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Subscribe to this list via RSS Blog posts tagged in Private Home Sales

Posted by on in New Launches

The-Clement-Canopy-preview.original.jpg

Even with only one new project launch, the number of private residential units (excluding ECs) sold by developers rose 155.8 percent to 977 units in February 2017 from 382 in the previous month, according to data from the Urban Redevelopment Authority (URA).

On a yearly basis, private homes sales soared 222.4 percent from the 303 units sold in February 2016.

The Clement Canopy, which was the only new launch in February, emerged as the best-selling project, with 207 units sold at a median price of $1,343 psf. It was followed by Parc Riviera and The Santorini, with 200 units and 51 units sold at median prices of $1,281 psf and $1,041 psf, respectively.

Rounding up the top five best-selling projects are The Glades (30 units) and The Venue Residences (28 units).

Sales of ECs also increased 78.8 percent to 329 units in February, despite the lack of new projects.

Sol Acres topped new EC sales with 82 units sold, followed by The Terrace and The Visionaire, with 40 units and 39 units sold, respectively.

Analysts noted that the healthy figures indicated significantly better market sentiments from the previous year and an early start to the buying momentum this year.

“There is a greater sense of confidence in both developers and buyers,” said Ong Teck Hui, JLL’s National Director for Research and Consultancy, adding that 770 of the 977 private homes sold in February were from previously launched projects.

“This tells us that with more positive sentiments, buyers are not just attracted by newly launched projects but also drawn to those launched previously, reflecting a more broad-based improvement in demand,” he said.

“The recent easing of the Seller’s Stamp Duty and the Total Debt Servicing Ratio would be a favourable enhancement on a market that is already on a buying uptrend.”

Meanwhile, Desmond Sim, Head of CBRE Research for Singapore and South East Asia, believes the sales levels “reinforce the current trend of buyers favouring projects with units priced at a palatable quantum”.

Sim revealed that he does not expect the trend to change even with the recent tweaks to the property curbs.

 

Credits: Propertyguru

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There are signs that Singapore’s private residential market may have bottomed out in 2016, with the sector recording a higher deal volume, revealed Edmund Tie & Co.

Citing data from the Urban Redevelopment Authority (URA), the property consultancy noted that the combined sales of new and resale private homes increased sharply by 15.5 percent to 16,378 units last year from 14,183 units in 2015. Specifically, transactions in the primary market rose marginally to 7,780 units from 7,703 previously.

The URA’s statistics also revealed that prices of private homes stabilised in 2016, with the sector posting a softer price drop of 3.1 percent compared to the 3.7 percent decline seen in the preceding year.

Moreover, the private residential market may benefit from the higher transaction volume of HDB resale flats, which rose 7.8 percent to 20,813 units last year. This is because upgraders tend to sell their public housing units before moving into private properties.

Looking ahead, the company expects sales of new private homes to trend upwards to 8,000 to 9,000 units for the whole of 2017. New developments that are expected to sell well this year include Guocoland’s 450-unit Martin Modern in Martin Place, UOL’s The Clement Canopy with 505 units in Clementi Avenue 1, the 720-unit Grandeur Park Residences by CEL Development in New Upper Changi Road, and the 840-unit Seaside Residences by Frasers Centrepoint in Siglap Road.

 

Credits: Propertyguru

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Property developers sold 843 private housing units, excluding executive condominiums (ECs), in March 2016, according to new data released by the Urban Redevelopment Authority (URA).

This represents a 178 percent jump from the 303 units sold in the previous month. Year-on-year, sales increased by 37.5 percent.

OrangeTee said this is the highest tally of monthly developer sales since July last year, when 1,655 units were moved.

But analysts were not surprised by the surge in new home sales. DTZ said the period of March to May tends to see an increased level of activity.

“Notwitstanding, consistent with what we see on the ground, there are more buyers returning to the market. Most of these buyers look for developments at choice locations at relatively lower quantums,” noted the consultancy.

OrangeTee explained that there has been an accumulation of pent-up demand from buyers who have adopted a wait-and-see attitude due to the property cooling measures.

While these measures have side-lined many buyers due to the increase in upfront costs and tighter financing conditions, buyers are still willing to commit when there is perceived value in the market, the firm said.

“Good quality projects coupled with competitive pricing is the key to excite dormant demand lurking in the private residential sector.”

Meanwhile, two of the best-performing new launches in March were Cairnhill Nine and The Wisteria.

Located at Cairnhill Road, the 268-unit Cairnhill Nine by CapitaLand sold 177 units last month at a median price of $2,441 psf. Over in Yishun, NorthernOne’s The Wisteria saw 125 out of its 216 units snapped up at a median price of $1,112 psf.

