October 25, 2008
October 25, 2008
SINGAPORE: Private home prices in Singapore came in weaker than expected for the third quarter, dropping by 2.4 per cent - worse than an earlier estimate of 1.8 per cent. The quarter-on-quarter drop was the first decline in more than four years.
Data from the Urban Redevelopment Authority (URA) showed prices fell across the board, with prices for high-end homes in prime areas seeing the biggest drop of 2.7 per cent.
Analysts said there has not been panic selling yet, but they expect prices to drop by about 3 to 5 per cent in the quarters to come.
Donald Han, managing director of Cushman & Wakefield, said: “We don’t know what’s going to happen in the next 2 to 3 months. There will be people who’ve been affected by the stock market (declines), who might be late in their payment, and that might eventually translate to more pressurised selling.”
The mass-market and mid-tier segments, which have shown some resilience in previous quarters, have also not been spared.
Prices for mass-market homes fell by 1.5 per cent, while those for the mid-tier segment declined by 2.4 per cent.
URA said there are over 66,000 units of private homes in the pipeline - of these more than 37,000 units will be completed by 2011.
Some property consultants said developers may choose to launch their projects before the market gets worse.
Tan Huey Ying, Colliers International’s director for research & advisory, said: “Now that the market is firmly on a downward path, I think there are some developers who may take this opportunity to launch their projects instead of waiting for prices to drop even further.
“On the other hand, there might be some developers with strong financial standing who may want to continue to develop their properties, but launch at a later date when the market recovers.”
Sub-sales accounted for about 11.6 per cent of all sales transactions in the third quarter.
Ms Tan expects this segment to hold steady for the next six to nine months. And it is likely to be dominated by purchasers for properties that are nearing completion or speculators who opt to take profit now.
Rentals of private residential properties also fell in the third quarter, dropping by about one per cent.
Meanwhile, Housing and Development Board (HDB) data showed prices of resale flats rose by 4.2 per cent in the third quarter compared to the previous quarter.
October 22, 2008
SINGAPORE: Sales of private homes in Singapore improved 17.5 per cent in September, compared to the previous month.
But analysts said the pickup fell short of expectations, given the low base in August caused by the Hungry Ghost Festival. The seventh month of the Lunar calendar is traditionally regarded as an inauspicious period and buyers usually refrain from making purchases during that time.
Almost 300 per cent more units were launched for sale in September, compared to August. Property developers sold 376 units in September, just 51 units more than the preceding month. Nonetheless, some analysts see something to cheer about in the data.
Ku Swee Yong, director, Marketing & Business Development, Savills (Singapore), said: “I already see that as a positive (sign) because in September, the stock market beat the whole market down, so many investors were spooked.”
The stock of private residential properties has been building up in the past year and was compounded by a large oversupply in September.
As buyers become more cautious in light of the economic downturn, prices are expected to fall.
Nicholas Mak, director, Consultancy & Research, Knight Frank, said: “Whatever gains made in the first half of this year will probably be lost by Christmas. Depending on how the global economic and financial situation plays out, I think there’s still a lot of uncertainty and turmoil out there.
“There is a possibility we could see further weakness in home prices in 2009, especially if the Singapore economy were to slip into a prolonged recession.
“At the moment, we haven’t seen some of the major bad news like massive retrenchments or fall in salary levels. If such a thing were to happen, we could see people giving up homes or downgrading.”
Knight Frank said bad economic outlook could result in a double-digit fall in home prices in 2009. But others are not as pessimistic.
Ku said: “Private residential prices in mass market will still hold up very well, probably for the next 18 months… we believe so because the demand for public housing is still strong.
“In the third quarter, HDB price index for resale HDB (flats) still managed to climb 4.2 per cent. That should support mass market prices for HDB upgraders very well.”
However, all agree that within the private residential sphere, luxury properties will bear the brunt of price pressures.
