Tag Archives: Condo

Singapore Primary home sales soar 82%

The recent government figures on private home sales signal a turnaround in the market. Figures showed that, in the primary market, developers sold 1,780 new private homes last month, the strongest showing since the 1,806 units moved in June 2013. This was when sales were still buoyant just before the rollout of the Total Debt Servicing Ratio (TDSR) framework.

The March 2017 sales volume is up nearly 82 per cent from February’s 979 units, and a 111 per cent jump from the 843 units sold in March 2016.

Two well-received new launches (Grandeur Park Residences and Park Place Residences at PLQ) have great sales, while continuing sales in earlier projects (such as Parc Riviera, The Santorini and The Clement Canopy), attributed to the confidence-booster from the government’s maiden tweaks to the cooling measures announced on March 10. The best-selling private-housing project in March was Chip Eng Seng’s Grandeur Park Residences next to Tanah Merah MRT Station, with 484 units sold at a median price of S$1,406 psf; this was followed by Park Place Residences at PLQ, where 217 units were transacted at a median price of S$1,805 psf.

The jubilant home-buying mood was reflected not only in the data from the Urban Redevelopment Authority (URA), based on its survey of licensed developers, but also in the secondary market.

Resale transactions of private homes rose to 942 units in March, translating to increases of more than 50 per cent month on month and year on year. The URA’s definition of resales includes developers’ sales in delicensed projects.

Based on the latest data released by the URA, the preliminary Q1 2017 figure for new sales of private homes stands at 3,141 – up from 2,316 units in Q4 2016 and 1,419 units in Q1 2016; the Q1 2017 figure was also the strongest showing since Q2 2013’s 4,538 units.

Developers also sold 578 executive condominium (EC) units last month, higher than the 329 units moved in February, and the 485 moved in March last year. The preliminary Q1 2017 new EC sales by developers is 1,091 units, surpassing the 734 units in the previous quarter and the 762 units in Q1 2016.

Among ECs, Qingjian Realty’s iNz Residence in Choa Chu Kang was the top seller; it sold 187 units at a median price of S$774 psf.The developers’ new private home sales at the new two major new launches – Seaside Residences in Siglap Road and Artra next to Redhill MRT Station were well received as well. Seaside Residences moved almost 400 units while Artra moved 130 units a few days ago.

SRX: residential rentals down 0.4% in August

Rents of private condominiums and apartments dipped by 0.4 per cent in August, after falling 0.3 per cent in July, data released by SRX Property showed yesterday. The decline was led by rentals in the city centre, which decreased 0.7 per cent, and those in the suburbs, which decreased by 1.3 per cent, data showed. However, rents for homes in the city fringe rose 0.8 per cent.

Year on year, rents in August 2015 were down 5.7 per cent, as compared to August 2014. They were also down 12.9 per cent from their peak in January 2013. Rental volume for August also weakened, with the number of non-landed private homes being rented out falling 1.6 per cent, to an estimated 4,097 units, from 4,163 units a month earlier. But year on year, rental volume this August was 13.8 per cent higher than the 3,601 units leased in the same month last year, the estimates showed.

On the public housing front, Housing Development Board (HDB) flat rents fell 0.6 per cent in August, after a 0.1 per cent increase in July. The decline was led by three- and four-room flats, which posted falls of 1.1 per cent and 0.9 per cent, respectively. Five-room and executive flats saw rents rise 0.1 per cent and 0.7 per cent instead.

Year on year, rents in August 2015 were down 3.6 per cent. They were also down 6.6 per cent from their peak in August 2013. HDB rental volume fell 6.1 per cent in August to about 1,646 flats leased, down from 1,752 units leased in July 2015. Year on year, August’s rental volume was almost flat, compared to the 1,668 units rented a year ago.


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Condo developers dangle discounts in down market

Lower prices have helped to entice buyers in a down market, going by sales at two recent property launches.

Developers have adjusted their expectations in a bid to gain some traction amid falling sales, in the wake of cooling measures and stringent financing rules.

Take Kingsford Waterbay, a 1,165-unit development in Upper Serangoon that sold 140 homes over the weekend.

The average sales price of $1,050 to $1,180 per sq ft (psf) was below an initial expected selling price of $1,200 psf, the project’s developer Kingsford Development told The Straits Times recently.

The weekend sales included that of a 1,949 sq ft semi-detached unit, which was sold for $2.14 million – or $1,097 psf – and a 1,625 sq ft strata terrace unit, which fetched $1.76 million, or $1,080 psf.

The firm said that most of the units sold were two-bedders, spanning 614 to 721 sq ft. Singaporean buyers were in the majority, comprising mostly young couples and upgraders, the firm added.

Kingsford Waterbay includes apartments, six strata terrace houses, two strata semi-detached houses, a childcare centre and six shops.

Meanwhile, GuocoLand’s 1,024-unit Sims Urban Oasis in Sims Drive sold 29 apartments over the weekend, bringing the sales tally to “more than 170 units” since sales began on Feb 14.

Property agents said that discounts of up to 19 per cent were offered over the Chinese New Year holiday. But that has now shrunk to 18 per cent.

GuocoLand said units were snapped up for between $1,295 and $1,595 psf.

Other upcoming launches this quarter include NorthPark Residences by Frasers Centrepoint and Botanique at Bartley by UOL Group.


