18% increase on median non-landed sub-sale prices

According to an analysis of DTZ that was based on caveats, an increase of 18.1% from $813 psf during the first quarter this year was estimated on the median sub-sale cost of non-landed private residential properties to $960 psf in the second quarter. The increase is attributed to more higher-end property transactions in the second quarter in addition to the price appreciation during the quarter.

Rivergate was the most popular sub-sale project transacted from the period of April to June 2009, with 105 units transferred, or close to a fifth of the entire 545 units included in the freehold project which is located in the area of Robertson Quay. The project acquired Temporary Occupation Permit in the first quarter.

Rivergate’s median sub-sale price grew from $1,200 psf during the first quarter of 2009 to about $1,400 psf during the second quarter.

Caveats for sub-sales during July and August are beginning to flow in and the transactions have been made at prices that range from $1,400 to approximately $1,775 psf, with a $1,600 psf median price.

The second most popular sub-sale project in the second quarter was the City Square Residences located at Kitchener Road, with 57 deals transacted at $893 psf median price, up 13% from the median price of $791 psf on 43 units turned over during the first quarter. Three freehold condominium units were sold at prices that range from $1,000 psf to $1,104 psf within the period of July to August.

A 99-year leasehold condo at Casa Merah near MRT’s Tanah Merah Station has increased its median sub-sale price from $658 psf in the first quarter to $691 psf in the second quarter to $734 psf in July to August. The most recent price is 11.6% above the first quarter level. Twenty sub-sales in the project were turned over in July to August, probably aided by the sell-out preview of the nearby Optima Tana Merah in the past few weeks.

Over the vicinity of the Buangkok MRT, 11 units were purchased at $699 psf median price at The Quartz during the market sub-sale in July to August, which is 15.7% higher than the $604 psf median sub-sale price in the first quarter.

The median sub-sale price in the Katong area for One Amber increased in the first quarter from $830 psf to $1,015 psf, or a 22.3% price gain in July to August. In Tanjong Pagar area, the Icon median sub-sale price during the same period is appreciated from $1,144 psf at 26.2% to $1,444 psf.

Sub-sales are secondary market transactions in projects that need to acquire Certificate of Statutory Completion first.