Home prices in Singapore dropped for the first time since the first quarter of 2012, following government measures introduced last year to cool the property market. Prices fell 0.9 percent in the fourth quarter of 2013, according to the Urban Redevelopment Authority. The new data revises the estimate of an 0.8 percent drop released earlier this month.
The drop in the final quarter, helped drive prices lower for the full year. Home prices increased 1.1 percent in all of 2013, lower than the 2.9 percent increase in 2012. The country’s government started a campaign in 2009 to curb rapidly increasingly home prices. New measures were introduced last summer as prices continued to climb. Figures released earlier this month showed home sales in Singapore dropped more than 80 percent. Similarly, today’s data shows developers sold 14,948 units in 2013, compared to 22,197 homes sold in 2012.
Residential rentals in downtown Bangkok increased for the first time in 20 years in 2013, according to a report from CBRE Thailand.
With sale prices increasing, the gross average rental yield, before any deductions — i.e. common area management fees, maintenance, insurance — was 5.3 percent in 2013.
One-bedroom units recorded the highest gross rental yield at 6.4 percent, followed by two-bedroom at 5.5 percent and three-bedroom units at 4.1 percent.
CBRE analyzed 176 rental transactions in 55 condominiums in Bangkok’s three most popular expatriate rental areas — Sukhumvit, Silom/Sathorn, and Lumpini. The Sukhumvit area (Sukhumvit Soi 1-63) was the most popular location for rentals, achieving the highest yields at 6.1 percent.
According to the report, the age of condominium buildings does not have a significant impact on rental yields.
LAHORE: The Lahore Development Authority (LDA) will hire an Australian company-led consortium as consultant for the feasibility of the River Ravi Front Urban Development Project, Dawn has learnt.
The LDA had earlier decided to hire a Pak-American venture being the lowest bidder but dropped it after the US company could not prove its credentials of having requisite experience of 10 years or so.