“For luxury and mid-tier residential market, we think that over the next 18 months, we might see about 5, 10 per cent drop. For the very luxurious properties, about 15 per cent drop in prices,” Ku added.
Luxury properties tend to attract speculators who have retreated from the market in the current unpredictable financial environment.
October 19, 2008
Sim Lim Square shop and retail space for sale or rent in Singapore
Location Price Area Tenancy Valuation
Level 1 $5 mil 538sf existing $4.85mil
Level 3 $3.8 mil 689sf existing $3.45mil
Level 3 $4.5 mil 807sf existing $4.05mil
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Most popular IT and electronic shopping centre in Singapore for over 20 years
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More information on Sim Lim Square
Sim Lim Square (Chinese: 森林广场), commonly referred to as SLS, is an established 390,000 square feet (36,000 m2) commercial shopping centre specialising in electronics and IT Products in Singapore, and is generally regarded in modern day Singaporean culture as perhaps the most established “IT mall” compared to its closest competitors. Popular with both tourists and locals, CNET Asia has called it the “electronics hub of Singapore”.
Located at 1 Rochor Canal Road, Singapore, SLS is opposite to historic features such as the Little India district and is footsteps away from one of the earliest HDB developments. SLS is accessible via MRT at Bugis or Little India MRT Stations.
Sim Lim Square stands out by offering greater range and variety of a single product, compared to the more streamlined arrangement found in electronic malls such as Funan DigitaLife Mall.
October 5, 2008
SINGAPORE: Private home prices in Singapore fell by 1.8 per cent in the third quarter, according to flash estimates released on Thursday by the Urban Redevelopment Authority.
This is the first time the index of private residential properties has dipped in four years to 174.3 points in the third quarter, compared to second quarter’s price index of 177.5 points, which was a 0.2 per cent increase over the previous quarter.
The cost of high-end properties in prime districts continues to taper, with prices falling by 2 per cent quarter-on-quarter, but those in the mass market segment grew marginally by 0.1 per cent.
Some industry watchers say the figure is better than expected, given deflated investor sentiments amid concerns of a brewing global economic storm.
They expect a gradual sell-down of properties if prices trend down further and the economy takes a turn for the worse.
Director of Savillis, Ku Swee Yong, said: “There has been an increased urgency to sell. The good thing that is preventing that from happening on a very widespread scale is interest rates are still pretty low. We are worried about the potential job losses, but that has yet to happen in a big way.”
Analysts project prices of private residential properties will slide by 2 per cent over the next 6 months. But they add that this is unlikely to trigger substantial sales as buyers will bide their time until prices bottom out.
Director of Consultancy & Research at Knight Frank, Nicholas Mak, said: “Developers will try to resist cutting prices, they may give different sorts of soft discounts. For example, they may give furniture vouchers, they may give renovation vouchers or other methods in a way to try to encourage the growth.”
With the financial crisis unfolding in the US, market players say some investors are considering parking their funds in the property market instead of investing in financial instruments.
One analyst said that the number of enquires on properties has gone up since the collapse of investment bank Lehman Brothers.
In contrast, prices of resale public housing flats rose 4.2 per cent in the third quarter.
This is slightly lower than the 4.5 per cent increase registered in the second quarter, but property watchers say demand in this segment will continue to be robust.
Real estate agency Propnex says the Resale Price Index (RPI) of 137.4 is now the highest mark reached by the RPI since the last quarter of 1996, which saw an RPI of 136.9.
Property agents believe demand for resale flats will continue to be robust despite the Housing and Development Board’s plan to offer more new units in the coming months, and the overall price outlook for the year could see a growth of between 15 and 17 per cent.
October 5, 2008
SINGAPORE: Early estimates show prices of private residential properties fell for the first time in four years in the third quarter. Concerns are that times ahead may be rough.
Still, about one-third of MCL Land’s latest mid-range condominium project - The Peak@Balmeg - was snapped up over the last two days during its private launch.
