now browsing by month
The industrial plot at Woodlands Avenue 12 garnered conservative bids which fell below consultants’ already-modest expectations at its tender close yesterday.
Wee Hur Development, the property development arm of Wee Hur Holdings, trumped four other bids with its offer of $76.9 million, which works out to $72.85 per sq ft per plot ratio (psf ppr). Consultants had estimated a winning bid of $80 to slightly below $100 psf ppr.
Amid the current supply-demand imbalance, the gradual decline in private home prices is set to continue for the rest of the year after three quarters of decreases, say property consultants.
Including the 1.1 per cent quarter-on-quarter drop in the second quarter based on Urban Redevelopment Authority’s (URA) latest flash estimate, the official private home price index has shed 3.2 per cent in three straight quarters of declines after peaking in Q3 last year.
The sale for new launches has been going up almost double in May from a few months ago. This is the result of loan curbs target price-sensitive buyers. However, analysts think that such high profit won’t repeat this month because of school holidays. Also, being distracted by World Cup, buyers don’t such much interest in estate market as well.