Exclusive Living In Singapore
According to Edmund Tie & Company, a property-marketing firm, the popular Chinatown Plaza in Singapore has recently gone up as part of a collective auction and has a two hundred seventy million dollars asking price attached to it.
Devoid of any development charge, the asking price amounts to S$1,989 per square foot per plot ratio (psf ppr) of total undefined floor space.
A new private Singapore Condo, by the name of Pacific Mansion is released for enbloc sale by its owners. The development is situated in the private River Valley estate at prime district 09. The sellers are looking at a selling price of 938 millions which is equivalent to about $1730 psf ppr.
An existing plot of land which was being rezoned and converted by the URA to a commercial/institution zone in 2015 was being put up for sale by its existing owner. The plot of redevelopment site was previously zoned as a residential/institution site. The area of the site is approximately 1696 square metres, has a gross plot ratio of 2.8 if it is used commercially. The redeveloped site is located in the Geylang estate. The site has a 60 metre long frontage and will be sold at a 99-year lease.
In spite of the predictions that the inflation will increase this year, the US Federal Reserve made no changes concerning the current interest rates. Thus, at 31st of January 2018, they will still the same. But, according to Jerome Powel, who is the chief of the central US bank, the costs connected to borrowing will continue to follow their ascending trend. In 2018, the economy is expected to rise at a steady pace while the labor market continues to be strong. These are due to the fact that the employment improved, the spending per household, and capital investments increase.
As the Feds stated recently, it is expected for the inflation to raise this year, but not exceed the 2% target set for a period of 12 months. So, even if the increase will take place, Feds also expect it to stabilize at one point as well. But this is not the only change that will happen during this period, as the committee that sets the rates selected a new chief for their bank, by his name Jerome Powel, as mentioned earlier. Powel, a former Fed governor, is going to replace Yellen, whose policies are expected to be closely followed by Powel. Yellen became famous for the policies that were meant to repair the economy affected by the recession that took place between 2007 and 2009, which was accomplished by moving interest rates from almost zero to slightly higher percentages in a gradual manner.
Since the end of 2017 and introduction into 2018, economists are constantly trying to predict what the economy will bring to Singapore. 2017 saw the best growth in 7 years but not everyone believes this pattern will continue this year. 2017 was a mix of incredible highs and incredible lows, predictions, in general, were not up to par.
In 2017 Singapore, manufacturers hit an incredible high in performance with a production growth of 10.1% which is the highest since 2010. However, factories saw a decrease in production of 3.9% last month. Unfortunately, December’s lack of growth was lower than expected due to the slow moving biomedical sector.
There are obvious signs on the property market that the recovery of the private home sector, which started last year, will continue in 2018 as well. Experts say that this is happening due to a steady demand, a series of brand new launches, and improved impressions about this sector. One good example can be the launch of the Grandeur Park Residences, which took place last March in Tanah Merah. With the occasion of this launch, the developer of the property managed to sell more units than were officially launched, which shows that there is an increased interest in this type of properties.