Resale prices for Private property up in Oct


While prices have gone up, the number of resale transactions dipped by 2.2 per cent on-month in October with an estimated 451 units resold, according to flash estimates from SRX Property.

Resale prices of non-landed private homes climbed marginally in October by 0.4 per cent month-on-month, according to flash estimates from SRX Property on Tuesday (Nov 11).

When compared with October 2013, resale prices of non-landed private homes have dropped 4.5 per cent. Compared with the recent peak in January 2014, prices have declined 5.2 per cent, SRX said.

Resale prices of private homes in the Rest of Central Region and Outside of Central Region drove the climb, with both increasing 0.6 per cent. In contrast, prices in the Core Central Region dipped 0.3 per cent.

However, the number of resale transactions slipped by 2.2 per cent from September, with an estimated 451 units resold in October compared to the 461 transacted units from the previous month.


The overall median Transaction Over X-value (TOX), which measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value, dipped to -S$4,000 in October from -S$2,000 in September.

For districts with more than 10 resale transactions, districts 9, 10 and 25 saw a positive median TOX, with district 10 posting the highest median TOX of S$30,000, followed by district 9 with S$22,000 and district 25 with S$15,000.

Conversely, districts 14 had the lowest median TOX, posting -S$41,000, followed by district 12 with -S$40,000 and district 11 with -S$31,000.

Developer sales fall 15% in August


Developers’ residential sales continued to languish in August, falling 15 per cent to 432 homes sold as launches were delayed until after the Hungry Ghost Festival.

This was the lowest number of new private units sold in a month so far in 2014, according to figures from the Urban Redevelopment Authority. It excludes executive condominiums (ECs), a public-private housing hybrid. Including ECs, developers sold 490 homes last month, a 13 per cent drop from July.

Developers usually avoid launching projects during the Hungry Ghost month because superstitious buyers consider it inauspicious to purchase property during that period. SLP International executive director Nicholas Mak counted 21 days in August that were part of the Hungry Ghost month.

As a result, only 351 new units were launched in August, a 20 per cent drop from July and the lowest in the year so far. In fact, no new residential project was launched, but only various phases of previous projects were launched.

For this reason, CBRE research head Desmond Sim thinks that simply looking at the decline in the number of units sold, which is a function of supply, does not offer a full picture. Case in point: when the number of units sold shot up to about 1,500 in May this year in tandem with a spike in launches.

“If this month the butcher is not selling meat, you can’t say no one is buying meat,” he said, thus preferring to use a six-month rolling average, which produces a smoother trend line with less volatility and knee-jerk reactions (see chart). But the slow activity can also be put down to buyers taking their time to look over properties while holding out for possible price cuts.

“In light of the existing total debt servicing ratio (TDSR) ruling and property cooling measures, prospective buyers are maintaining a wait-and-see approach in anticipation of further price changes,” Knight Frank Singapore research head Alice Tan said.

CBRE’s Mr Sim agrees that there is no need for buyers to commit very quickly to a project, given the array of options available in terms of location and product type.

But while developers will probably continue to price their projects competitively to maintain sales momentum, real estate lawyer Lee Liat Yeang, partner at Rodyk & Davidson LLP, believes price cuts, if at all, will not be drastic.

First, some cannot afford it, having bought the land at high costs. Secondly, its effectiveness is limited, especially when the discount is slight. Thirdly, it might never end; further cuts may be required once units stop moving again. Fourthly, developers also risk upsetting buyers who had bought units earlier.

“Everybody’s waiting for developers to cut prices. The more they cut, the more buyers expect them to cut. It’s a psychological mind game which is why I think many developers are not cutting prices,” he said.

In August, suburban projects sold best, making up over half of new private home sales, with Wheelock’s Panorama taking the lead (54 units sold). This was followed by Coco Palms (23 units) and Lakeville (21 units). Units at city-fringe project Eight Riversuites at Whampoa East also moved quickly, with 22 units sold.

The slowdown in the market this year becomes more evident when compared to 2013. From January to August 2014, about 5,600 and 5,350 new private homes have been launched and sold respectively – just about half of the 11,480 and 11,180 units launched and sold in the corresponding year-ago period, noted Mr Mak.

Consultants expect the full-year number of units sold to range from 8,000 to 9,000. Sales and launches in September are expected to improve with the launch of Keppel Land’s Highline Residences, as well as the expected launches of Marina One Residences, 70 St Patrick’s and Bellewoods EC.

Already, Highline Residences, which began closed-door sales over the weekend, has sold more than 80 per cent of its 160 launched units at an average S$1,900 per square foot (psf) after discount.

Marina One Residences also held a private preview of its show gallery on Saturday. Sales have not started but prices will likely average S$2,600 psf. 70 St Patrick’s is also open for advance showflat viewing now.

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URA report on 68% fall of private homes sold

The number of units sold in June fell by 68 per cent from the previous month to 482 units, according to data by the Urban Redevelopment Authority.

Sales of private homes by developers in Singapore fell by about two-thirds in June from May, hurt by ongoing Government measures to cool the housing market.

Data compiled by the Urban Redevelopment Authority (URA) on Tuesday (July 15) showed developers sold 482 units in June, down 68 per cent from May when sales of 1,488 units were booked.

The bulk of the sales involved homes located outside the central region, with 269 units changing hands. Another 46 sales were made in the central region, while the rest of central region accounted for 167 units, the URA data revealed.

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