Singapore Property Market Watch - October 2008

October 25, 2008


 

A Singapore Real Estate Digest by Justin Ng
October 2008 Edition

Latest Singapore Property Market News

Singapore\’s Q3 private home prices down 2.4% on quarter
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.

Read More…

September figures show continued softness in private home sales
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.

Read More…

Featured: Sim Lim Square Units for Sale

Sim
Lim Square, 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”.

There
are currently 3 shop/retail space with good frontage for sale with
tenancy. Please kindly contact Justin @ 91029456 if you are keen to
explore further.

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  • September\’s Property Transactions

    Flat Type Units Sold
    4 Room 922 units
    3 Room 692 units
    5 Room 689 units
    Condominium 472 units
    Apartment 241 units
    Executive 191 units
    Terrace House 75 units
    Executive Condominium 49 units
    Semi-Detached House 36 units
    Detached House 21 units
    2 Room 18 units
    HUDC 6 units
    1 Room 1 units
    Multi-generation 1 units
    HDB Town/Estate Units Sold
    Woodlands 228 units
    Tampines 197 units
    Jurong West 180 units
    Sengkang 148 units
    Ang Mo Kio 143 units
    Bedok 140 units
    Yishun 132 units
    Choa Chu Kang 124 units
    Hougang 114 units
    Bukit Batok 114 units

    Singapore Property Trend - Past Transactions

    Past Property Transactions - 3 Rooms
    Past Property Transactions - 4 Rooms
    Past Property Transactions - 5 Rooms
    Past Property Transactions - Executive
    Past Property Transactions - Apartments
    Past Property Transactions - Condominiums
    Past Property Transactions - Detached House

    Past Property Transactions - Terrace House

    DISCLAIMER:
    The information is provided at JustinngProperties.com\’s sole discretion
    for general information only. It shall not be used for entering into
    any sale and purchase agreement nor for any other purpose (including
    commercial purposes). You agree not to hold JustinngProperties.com
    liable for any damage or loss that you may be exposed to and shall
    indemnify JustinngProperties.com for any claim or loss which you may
    suffer as a result of accessing or using this free website and tools.
    Copyright (c) 2008 JustinNgProperties.com. All Rights Reserved. Justin Ng Properties   
     

    Singapore’s Q3 private home prices down 2.4% on-quarter

    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.

    Source: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/385086/1/.html

    September figures show continued softness in private home sales

    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.

    Source: http://www.channelnewsasia.com/cna/cgi-bin/search/search_7days.pl?status=&search=property&id=383073

    Sim Lim Square Shop and Retail Space for Sale or Rent

    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

    Good frontage and potential investment opportunity. Heavy human traffic consisting of locals and tourists alike 7 days a week.

    Superb locality and convenient,near to Bugis MRT Station,public transport.

    Most popular IT and electronic shopping centre in Singapore for over 20 years

    Now is the best time to invest with potentially good returns before the property market boom again. Such affordable prices are unlikely to remain for long.

    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.

    Source: http://en.wikipedia.org/wiki/Sim_Lim_Square

    URA expects Q3 private home prices to fall 1.8%

    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.

    Source: Channelnewsasia.com

    Private home buyers cautiously optimistic about Singapore’s property sector

    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.

    Source: Channelnewsasia.com

    Singapore Property Watch - September 2008

    September 20, 2008

    A Singapore Real Estate Digest by Justin Ng
    September 2008 Edition

    Latest Singapore Property Market News

    Sales of new private residential homes fall by 64% in August 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.

    Read More…

    Introducing Property-SearchOnline.com

    Property Search Online is one of the fastest growing property and real estate forum in Singapore. Since its soft launch in May 2008, it has attracted more than 360 registered members and registration is completely free!

    Justin has appointed Property Search Online to become the official distributor for the entire suite of Justin Ng Property Tools.

    Comparative Market Analysis (CMA) Report will be one of the unique products to be rolled out on its official launch in October 2008. View CMA sample report for HDB Flats and Private Properties

    For just as low as $10.00 per copy, you get to know everything about your lovely apartment within a minute or two.

    We are currently seeking for partners to be part of our reseller program and earn recurring commissions from our wide range of products and services.

    For inquiries on our reseller program, please email to admin@justinngproperties.com

    August’s Property Transactions

    Flat Type Units Sold
    4 Room 769 units
    3 Room 653 units
    Condominium 653 units
    5 Room 577 units
    Apartment 291 units
    Executive 187 units
    Terrace House 91 units
    Executive Condominium 56 units
    Semi-Detached House 36 units
    2 Room 25 units
    Detached House 19 units
    HUDC 2 units
    Multi-generation 1 units
    HDB Town/Estate Units Sold
    Woodlands 198 units
    Tampines 158 units
    Jurong West 149 units
    Bedok 139 units
    Hougang 134 units
    Yishun 134 units
    Ang Mo Kio 133 units
    Sengkang 112 units
    Bukit Batok 101 units
    Choa Chu Kang 96 units

    Singapore Property Trend - Past Transactions

    Past Property Transactions - 3 Rooms Past Property Transactions - 4 Rooms Past Property Transactions - 5 Rooms Past Property Transactions - Executive Past Property Transactions - Apartments Past Property Transactions - Condominiums Past Property Transactions - Detached House
    Past Property Transactions - Terrace House

    DISCLAIMER: The information is provided at JustinngProperties.com’s sole discretion for general information only. It shall not be used for entering into any sale and purchase agreement nor for any other purpose (including commercial purposes). You agree not to hold JustinngProperties.com liable for any damage or loss that you may be exposed to and shall indemnify JustinngProperties.com for any claim or loss which you may suffer as a result of accessing or using this free website and tools.

    Sales of new private residential homes fall by 64% in August 2008

    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.

    Source: Channelnewsasia.com

    City Area - Serviced Office for Rent - High Floor with Sea View

    September 4, 2008

    Click Here to View Virtual Tour

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    • Fully furnished office suites at the most prestigious addresses

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    • 24 hours utilities for electricity, lighting and water

    • 24 hours access to business copier, pantry and lounge areas

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    A little something from us

    • Complimentary beverage service in the pantry

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    [ check with us on the number of complimentary hours at each location ]

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    Contact Justin Ng today for more information or SMS WAPAD 6 to 92717889 to receive a copy of this advertisement in your mobile phone. This service is free but usual charges to your telco apply. Co-broke welcome.

    Kovan Condominium (D’Pavilion) For Sale (TOP 2011) - Freehold

    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
    Tenure: Freehold
    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

    Next Page »

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    12 mths0.571670.89804
    Updated as at 03 October 2012

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