77% who used housing agents saw “bad service” of some sort: survey
January 26, 2010
SINGAPORE: A survey has found that almost eight in 10 people who used housing agents here encountered “bad service” of some sort.
The survey by Ngee Ann Polytechnic found that 77 per cent of respondents said they met with bad service from their agents.
Some of the respondents’ top grouses were that their agents failed to negotiate a good price, that they gave the wrong advice and that they were late for appointments.
Other less common bad service complaints include aggressive property agents, negligent agents and agents who were dishonest or unfamiliar with the transaction procedures.
Generally, however, respondents were content about their agents’ services, with 65 per cent being either satisfied or very satisfied.
At the same time, 73 per cent of those surveyed felt that accreditation of the profession is necessary.
In addition, 97 per cent of those who indicated that accreditation is necessary for every agent also wanted some form of government intervention.
1,041 people took part in the survey. - 938LIVE/vm
Source: channelnewsasia.com - 77% who used housing agents saw bad service of some sort survey
Median COV in Q4 doubles to $24,000
January 25, 2010
SINGAPORE - Many of those who sold their HDB flats in the fourth quarter of last year had plenty to cheer about: Not only were they able to sell their flats at even higher prices; the owners also received more cash upfront from their buyers.
Prices of resale HDB flats rose 3.9 per cent between October and December, bringing the full year increase to 8.2 per cent.
The latest statistics from the Housing Board show that 93 per cent of resale transactions in the fourth quarter were above valuation.
And the median cash-over-valuation (COV) paid by home buyers jumped by 100 per cent - from $12,000 in Q3 to $24,000 in Q4.
Real Estate lecturer at Ngee Ann Polytechnic, Mr Nicholas Mak, said the increase may be due to more sales involving larger flats.
“There seems to be more families that are going in to buy larger flats — your four-room and five-room flats. As a result, these larger flats also come with higher cash-over-valuation amount which, in a way, pulls up that median cash-over-valuation.”
But this increase is unlikely to continue indefinitely.
The HDB noted that the median COV amount had stabilised in recent months.
The cash premium for the first half of this month (subs: Jan) has come down slightly to $22,000.
Some analysts believe this may indicate that the market is approaching a limit.
Mr Mak said: “Our salary is still not catching up at such a high rate, there will be a certain time when the affordability issue will come into play.
“As the sellers start to demand higher and higher COV … there may come a stage when there will be some buyer resistance.”
Efforts by the Government to raise the supply of new homes will also gradually help to cool the market once the flats are completed, said Mr Colin Tan, head of Research for Chesterton Suntec International.
“The Government’s efforts at pushing out the BTOs (build-to-order) and DBSS (Design, Build and Sell Scheme), and all the executive condos, that may have helped to allay some of the panic buying. And this probably resulted in some people actually shifting the demand from the resale market to the new flats,” Mr Tan added.
To meet demand, the HDB said that it will be offering nearly 7,000 new flats in the first half of this year. The flats will be built in areas such as Sengkang, Sembawang, Punggol, Yishun and Jurong West.
Source: http://www.todayonline.com/Singapore/EDC100123-0000259/Median-COV-in-Q4-doubles-to-$24,000
Singapore’s private property market shows 5th straight month of decline
January 17, 2010
SINGAPORE: Singapore’s private property market is continuing to show signs of declining interest.
Data released on Friday by the Urban Redevelopment Authority (URA) showed that just 481 units were sold in December, the fifth straight month of decrease. The figure was a 20 per cent drop from the previous month’s sale of 600 units.
It was also the second lowest number of monthly sales in 2009, after January’s low, which saw only 107 uncompleted homes sold. However, last month’s figure was still better than the 131 units sold over the same period a year ago.
Despite a seemingly fast-cooling property market, property developers still pushed out 734 launches in December, down from the 923 units unveiled in November.
The fall in sales came in the wake of government measures implemented in September to prevent a property asset bubble in Singapore. Such measures include the removal of the Interest Absorption Scheme and Interest-Only Housing Loans.
As was the trend in previous months, higher-end projects were more popular. The Shore Residences at Amber Road, which has a median price of S$1,144 per square foot, saw the most number of units sold at 79.
Coming in close behind is Urban Suites at Hullet Road, which sold all 59 units launched for sale last month at a median price of S$2,521 per square foot.
The most expensive unit sold last month was at Nassim Park Residences, a development at Nassim Road, which went for S$3,477 per square foot.
Source: channelnewsasia.com - Singapore’s private property market shows 5th straight month of decline
Property prices in Singapore to continue to move upwards in 2010
January 17, 2010
SINGAPORE: The luxury housing sector is expected to lead the way for the Singapore property market this year, according to real estate broker Savills.
Savills is forecasting that prices in the luxury segment will rise 15 per cent in the year ahead.
However, prices in the mass market and mid-end properties could see values move up by about five per cent.
Last year, despite the deep economic recession, private property transactions nearly surpassed the highs of 2007.
Going into 2010, Savills believes the rising trend will continue, but at a more moderate pace.
Savills said the underlying demand would come from the completion of the two integrated resorts as well as attractive office rentals which are expected to bring in more overseas investments.
Michael Ng, managing director, Savills Singapore, said: “We do see strong demand because of the population growth. Again a lot more foreign workers are expected to come in over the next 12 months, so I don’t think there will be a correction downwards in that sense. But certainly not the same kind of growth as seen last year, more moderated, but healthier.”
“I think the prices in terms of luxury is still some 20 to 25 per cent off the peak. In terms of the high net worth individuals, I think a lot of confidence is coming back to the market. There is a lot of liquidity around that’s pushing them back into real estate.” - CNA/vm
Source: channelnewsasia.com - Property prices in S’pore to continue to move upwards in 2010