September private home sales up 65% on-month!

Developers sold 65% more new private homes in September compared to August, according to data from the Urban Redevelopment Authority (URA).

Excluding executive condominiums, 1,246 units of new private homes were sold in September, up from 756 in August as developers returned to the market with new launches after the Hungry Ghost Festival.

There was a sharp increase in transactions in the city fringes with 815 units sold.

Demand fell in the city, nearly half compared to August, with just 49 transactions.

While the number of new condo units sold in the suburbs was a third less than in August at 382 units, analysts noted the better figures were due mainly to two property launches in the city fringes.

And developers building smaller units have helped achieve higher prices on a per square foot (psf) basis.

Ku Swee Yong, Century's chief executive officer, said: "We expected the numbers to do well because of two well received launches - Thomson Three and Sky Vue in Bishan.
"In fact, Sky Vue in Bishan has also probably set a new record price for the Bishan area, and that is at above $2,000psf."

Source: Channel News Asia

Thomson View en bloc: Double trouble?

Our de facto business paper has reported that the legal costs and disbursements incurred by the Thomson View Condominium homeowners who had consented to a proposed $590 million en bloc sale is in the six-figure range.

These costs, from the onset of applications to the Strata Titles Board and to the courts, increased considerably because of new issues that arose when the secret incentive payments made by HSR International Realtors to four owners became public midway through the legal action.

Since the order for the collective sale was refused because the High Court found these offers by HSR amounted to bad faith, the next issue is whether the Thomson View Sale Committee (CSC) will take action against the real estate agency and the four owners, and whether it can recover damages.

Lawyers said the owners of the 215 units had agreed to the en bloc sale. Under the collective sale agreement, the consenting owners are liable to contribute towards legal costs. At this stage, the owners have been asked by the CSC to make payments to account for costs and disbursements. And those who refuse to pay costs may be exposed to a claim by the CSC for such contributions.

Looks like the Thomson view en bloc saga is far from over...