Building Your Real Estate Riches by Ku Swee Yong

Author:Ku Swee Yong
Language: eng
Format: epub
ISBN: 9789814435871
Publisher: Marshall Cavendish

15.

The Singaporean buyer and the million-dollar OCR home

30 September 2011, TODAY

*All dates mentioned are with reference to the publication date of the original article.

Before the Lehman crisis, foreign buyers were widely considered to have helped drive prices of luxury properties in areas such as Orchard Road, Marina Bay and Sentosa Cove to record highs.

In the last two years, interest in the Core Central Region (CCR) has been lacklustre. On the other hand, transaction volumes in the mass market, or Outside Central Region (OCR), have remained strong and new record high per square foot (psf) prices are regularly set, even as high as over $1,600 psf. And then in 2Q 2011, the average price of a residential unit in the OCR surpassed the psychological hurdle of $1 million.

Following on the article in TODAY, “Oversupply risks in Outside Central Region” (23 September 2011), we delved deeper into the numbers and examined the issue: are foreigners ramping up purchases in the OCR and contributing to the oversupply risks, or are locals still the main driving force?

Table 22: Transactions of non-landed residential properties in the OCR by ownership

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