New Perfect Ten Condo In Singapore Offers Another Option For Malaysian Property Buyers
SINGAPORE, April 2 (Bernama) -- Perfect Ten, a new freehold luxury development located in the prime District 10 along Bukit Timah Road, here, may be another selection for Malaysian property buyers.
Developed by CK Asset Holdings, one of Hong Kong’s largest property developers, Perfect Ten sits on a freehold plot of about 104,531 square feet (sq ft).
Designed by world-renowned DP Architects, the development comprises two twin towers consisting of 230 units of two-bedroom units with built-ups of 753 to 797 sq ft, and three-bedroom units ranging from 1,227 to 1,281 sq ft.
According to OrangeTee & Tie chief executive officer Steven Tan, who has over 28 years of experience in the real estate business, foreigners made up 4.7 per cent of non-landed private residential property buyers in Singapore in 2022.
“...and Malaysians emerged as the second largest or Top 2 property buyers by nationality here,” he said during Perfect Ten’s media session held recently.
Overall, Tan said the demand for private residential properties has been very high in Singapore because the country “is seen as a safe haven for property investments due to several factors like political stability and a strong currency.”
Property prices in Singapore increased at a gradual pace during the COVID-19 pandemic and Tan is looking conservatively at around “4.0 per cent growth for this year.”
He noted that about 20 per cent of residential properties in Singapore are private properties.
As of Feb 7, 2023, Perfect Ten, as a new type of sale project, recorded a commendable 177 transactions with median price of S$2,979 (S$1=RM3.32) per sq ft compared to four other resale type of projects in Bukit Timah.
Perfect Ten was awarded the Best Luxury Condo Development, Best Luxury Condo Interior Design, and Best Luxury Condo Architectural Design (Highly Commended) at the PropertyGuru Asia Property Awards 2022.
According to OrangeTee & Tie Research & Analytics, housing supply will be ramped up which may help stabilise prices in 2023 in Singapore.
“Around 11,000 new homes may be launched for sale, while a bumper crop of more than 20,000 landed, non-landed, and executive condos may be completed,” it said in its Private Residential Sales Market Outlook 2023 report.
With more launches, it estimates that new sales volume may rise to between 8,500 and 10,000 units in 2023.
However, the report noted that it did not expect a major price correction next year.
“Strong employment sustains sellers’ pricing power, and they may not be inclined to lower prices too excessively.
“However, housing affordability will be paramount to most buyers as they face uncertainties amid the inflationary landscape and rapidly changing interest rates.
“A spiralling cost of living and multiple cooling measures may further damper the pace of price growth,” it explained.
As the era of low-interest rates may not return anytime soon, the report said most buyers will likely be prudent in their home purchases.
Further, the continual waves of COVID-19 variants, political tumult and civil unrest in various countries, inflationary pressures, and rate hikes will continue to weigh on buying sentiment.
“Therefore, prices of private homes are forecast to climb at a slower pace of around 5.0 per cent -8.0 per cent in 2023, down from 9.0 per cent-11 per cent in 2022,” it said.
The report also said the gap between buyer-seller price expectations may cause fewer deals to be closed or deals to take longer to seal.
“This slowdown may be mitigated by more completed homes ready for resale,” it said.
It noted that the net impact may see slower demand, with around 19,000-22,500 private homes transacted in 2023, down from 20,700-21,800 units in 2022, and below the 33,557 units in 2021.
-- BERNAMA
