Prices of office spaces in singapore have risen to record high

[h=1]PRICES OF OFFICE SPACES IN SINGAPORE HAVE RISEN TO RECORD HIGH[/h]
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24 Oct 2014 - 3:10pm





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The Urban Redevelopment Authority (URA) released the real estate statistics for 3rd Quarter 2014 today.

For the prices of residential properties, there was a slower decline of 0.7% in 3rd Quarter 2014, as compared to a decline of 1.0% in the previous quarter.
However, when looking at the long term trend, prices continue to remain high and still hovered at the same level as 2012.

There is also an increase in the number of unsold units of private residences. In 3rd Quarter 2014, 1,294 uncompleted private residential units (excluding Executive Condominiums, ECs) were launched for sale, as compared to a higher 2,843 units in 2nd Quarter 2014.

However, in 3rd Quarter 2014, developers only managed to sell 1,531 private residential units (excluding ECs), as compared to the 2,665 units that were sold in 2nd Quarter 2014.

Even though private residential prices declined slightly, prices of office spaces are on the upward trend. Prices of office space increased by 1.6% in 3rd Quarter 2014.

This means that the prices of office spaces are at their record high.




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When it comes to the prices of retail space, there is only a slight dip of 0.2% in 3rd Quarter 2014.

This is even though there is an abundance of retail space available. Where the occupied retail space increased by only 15,000 sq m (nett) in 3rd Quarter 2014, the stock of retail space actually increased by 52,000 sq m (nett).

Over the last few years, we have seen a spate of furious construction of shopping malls in Singapore, which might have contributed to this glut.

The release also showed that over the past five years, there was a sudden spike in the number of completed executive condominiums launched. From 2010 to 2014, there was a total of 12,467 completed ECs launched. But from 2005 to 2009, there was only 511 completed ECs launched.

In the next five years, another 14,131 ECs are expected to be completed.

Earlier, Minister of National Development Khaw Boon Wan announced that the number of Build-to-Order (BTO) flats to be launched next year will be reduced by 25 per cent.
It is unclear why the number of executive condominiums will buck this expectation, even though nearly 90% of Singaporeans live in public housing flats.

This is excellent news. It shows that there is extremely strong international demand for office space in Singapore.

If nobody wanted office space in Singapore, then I would worry.

Leongsam said:

This is excellent news. It shows that there is extremely strong international demand for office space in Singapore.

If nobody wanted office space in Singapore, then I would worry.

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U believe this report !! Prices going to drop when the supply come on stream

enterprise2 said:

U believe this report !! Prices going to drop when the supply come on stream

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Only if supply outstrips the uptake which I doubt very much will happen because the PAP is the best.

Leongsam said:

Only if supply outstrips the uptake which I doubt very much will happen because the PAP is the best.

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Property in land scarce Singapore, will never crash. The PAP governance is the bestest because they'll know when to release and when to withhold. Just like now they are tightening the government land sales and BTOs from next year. It's only those loser Sinkies who don't benefit from their system will complain a lot. I always try to disassociate myself from Sinkies of such breed. Like they say: If you don't succeed, then it's your own fault, isn't it?

Leongsam said:

This is excellent news.

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I agree. Not only office rents must rise, rents of shops in shopping malls and at MRT stations, food centres, food courts, must rise to astronomical levels too.

winners said:

Property in land scarce Singapore, will never crash. The PAP governance is the bestest because they'll know when to release and when to withhold. Just like now they are tightening the government land sales and BTOs from next year. It's only those loser Sinkies who don't benefit from their system will complain a lot. I always try to disassociate myself from Sinkies of such breed. Like they say: If you don't succeed, then it's your own fault, isn't it?

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I agree. Tell that to the elite número UNO who belonged to the 0.001% rich who claimed that sg property market will crash next year.

Inflation going Liao Lor, peasants die Lor. Gabernment Ho Say Liao Lor! Collect stamp duty until Chiu Sng liao. :oIo:

Leongsam said:

Only if supply outstrips the uptake which I doubt very much will happen because the PAP is the best.