Looking ahead, OrangeTee said three new projects will be launched in April and May, namely Sturdee Residences (305 units), Stars of Kovan (395 units) and Gem Residences (578 units).

Credits: Propertyguru

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Posted by on in New Launches

Prices of private residential properties fell 3.7 percent for the whole of 2015, compared with the 4.0 percent fall in 2014, according to flash estimates of the Urban Redevelopment Authority (URA) price index.

On a quarterly basis, prices declined 0.5 percent in Q3 2015, compared with the 1.3 percent decline in the previous quarter.

Specifically, prices of non-landed private units declined by 0.4 percent in the Core Central Region (CCR), compared with the 1.2 percent decline in the previous quarter. Prices in the Rest of Central Region (RCR) and Outside Central Region (OCR) remained unchanged, compared with the 1.6 percent decline in each segment in the previous quarter.

For the whole of 2015, prices in the CCR, RCR and OCR fell by 2.6 percent, 3.9 percent and 3.7 percent respectively. Prices of landed properties fell 2.1 percent, compared to the 0.4 percent decline in the previous quarter. For the whole of 2015, prices of landed properties fell by 4.4 percent.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and survey data on new units sold by developers during the first ten weeks of the quarter. The full statistics will be updated by the URA four weeks later.

Source: URA

Credits: Propertyguru

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The Straits Times

There will not be a major correction next year but factors from oversupply to lending curbs will keep prices of private homes and executive condominiums (EC) depressed, say analysts. They also warn that any let up on cooling measures seems unlikely in the near term as the price falls have not affected most owners.

Mr Desmond Sim, CBRE research head for South-east Asia, told The Straits Times yesterday: "Most developers are still propped up by holding power as well as land prices, which continued to be quite high over the past year.

"Unless developers are willing to take a big cut in profits, new sale prices should be quite stubborn."

Prices of new homes could fall 3 to 5 per cent next year although projects with many unsold units may cut even more, according to Ms Alice Tan, head of research at Knight Frank Singapore.

The prospects are no better for ECs, with average prices coming down from a high of over $800 per sq ft (psf) in the first half of this year to $780 psf in this half, said R'ST Research director Ong Kah Seng. Average EC pricing next year should be lower, at $750 to $780 psf, he added.

Unsold stock is a key issue bedevilling the private market, with around 24,000 new units languishing in the market. Apart from the amount of unsold units, developers will be under increasing pressure to sell due to Qualifying Certificate penalties and the Additional Buyers' Stamp Duty (ABSD), he added.

Developers have been trimming prices all year as market realities began to bite. Median prices at The Panorama, for example, fell from $1,343 psf at initial launch in January last year to $1,226 psf in October, noted Mr Wong Xian Yang, OrangeTee research manager.

Sims Urban Oasis prices were down from $1,397 psf at the February launch to $1,285 psf in October.

It is clear that buyers - governed by both the Total Debt Servicing Ratio (TDSR) and ABSD - are being more selective.

Mr Elson Poo, general manager of marketing and sales at Frasers Centrepoint Homes, said they are focusing on projects that offer attractive pricing as well as other value propositions such as lifestyle concepts or prime locations.

Frasers Centrepoint has sold around 760 units so far this year, largely thanks to the popular North Park Residences.

Developer MCC Land has also chalked up a tidy number of sales this year, up 55 per cent from last year to 354 units. If MCC Land includes development projects that it manages for Hao Yuan Investment, its total sales would be 487, similar to 470 units sold last year.

While slightly fewer new private home sales took place this year - the tally of 6,619 units in the first 10 months was 4 per cent lower than last year's - the unsold stock of private homes has been falling. There were 24,149 units unsold in the third quarter, an 18 per cent fall from the same time last year and 25 per cent down compared with two years ago, noted Ms Tan of Knight Frank. "The adjustment of prices, albeit at a moderate level from about 2 to 3 per cent discount, coupled with pent-up demand, especially from local homebuyers, has helped improve take-up rates in the last two quarters," she added.

In the resale market, prices at the top five projects this year have fallen between 6 and 11 per cent from 2013, according to OrangeTee, although prices rose at one of the developments.

Resale volumes may have increased but rents are still expected to remain soft due to the many completions expected next year and limited growth in foreign labour numbers, said Mr Wong of OrangeTee.

EC developers could get more desperate to sell where there are more than 300 unsold units at a project, such as Sol Acres, The Criterion and The Terrace, said Mr Ku Swee Yong, Century 21 chief executive officer.

"The raised income ceiling of $14,000 (earlier this year) does not seem to have brought in many buyers," he said.

Overall, private home prices are down about 8 per cent from their last peak in the third quarter of 2013.

Credits: StProperty

Sims Urban Oasis

 

(View Sims Urban Oasis Homepage (Left) and The Poiz Residences Homepage (Right): Price, Location, Floor Plan)

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