 

 

 

Foreign property purchase: Uncle Sam’s a calling!

The real estate market in the United Stateshas become one of the latest contenders for a slice of Singaporean investors’ growing interest in overseas properties, joining the ranks of traditionally popular markets such as Malaysia, Australia and Britain. 

In recent months, Singaporedevelopers, including Keppel Land and PontiacLand, have flocked to the US, taking stakes in American projects as they seek alternative sources of revenue amid a lacklustre market back home. 

On their part, USdevelopers, including Millennium Partners, have also set up shop here, in an attempt to attract more individual investors for their properties in the States. 

 

“We first came to Singapore and a few other Asian cities in 2009 to market our project Millennium Tower in San Francisco … We’ve seen interest grow and our hope is that it will continue to grow; that’s why we’re here,” said Mr. Richard Baumert, a partner at Millennium Partners. Mr. Baumert was in town to kick-start marketing for the company’s latest project – Millennium Towerin Boston. 

 

Overseas properties are becoming increasingly popular with Singapore investors, who face tough property curbs and high entry prices at home. The Monetary Authority of Singapore said Singaporeans poured S$2 billion into foreign properties last year based on deals done by real estate agencies here, a 43% increase from the S$1.4 billion invested in 2012. And analysts said this figure could increase further. 

 

Mr. John Stinson, Cushman and Wakefield’s executive managing director of capital markets in the Asia-Pacific, said: “There has been an overall surge in interest from the Asia-Pacific in investing in the United Kingdom, Europe and the US for almost two years. This trend has really gathered momentum from Singapore and other parts of South-east Asia this year. Many investors with portfolios highly concentrated in Singapore… are executing strategies to diversify offshore. 

 

“The UShas reached the top of many investors’ target lists of offshore country targets. The markets showing the most appeal have been New York, San Francisco and Los Angeles … The US markets are generally coming off a low base in almost every sector; interest rates are historically low and the US dollar has again become a safe-haven currency.” 

 

Mr. Sean Tan, general manager of real estate portal iProperty, agreed that the US is emerging as a viable investment destination, especially among investors who are seeking a diversified portfolio, but noted that its popularity still pales in comparison with that of Malaysia, Australia and the UK.

 

“As with any investment, there are risks. The USis so far away; investors may not be familiar with the market so they may buy into areas that are not so good … but cities such as San Francisco and Bostonare not bad as their economies are quite promising.” 

 

Mr. Tan also said overseas developers are drawn to Singaporefor its status as a regional hub and gateway to affluent individuals in Asia, a sentiment that Mr. Baumert shares. 

 

“We have two more projects coming up after this one, so we thought we should just set up an office here. We started in summer, so that’s around June. From a branding perspective, it also helps to tell people that we have a presence in Singapore,” said Mr. Baumert.

Source: CNA

 

Coincidentally the wife and I have been exploring the US property market for the past year. Property prices in some of the US cities are still very attractive currently, with some purportedly selling at “distressed” levels. And if you are looking at properties outside of the major cities like New York, Boston and San Francisco, the purchase quantum can be rather modest – we are talking about the US$100K range.

However, we are not yet comfortable enough to put money in the US market due to the following reasons: 

• The US market is still one that is relatively “undeveloped” with Singaporean buyers compared to traditional markets like UK, Australia and even New Zealand. It is until recently that you find US projects/properties being marketed in Singapore but this is still few and far in between. As such, the level of education/information on US properties is still low, which raises the level of uncertainty and risks. 

 

• Although there are supposedly bargains to be had in cities such as Houston or Detroit, these are cities that we have heard about but totally unfamiliar with – especially in regard to the property sector. So although the cost of entry may be low, the prospects on rental yields and capital appreciation may be similarly low. This is not helped by the horror stories of illegal squatting or even burglary (dismantling of fittings and furnishings within the property) that we have come across from the internet while doing our research. 

 

• The complex nature of US taxes that one has to navigate through for property purchase and sale are supposedly rather mind-blogging. We have not looked into what/how much taxes one needs to pay for purchase and subsequent resale yet, but we have marketing agents telling us that they themselves are confused by the myriad of taxes that are payable.

