Private resale property market to cruise on status quo

2016 proved to be a roller coaster year for the private home market, as prices fluctuated throughout the year but never quite settled into an upward swing. Price increases lasted hardly a quarter before turning the opposite direction and movements differed between regions as well.

SeletarParkResidencesAcross the board, resale private home prices rose 0.1 per cent. Most of the increase were for properties in the prime districts. Prices here rose 1.8 per cent while falling 0.9 per cent and 0.4 per cent in the city fringe and suburban districts respectively. Location continues to rule buyers’ decision-making process and prime district home prices remained stable despite the year-end lack of market activity.

As the rental market continues to wane and competition from completed properties put further pressure on rental prices, more private condominium unit owners may be pushed to sell this year as they come to the end of their 4-year holding period, after which they will have to foot their sellers’ stamp-duty bill. Buyers of resale units could have the upper hand when it comes to negotiations in these cases.

NathanResidencesThe number of private apartment units sold have been falling as well, with 484 units sold as compared to the 618 sold in November. Though the numbers are higher than the 453 units sold in December 2015, it is still a far cry from the 2,050 in April 2010 – a 76.3 per cent fall in fact. Property analysts are expecting prices and sales volume to maintain their current levels, though 2017 could be more a year of keeping the status quo than quick recovery.

District 28 : Living in greenery

Before the townships of Punggol and Sengkang sprung up, Seletar and Yio Chu Kang laid pretty much quietly in a green and nature-filled area of the island.

floraviewPhoto credit: Oxley Holdings Limited

With the population in districts 19 and 28 increasing within the decade past, amenities and transport options have improved though the exclusive ambience remains mostly untouched. There is now the Seletar Mall, Greenwich V mixed-used development, and the upcoming development of the Seletar Aerospace Park in the vicinity.

Situated at the junction of Ang Mo Kio Street 66 and Yio Chu Kang Road is the Floraview and Flora Vista, a freehold 90-unit exclusive private residential project developed by Oxley Holdings Limited.  It also consists of 28 commercial units as a mixed-use development. Though exclusive often means remote or inaccessible, this project is a mere 15-minute drive away from the city centre via the Central Expressway and a smooth journey to Changi airport via the Seletar Expressway.

The Greenwich in Seletar

The Greenwich in Seletar

Popular with buyers, all of the one- and two-bedroom units at the Floraview and Flora Vista have sold out but the remaining 3-bedders and penthouses are available with prices starting at $896,000 for the 3-bedders. The 2-room penthouse units are highly affordable at $786,000 and $1.12 million for the 3-bedroom penthouses.

The district, being largely untouched and with mostly private residential units, has great growth potential. Other popular non-landed private properties in the district include The Greenwich, Seletar Park Residences and Seletar Springs.