Singapore Property Watch - September 2008
September 20, 2008
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A Singapore Real Estate Digest by Justin Ng Latest Singapore Property Market NewsSales of new private residential homes fall by 64% in August 2008 Introducing Property-SearchOnline.comProperty 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 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 |
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Singapore Property Trend - Past Transactions
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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
