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 
August 17, 2008
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A Singapore Real Estate Digest by Justin Ng
August 2008 Edition
Latest Singapore Property Market News
Removal of property fee guidelines unlikely to have deep impact
If you’re shopping for a new home or selling one, you can now negotiate with your property agent on the appropriate commission.
The Institute of Estate Agents (IEA) will remove its guidelines on property agents’ commissions next month, to fall in line with the Competition Act.
Consumer watchdog CASE has welcomed the move, pointing out that it is not compulsory to have agents facilitate a property transaction.
Read More…
IEA to remove guidelines on property agents’ commissions
If you’re shopping for a new home or selling one, you can now negotiate with your property agent on the appropriate commission.
The Institute of Estate Agents (IEA) will remove its guidelines on property agents’ commissions next month, to fall in line with the Competition Act.
Consumer watchdog CASE has welcomed the move, pointing out that it is not compulsory to have agents facilitate a property transaction.
Read More…
Public housing hots up while private cools
Prices for public housing on the resale market have risen, while those for private property have moderated for the second quarter of 2008.
According to latest official figures, there has also been little upward movement in the private property rental market.
Read More…
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What’s New at JustinNgProperties.com?
Justin welcomes IEA’s move to remove guidelines on property agents’ commissions and he has itemized his services to justify his commissions and for owners who do not wish to engage agents, they only pay for what they need. Click here for more info.
Justin has developed a Comparative Market Analysis (CMA) Report Generator for you to create your personalised CMA report within 1 to 2 minutes! View CMA sample report for HDB Flats and Private Properties or try it now.
He has also launched a SMS system to provide you with information on demand 24 hours daily. See below for more information. More commands will be added in due course. This service is free but however, usual SMS charges to your telco apply.
| Info-On-Demand Service - SMS Request to 92717889 *NEW* |
| Command |
Description |
Usage |
| ADDR |
Find local address. |
“ADDR [postal_code]” (Eg: ADDR 048545) |
| ADV |
Advertise on JustinNgProperties.com via SMS. Max. 160 characters. |
“ADV [ad_content]” (Eg: ADV Condo for sale) |
| ADVC |
Advertise cobroke ads on JustinNgProperties.com via SMS. Max. 160 characters. |
“ADVC [ad_content]” (Eg: ADVC Condo for sale) |
| ETHNIC |
Ethnic Group Eligibility Check for HDB resale flats only. |
“ETHNIC [postal_code]” (Eg: ETHNIC 440078) |
| HDBLT |
HDB latest transaction. |
“HDBLT [flat_type] [street_name]” Flat Type: 1R / 2R / 3R / 4R / 5R / EXEC / HUDC / JUMBO (Eg: HDBLT 4R Toh Guan Rd) |
| HELP |
More information on command. |
“HELP [command]” (Eg: HELP HDBLT) or “HELP” for full command list. |
| PC |
Find postal code. |
“PC [block/house_number] [street_name]” (Eg: PC 14 Robinson Road) |
| SHOWAD |
Show advertisement. See also ADV or ADVC command. |
“SHOWAD [mls #]” (Eg: SHOWAD 123) |
| UNSUB |
Unsubscribe to stop receiving SMS advertisements from 3rd party advertisers. |
“UNSUB” (Eg: UNSUB) |
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July’s Property Transactions
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| Flat Type |
Units Sold |
| 4 Room |
910 units |
| 5 Room |
680 units |
| 3 Room |
652 units |
| Condominium |
587 units |
| Apartment |
229 units |
| Executive |
214 units |
| Terrace House |
80 units |
| Executive Condominium |
47 units |
| Semi-Detached House |
31 units |
| Detached House |
22 units |
| 2 Room |
14 units |
| HUDC |
7 units |
| Multi-generation |
1 units |
| HDB Town/Estate |
Units Sold |
| Jurong West |
221 units |
| Woodlands |
201 units |
| Tampines |
164 units |
| Yishun |
151 units |
| Sengkang |
131 units |
| Bukit Batok |
127 units |
| Bedok |
127 units |
| Ang Mo Kio |
121 units |
| Hougang |
119 units |
| Choa Chu Kang |
117 units |
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Singapore Property Trend - Past Transactions
       
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