Sales for the week of 26 Feb – 3 Mar 2024 were 196 units
The CCR accounted for 10.7% while the RCR and OCR made up 7.7% and 81.6%
The respective top-selling projects in the CCR is Watten House followed by Grand Dunman in the RCR, and EC – Lumina Grand in the OCR
Land Betterment Charges rates for non-landed residential use for Mar to Aug 2024 were revised downwards in the CCR but adjusted upwards in the OCR
The drop in LBC rates in the CCR are unlikely to spur interest in enbloc sites
The increase in ABSD for foreigners to 60% is now the biggest hurdle to a successful enbloc as the replacement home for foreigners is prohibitively expensive
New supply of freehold projects in the CCR is likely to stay low unless there are tweaks to ABSD for foreigners
It is surprising to see Sector 14 (Marina Gardens area) LBC rates declining by 4.8%
By adjusting LBC rates down, the Government may be sending a signal that the value of land in Sector 14 should be higher than the last GLS land price of $1,402 psf ppr
