\nSingapore\u2019s real estate market has turned a new leaf, and with 2017 nearing its end, we take another look at the ten most read stories on PropertyGuru this year.
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Real estate experts revealed in March that the expected interest rate hikes by the US Federal Reserve this year will push up the interest rates of housing loans here. In particular, analysts had forecasted that the three-month Singapore Interbank Offered Rate (SIBOR) will reach between 1.45 percent and 1.85 percent by end-2017. Read More<\/p>\n
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UOB Kay Hian said in September that prices of residential properties in Singapore will hit rock-bottom this year and rise by five to 10 percent in 2018 due to growing home purchases by foreigners and the ongoing en bloc frenzy. Earlier that month, Morgan Stanley also forecasted that home prices will increase by two percent in 2017 and another 10 percent by end-2018. Read More<\/p>\n
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Australia\u2019s Lendlease sold 215 units out of the 429 available units at Park Place Residences in Paya Lebar Quarter (PLQ) during the first day of launch on 25 March. This made it one of the most successful private condominium launches in Singapore over the last few years. Originally, the developer intended to release only 40 percent of the units, but raised the number due to overwhelming response from buyers who queued from early morning. Read More<\/p>\n
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Last month, the recently launched PropertyGuru Property Index showed that prices of real estate listings on the website rose by 3.2 percent in Q3 2017, following consecutive declines since Q3 2015. The highest gain of four percent was recorded by properties in the city centre and the surrounding areas. This is followed by suburban areas in western and northern Singapore, where asking prices increased by 2.2 and 2.5 percent respectively. Read More<\/p>\n
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Reuters reported in July that a three-storey penthouse on the 64th floor of GuocoLand\u2019s Wallich Residence, which is part of Tanjong Pagar Centre, has been launched for sale for $100 million. If sold at that price, the said \u2018bungalow in the sky\u2019 is expected to the most expensive apartment in Singapore. Read More<\/p>\n
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Royalville, a freehold development in Bukit Timah Road comprising 93 apartments and 11 shops, was put up for en bloc sale in October, according to marketing agent Edmund Tie & Co. The property had an initial price of about $368 million, which translates to $1,509 psf per plot ratio based on its large site spanning 174,176 sq ft. Read More<\/p>\n
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In May, marketing agent Knight Frank announced that the 286-unit Rio Casa in Hougang Avenue 7 has been purchased via collective sale by a joint venture between Oxley Holdings and Lian Beng Group for S$575 million. Not only will each owner get about S$2 million in gross proceeds, the developers also intend to pay an additional differential premium of around S$208 million to the state. Read More<\/p>\n
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Redbrick Mortgage Advisory Founder and Director Eugene Huang explained in June that properties follow a cycle. Typically, prices increase during launch and peaks when a projects obtains its Temporary Occupation Permit (TOP). Its prices typically depreciate thereafter, but rebounds if it can be redeveloped to achieve a higher gross plot ratio. This is the key reason over the fervour for properties with en bloc potential. Read More<\/p>\n
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In a bid to update legislation and enhance tax administration, the Finance Ministry announced in September that it plans to make two proposed changes to the Property Tax (Amendment) Bill 2017. These include allowing payers to opt out of digital property tax notices, and improving the information-gathering powers of the Chief Assessor, Property Tax Comptroller and their authorised officers. Read More<\/p>\n
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In October, property agents revealed that CapitaLand halted the sale of the remaining units in Sky Habitat and Marine Blue, in anticipation of the private housing market\u2019s recovery. GuocoLand also intended to taper the release of units in Martin Modern. This came after Lendlease stopped sales at Park Place Residences, likewise for Qingjian Realty\u2019s Le Quest. Read More<\/p>\n