Daily Briefing: Martin Place tender lures in $595.1m bid; Auction sales skyrocket 134.3% in Q2

And private rental market is expected to further weaken.

The tender for a 99-year leasehold residential site at Martin Place in River Valley closed on Tuesday (28 June) after attracting 13 bids, said the Urban Redevelopment Authority (URA). Read more here.

Total auction sales increase by a whopping 134.3 percent to $13.76 million in Q2 2016 from $5.87 million in Q1 2016, even as auctions still take place in the final week of June, revealed a JLL report. Read more here.

Weakening demand and record levels of new housing supply have contributed to a softening private residential leasing market over the past two-and-a-half years, with the Urban Redevelopment Authority’s (URA) rental index for private homes falling by 9.1 percent from Q3 2013 to Q1 2016, revealed a JLL report. Read more here.