http://www.property-report.com/property-news-top-stories.php?id=2524&date=040509
Property Report Asia
4 May 2009
Khalil Adis
Singapore’s Good Class Bungalow transactions fall 51.3% in 2008
The number of Good Class Bungalow (GCB) transactions in Singapore plunged 51.3 percent during the financial year in 2008 but the average transation price rose 21 percent year-on-year, according to Jones Lang LaSalle.
Only 48 transactions were recorded in 2008 compared to the 117 transactions in the same period last year.
Similarly, 2008´s transaction volume was low recording close to 56 percent of 2007´s volume at S$861 million.
The second half of 2008, in particular, saw a considerable drop in transaction volume due the financial meltdown with only 15 GCB transactions recorded.
This accounted for a mere S$269 million or 31 percent of 2008´s figure.
While transactions decreased, the average transacted price per sq ft rose 21 percent year-on-year from $692 per sq ft in 2007 to $836 per sq ft in 2008.
Jones Lang LaSalle said, this can be “attributed to investors’ willingness to pay a higher per sq ft rate for high-quality completed bungalows present in the market.”
Meanwhile, the premium between the average capital value of high-end condominiums and the average transacted price of GCBs has contracted.
Jones Lang LaSalle expects GCB transactions to go down further, with investors tending to be more cautious and selective towards their investment decisions.
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Latest updates at Singapore News Alternative:
1. Goh Chok Tong Hospitalized For Chicken Pox
2. Singapore’s Good Class Bungalow transactions fall 51.3% in 2008
3. Bad debt charges may haunt Singapore banks
4. Shorter Work Months at Singapore Airlines
5. SingTel wins $500m contract with ANZ
6. Singapore restrict import of Canadian pork
7. Keppel loses rig contract
8. Singapore takes new measures to develop manpower capabilities
9. China's Commercialization of Censorship
10. Singapore's Metamorphosis Unveiled in Dubai
Latest videos updated:
1. PM Lee Hsien Loong's May Day Rally Speech - 4 parts
2. Tharman on how Spore is weathering the econ crisis - 2 parts
.
Property Report Asia
4 May 2009
Khalil Adis
Singapore’s Good Class Bungalow transactions fall 51.3% in 2008
The number of Good Class Bungalow (GCB) transactions in Singapore plunged 51.3 percent during the financial year in 2008 but the average transation price rose 21 percent year-on-year, according to Jones Lang LaSalle.
Only 48 transactions were recorded in 2008 compared to the 117 transactions in the same period last year.
Similarly, 2008´s transaction volume was low recording close to 56 percent of 2007´s volume at S$861 million.
The second half of 2008, in particular, saw a considerable drop in transaction volume due the financial meltdown with only 15 GCB transactions recorded.
This accounted for a mere S$269 million or 31 percent of 2008´s figure.
While transactions decreased, the average transacted price per sq ft rose 21 percent year-on-year from $692 per sq ft in 2007 to $836 per sq ft in 2008.
Jones Lang LaSalle said, this can be “attributed to investors’ willingness to pay a higher per sq ft rate for high-quality completed bungalows present in the market.”
Meanwhile, the premium between the average capital value of high-end condominiums and the average transacted price of GCBs has contracted.
Jones Lang LaSalle expects GCB transactions to go down further, with investors tending to be more cautious and selective towards their investment decisions.
------------------------
Latest updates at Singapore News Alternative:
1. Goh Chok Tong Hospitalized For Chicken Pox
2. Singapore’s Good Class Bungalow transactions fall 51.3% in 2008
3. Bad debt charges may haunt Singapore banks
4. Shorter Work Months at Singapore Airlines
5. SingTel wins $500m contract with ANZ
6. Singapore restrict import of Canadian pork
7. Keppel loses rig contract
8. Singapore takes new measures to develop manpower capabilities
9. China's Commercialization of Censorship
10. Singapore's Metamorphosis Unveiled in Dubai
Latest videos updated:
1. PM Lee Hsien Loong's May Day Rally Speech - 4 parts
2. Tharman on how Spore is weathering the econ crisis - 2 parts
.