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U obviously don't know much about the property scene besides 'googling' and getting wrong intel! If u talk to any decent prop agent, they will tell u rent will come down next year due to the supply... And the garment wants it that way.

enterprise2 said:

U obviously don't know much about the property scene besides 'googling' and getting wrong intel! If u talk to any decent prop agent, they will tell u rent will come down next year due to the supply... And the garment wants it that way.

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There will be fluctuations from time to time but the long term trend definitely points northwards. That's because Singapore is such a desirable place thanks to the PAP.

at the end of the day be it the residential price go up or commericial price go up,it is the citizens that pay the price.

maybe we can interest the vatican in some of our shenton way properties.

[video=youtube;NzOWEC7_COk]https://www.youtube.com/watch?v=NzOWEC7_COk[/video]

frenchbriefs said:

at the end of the day be it the residential price go up or commericial price go up,it is the citizens that pay the price.

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The citizens benefit from the capital appreciation. More sinkies are retiring in NZ thanks to the rise in property values. I just met a new immigrant last week. He sold his home for 2.5 million and is looking forward to a life of leisure now that he is financially secure.

Leongsam said:

The citizens benefit from the capital appreciation. More sinkies are retiring in NZ thanks to the rise in property values. I just met a new immigrant last week. He sold his home for 2.5 million and is looking forward to a life of leisure now that he is financially secure.

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so where is he living now?under the bridge of yarra river in australia?if he wishes to maintain his current lifestyle in NZ hes gonna have to fork up a similar amount of money.

Leongsam said:

Only if supply outstrips the uptake which I doubt very much will happen because the PAP is the best.

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Leongsam said:

There will be fluctuations from time to time but the long term trend definitely points northwards. That's because Singapore is such a desirable place thanks to the PAP.

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Sure, if u put that way! U know the saying rite? In the long run maybe cows can fly and we r all dead!

frenchbriefs said:

so where is he living now?under the bridge of yarra river in australia?if he wishes to maintain his current lifestyle in NZ hes gonna have to fork up a similar amount of money.

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He's renting in Auckland because he has just arrived. However he's house hunting for property in the Eastern suburbs with a budget of $1 million. That will leave $1.5 million for investing plus he'll withdraw more than $500,000 from his CPF once he gets NZ citizenship.

enterprise2 said:

Sure, if u put that way! U know the saying rite? In the long run maybe cows can fly and we r all dead!

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When it comes to property, you should look at a 10 to 20 year horizon. Don't worry about short term fluctuations. Go for the long haul.

This formula has always worked for me.

Leongsam said:

He's renting in Auckland because he has just arrived. However he's house hunting for property in the Eastern suburbs with a budget of $1 million. That will leave $1.5 million for investing plus he'll withdraw more than $500,000 from his CPF once he gets NZ citizenship.

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well theres no free lunch in the world,hes giving up some things in exchange for that 1.5 million....in sg i can do the same,sell my 3 storey landed property for 2 million and move into a executive HDB mansionette for 800k.....i make 1.2 million but im giving up my big house and privacy for that.

frenchbriefs said:

well theres no free lunch in the world,hes giving up some things in exchange for that 1.5 million....in sg i can do the same,sell my 3 storey landed property for 2 million and move into a executive HDB mansionette for 800k.....i make 1.2 million but im giving up my big house and privacy for that.

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With a $1 million budget, he'll be trading a small terrace house in Singapore for a 2 car garage, 4 bedroomed detached home with 1000sqm of land in Auckland so he's not losing out on space.

What he will miss is the chance to live in close quarters with 6.9 million delightful people.

Leongsam said:

With a $1 million budget, he'll be trading a small terrace house in Singapore for a 2 car garage, 4 bedroomed detached home with 1000sqm of land in Auckland so he's not losing out on space.

What he will miss is the chance to live in close quarters with 6.9 million delightful people.

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and the best government in the world,see its all about the intangible benefits.