 

So with US developers such as Millennium Partners (and hopefully more to follow) setting up shop here in Singapore, the wife and I are looking forward to be “better educated” on the US property market.

Highline Residences: Views from the ground… and top!

While running errands at Tiong Bahru market this morning, the wife and I found ourselves driving past the sales gallery of Highline Residences.

The sales gallery is now closed pending the official launch of the project in about a week’s time. And since we are there, we decided to check out the surrounding area and see if we can identify the kind of view that buyers can expect to get from their apartments.

From the site plans that we are able to obtain from the internet, we realized that the main entrance into Highline Residences will be along Kim Tian Road. We will much prefer that this to be located at the back of the development along Kim Pong Road instead, as we deem this stretch of road more “exclusive”.

 

Below are photos taken along and around Kim Pong Road

Kim Pong Road towards Tiong Bahru Road



Kim Tian Road turning into Kim Pong Road



The wife and I then decided to “emulate” the sort of view that buyers may get from their apartments at Highline residences.

 

First off, these are the views that apartments facing Kim Tian Road are likely to get. Given the lack of elevation, we can only provide photos from a street perspective.

 

 

And this is what you can expect to see from your apartment across from Tiong Bahru Road.

 

 

The wife and I then noticed the block of HDB flat across from the project and decided to accent to the highest floor of the block to get a glimpse of likely view that apartments across from Kim Pong Road will get. This is what we saw from the 11th floor.

 

 

The wife and I must admit that the view is already quite spectacular from where we were standing. Imagine what the view will be like if your apartment is on say, the 30th floor! And apartments of this facing will most likely get an unblocked view of the city area and can probably enjoy the fireworks display from the comfort of their balconies during National Day!

 

Going back to the site plan for Highline Residences, we conclude that the best-facing stacks are those facing Kim Pong Road – #7, #8, #16, #17, #22 and #23. It is probably no coincidence that all these stacks are the larger three- and four-bedroom deluxe types.

 

 

 

 

August 2014 private resale/rental: Resale prices up, rental prices down

Resale prices of non-landed private homes in August rose 0.4% month-on-month, according to flash estimates from the Singapore Real Estate Exchange (SRX) on Monday (Sep 8).

Still, when compared with August 2013, resale prices of non-landed private homes have dropped 5%. Compared with the recent peak in January 2014, prices have declined 5.3%, SRX said.

Resale prices of private homes in the Core Central Region rose the most last month, rising 4.8% compared with July. In the Rest of Central Region, prices were up 1.5%. In comparison, resale prices in Outside of Central Region fell 1.1%.

Resale volume remained flat, with 418 non-landed private homes resold in August, similar to the 417 transacted units in July.

 

The overall median Transaction Over X-value (TOX), which measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value, remained at negative S$10,000 last month, up from negative S$20,000 in July.

For districts with more than 10 resale transactions, districts 15 (Katong, Joo Chiat, Amber Road), 23 (Bukit Panjang, Choa Chu Kang) and 16 (Bedok, Upper East Coast) posted the lowest median TOX at -S$40,000, -S$38,000, -S$30,000, respectively.

Conversely, district 11 (Watten Estate, Novena, Thomson) had the highest median TOX of S$50,000, followed by district 18 (Tampines, Pasir Ris) and district 25 (Kranji, Woodgrove) with S$16,000 and S$9,000, respectively.

 

RENTAL VOLUME UP, PRICES DOWN

As for rental transactions, the number of non-landed private homes rented out last month was 3,539 – a 3.6% increase from July. Year-on-year, rental volume improved by 25% from the 2,831 contracts signed in August 2013, according to SRX.

However, rental prices continued their fall, slipping 0.6% from the previous month – the seventh consecutive month of decline.

The decline was greatest in the Core Central Region at 2%, while prices in the Outside Central Region fell 1.1%. Prices in the Rest of Central Region, however, rose marginally by 0.4%. 

 

Source: CNA