Category: Singapore Property Market News

11 Amber Road recorded its successful sale in the week of June 2-9. This freehold property with 1,345 square feet (124.95 sqm) located in District 15 sold it’s 2-bedroom unit at a record-breaking price of $1.78 million or $1,323 per square foot as reported by the URA on June 2. Back in 2005, the unit was bought at $524 per square foot or a low $729,000 which marked a profit of $1.05 million profit for the former owner. It was recorded as the most lucrative deal in almost fifteen years marking an annualized record profit of 6.2%.

Given the huge effect on most industries since the Circuit Breaker period started, the number of HDB flats and condo rentals has not been spared as could also be seen in its volume during CB’s second month. Though this happened, there is still a chance that rents could be lightened as per most market viewers when SRX property’s portal released historical data and views.

Multi-millionaire developers in Singapore recently sold non-landed private housing to as many as 486 homes last May and approximately 75 percent out of 277 private developments in April amid all the months experienced during the circuit breaker, plus sluggish economic growth due to retrenchment, cost cuts and wage cuts.

No exemption, all countries stumbled from economic devastation effect of the violent Covid-19. The official vision for Gross Domestic Product(GDP) of Singapore for 2020 dived again originally from -1 to -4% down to 4 to 7% as of May 26th, signifying the most extreme recession ever experienced after winning its independence.

GDP is defined as the sum total value of goods and services yields from a country’s economy over a particular period of time. Negative GDP numbers are an indicator of an uncontrollable economic recession.

The so-called Circuit Break Period in Singapore, its own definition of Covid-19 lockdown, was expected to stay for just four weeks – starting the 7th of April until the 4th of May. But along with the unexpected updates, these also changed as it was decided by the government that it will be extended until the 2nd day of June. It was then expected as well that businesses that offer non-essential products and services would be closed – one of which would be real estate companies that also offer recently launched condo showflats.