Among the visitors at the launch were Panneer Selvi and her family, who have been shopping for their ideal home.
Over the last four months, they have visited 12 condominium projects, comparing prices, features and home loan packages.
Panneer Selvi said: “We have not made up our mind to buy one, we are checking with the bankers, at the same time looking around for a suitable unit.”
Some visitors said they are not overly concerned with negative market sentiments. And with prices of private apartments expected to fall over the next six months, they hope to cash in on a good deal.
Michael Tan, a potential home buyer, said: “I am not plunging into it. Sometimes buying a home, if it’s for a home, then there are other considerations other than just pricing alone.”
Ronald Wee, a property investor, said: “I do not foresee a slump like in 2003 or 2004. It’s just that if you have a good piece of property with a good location and nice view, I guess mid- to long-term is still very promising, especially the IR (integrated resort) is coming up next one to two years.”
Wee Hian Woon, a potential home buyer, said: “The market condition is so bad, the financial market is in the news all the time, the general sentiments I think are quite weak, so the feeling is that prices are likely to drop, then go up.”
MCL Land said it has yet to decide whether the project will be launched for public sales. The 180-unit project, going for S$1,000 per-square-foot, will be completed in 2011.
Overall, many home hunters are still confident that Singapore will be able to weather the financial crisis and economic slowdown in the US because the country has strong fundamentals in place.
September 20, 2008
A Singapore Real Estate Digest by Justin Ng
Latest Singapore Property Market News
Sales of new private residential homes fall by 64% in August 2008
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Singapore Property Trend - Past Transactions
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September 20, 2008
SINGAPORE: Sales of new private residential homes slipped 64 per cent to 320 units in August, as compared to over 890 units sold in July. Market watchers say this is the weakest transaction volume since April 2008.
At the peak of the property boom in August 2007, over 1,700 units of private homes were sold, and the 320 units sold in August 2008 was 81 per cent lower year-on-year.
However, the low take-up was not unexpected as the Hungry Ghosts’ Festival fell during that month - a season typically marked by sluggish demand.
Supply was also tight, with only 194 new units launched by developers in August, mainly in the central regions.
Head of research & consultancy at Jones Lang LaSalle, Dr Chua Yang Liang, said: “There is a latent demand out there which we estimate is between 350 to 400 units per month.
“The number of launches are incidentally quite good in the rest of central and the core central regions as these are largely foreign-based markets, so there is a lot more transactions there.”
Industry watchers are predicting more mass market projects to be launched in the fourth quarter, with some good quality units and attractive prices expected.
The recent reduction in development charges by the government could also rally the property sector.
Managing director of Cushman & Wakefield, Donald Han, said: “In the next six months, we probably expect some of the land (the) government tenders to be able to record lower prices.
“That may help developers to start creeping into the market on the basis of slight savings of land prices, (and it) may go a long way in subsidising the increase in terms of your construction cost.”
Price-wise, observers say the numbers have remained fairly stable in August. Moving forward, they project a slight downward correction in overall home prices of between 3 and 8 per cent.
Analysts say the weakening global financial markets and inflation have cast a shadow over consumer confidence. Still, they expect the current market trend to hold, over the next few months.
Although the credit and housing troubles in the US show no sign of bottoming out, observers say Singapore’s property sector will be able to weather the storm in the near term.
September 4, 2008
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August 18, 2008
Kovan Condominium (D’Pavilion) For Sale - Freehold
This rustic theme development is located Upper Serangoon Road. It will be a good investment and a home for families who appreciate lush greenery at the convenient location. Layouts are only for illustrations, subjected to further improvement.
Location: Upper Serangoon Road
No. of units available: 50
Unit Types Available: 2,2+13,4,Penthouses
Facilities: Swimming Pool, Children Pool, BBQ Pits, Gym, Theme Gardens, Function Room, Guardhouse
TOP: December 2011
Developer: MCL Land