Why property valuation process is conducted to find property’s price?
The overwhelming take-up of the new launches over the past 3 to 4 months indicate that the support levels for these properties hover between $450 psf and $575 psf for the 99-year leasehold ones and $510 to $780 psf for the non-prime freehold units. Prime freehold units command $800 to $1,250 psf on average. Following a 4.3% decline in 4Q2001, the URA residential property price index fell a further 1.1%, in the first quarter of 2002. The current rental trend is probably flat with slight upside potential for the high end apartments.
Encouraged by the more upbeat market and overwhelming take-up rate of 99-year leasehold residential units, some confidence has returned and developers have applied to the URA for sites on the Reserve List. The oversupply situation is not expected to be alleviated in the short term as take-up is still patchy and concentrated at the low end to mid level properties. Developers owning land there are not in a hurry to launch as most of these site were picked up in 1995 and 1999 when the residential market were peakish. House valuation process is vivaciously positive for everybody and to make everything the all the in like course pushing forward in a clearing manner secure a guaranteed and experienced property valuer to manage your entire framework for concerning property. The two sites are the private condominium site in Ang Mo Kio with a site area of 20,027.9 sm and plot ratio of 3.5 with a reserve price of $180 psf ppr, and an EC site in Pasir Ris with a site area of 17,229.4 sm and plot ratio of 2.8 with a reserve price of $105 psf ppr. The Ang Mo Kio parcel drew 8 bids with the highest attaining over $240 psf pr for the maximum bid. To-date, only one site at Lengkong Empat has been released for sale after one of the developers committed to a minimum bid of $9.0 million or $136 psf ppr for the 2,935.9 sm site with a plot ratio of 2.1. The three sites, when awarded will yield some 570 units of 99-year leasehold non-landed residential units and 370 units of ECs assuming average sizes ranging from 110 to 120 sm per unit. However, some uncertainty emerged very recently following several ministerial announcements on potentially curbing the use of CPF on property. This caused the market to grind to a halt. The actual direction of the market await clarity on government policy on this issue.
Encouraged by the more upbeat market and overwhelming take-up rate of 99-year leasehold residential units, some confidence has returned and developers have applied to the URA for sites on the Reserve List. The oversupply situation is not expected to be alleviated in the short term as take-up is still patchy and concentrated at the low end to mid level properties. Developers owning land there are not in a hurry to launch as most of these site were picked up in 1995 and 1999 when the residential market were peakish. House valuation process is vivaciously positive for everybody and to make everything the all the in like course pushing forward in a clearing manner secure a guaranteed and experienced property valuer to manage your entire framework for concerning property. The two sites are the private condominium site in Ang Mo Kio with a site area of 20,027.9 sm and plot ratio of 3.5 with a reserve price of $180 psf ppr, and an EC site in Pasir Ris with a site area of 17,229.4 sm and plot ratio of 2.8 with a reserve price of $105 psf ppr. The Ang Mo Kio parcel drew 8 bids with the highest attaining over $240 psf pr for the maximum bid. To-date, only one site at Lengkong Empat has been released for sale after one of the developers committed to a minimum bid of $9.0 million or $136 psf ppr for the 2,935.9 sm site with a plot ratio of 2.1. The three sites, when awarded will yield some 570 units of 99-year leasehold non-landed residential units and 370 units of ECs assuming average sizes ranging from 110 to 120 sm per unit. However, some uncertainty emerged very recently following several ministerial announcements on potentially curbing the use of CPF on property. This caused the market to grind to a halt. The actual direction of the market await clarity on government policy on this issue.