DTZ’s analysis based on caveats showed an 18.1 percent increased on the median sub-sale cost of non-landed private residential properties to $960 per square foot (psf) in Q2, from $813 psf in Q1. The increase is attributed by more higher-end property transactions in Q2 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 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 transactions have been made at prices ranging from $1,400 to $1,775 psf, with $1,600 psf median price.
City Square Residences in at Kitchener Road was the second most popular sub-sale project in Q2, with 57 transactions working out at $893 psf. Three freehold condominium units were sold at prices ranging 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 increased its median sub-sale price from $658 psf in Q1 to $691 psf in Q2 and $734 psf in July to August. The most recent price is 11.6 percent 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.
In The Quartz near the Buangkok MRT, 11 units were purchased at $699 psf median price during the market sub-sale in July to August, which is 15.7 percent 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 percent 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 percent to $1,444 psf.
Sub-sales are the secondary market transactions in projects that need to acquire Certificate of Statutory Completion first.