10,000 new private homes to be launched this year: Savills

[Geylang OKT]

10,000 new private homes to be launched this year: Savills


MORE than 10,000 new private homes are expected to hit the market over the remainder of the year, according to a new report.

Property consultancy Savills said these projects will mainly come from the Government Land Sales (GLS) programme with most of the upcoming homes catering to the mass market segment.

Based on the 8,000 units, including executive condominiums, put up for sale in the first five months this year, Savills estimates the total this year will surpass the 18,000 - including executive condominiums - launched for sale last year.

The Urban Redevelopment Authority (URA) has said the expected supply of new homes poised to hit the market over the next few years could be as high as 53,000.

Mr Alan Cheong, Savills' head of research, said it could take around four to five years for the market to fully absorb these unsold homes. His calculations are based on the average annual take-up over the past five years of about 12,000 new homes.

Data compiled by Savills shows that about 70 per cent of the homes will be in neighbourhoods along the city fringe such as Thomson and Bendemeer while 17 per cent will be in suburban areas, including Tampines, Bishan and Upper Serangoon. These are mainly GLS sites.

The remaining 12 per cent will be in city centre areas like Newton, Holland and Orchard Road. These mainly come from private land sales.

The large number of homes to be put up for sale later this year suggests that developers may be keen to launch their projects soon due to uncertainty about the global economy and the outlook for the property sector.

Another factor is that many of the sites are from the GLS programme.

Mr Lim Yew Soon, managing director of EL Development, said developers who have bought GLS sites are less likely to hold back from launching their projects.

He said: 'The Government is still releasing a lot of land so it doesn't make sense to hold on to the site and wait.

'GLS sites also come with a condition that the land must be developed within five years of its sale, so developers can delay their launches for up to two years but anything longer than that is not possible.'

Analysts are still cautiously optimistic that the buying momentum experienced so far this year will continue for the rest of the year.

Ms Wendy Tang, Knight Frank's executive director of residential services, said that while the market is cautious because of the uncertainty about future housing policies, she expects demand for new homes to remain healthy.

Mr Colin Tan, head of research and consultancy at Chesterton Suntec International, said global issues such as the euro zone debt crisis that have been impacting the stock market have also influenced buying sentiment.

'The recent (euro zone debt) crisis... has now passed. The economic fundamentals present in the first half of this year are still present so I don't see why the buying shouldn't continue,' he said.

[solsys]

Slow creep up but still up.

[mantrix]

"The large number of homes to be put up for sale later this year suggests that developers may be keen to launch their projects soon due to uncertainty about the global economy and the outlook for the property sector."

Self-fulfilling prophecy...they are driving up the uncertainty level by creating over-supply themselves...

[kingkong1984]

yes, that's why I said high number transactions is not necessary a good thing.

all rushing to offload before the wave subsides.

[fclim]

70% in city fringe (RCR) and 17% in suburban (OCR). Is it correct? My impression is that it is the other way around...

[stalingrad]

10,000 new private homes to be launched this year: Savills


'The recent (euro zone debt) crisis... has now passed. The economic fundamentals present in the first half of this year are still present so I don't see why the buying shouldn't continue,' he said.

the euro zone crisis has not passed. S&P declare the rollover of the Greek sovereign debt as a credit event. And Portugal has been downgraded to junk.

these snake-oil sellers can't stoop lower to sell their condos.

[teddybear]

Isn't it great that there are crisis every outside of Singapore where except Singapore? That will make living and owning SG assets like SG properties much more valuable! Singaporeans! Don't be stupid to sell cheap to these foreigners wanting to buy cheap from us! :p
Who want to own EUROs and Europe's assets when they are exploding like that?
Who want to live in Middle East with all the riots and wars?
Who want to live in Malaysia with all the crimes? :beats-me-man:
Who want to live in HK with all the pollutions from Shen Zhen?
Singapore in comparison is just the best now! :D


the euro zone crisis has not passed. S&P declare the rollover of the Greek sovereign debt as a credit event. And Portugal has been downgraded to junk.

these snake-oil sellers can't stoop lower to sell their condos.

[chiaberry]

the euro zone crisis has not passed. S&P declare the rollover of the Greek sovereign debt as a credit event. And Portugal has been downgraded to junk.

these snake-oil sellers can't stoop lower to sell their condos.

Thanks for confirming. I thought I had read wrongly. The Euro zone crisis is very much on-going and could get worse. Spain doesn't look too good either. It's a domino effect.

[proud owner]

Isn't it great that there are crisis every outside of Singapore where except Singapore? That will make living and owning SG assets like SG properties much more valuable! Singaporeans! Don't be stupid to sell cheap to these foreigners wanting to buy cheap from us! :p
Who want to own EUROs and Europe's assets when they are exploding like that?
Who want to live in Middle East with all the riots and wars?
Who want to live in Malaysia with all the crimes? :beats-me-man:
Who want to live in HK with all the pollutions from Shen Zhen?
Singapore in comparison is just the best now! :D


except weather too hot ...

and probably the only place i know that Floods in the city ...

[stalingrad]

Isn't it great that there are crisis every outside of Singapore where except Singapore? That will make living and owning SG assets like SG properties much more valuable! Singaporeans! Don't be stupid to sell cheap to these foreigners wanting to buy cheap from us! :p
Who want to own EUROs and Europe's assets when they are exploding like that?
Who want to live in Middle East with all the riots and wars?
Who want to live in Malaysia with all the crimes? :beats-me-man:
Who want to live in HK with all the pollutions from Shen Zhen?
Singapore in comparison is just the best now! :D

Teddy has the flair of turning everything said by others to his advantage.

[rockinsg]

Isnt there just too much supply..
where are all those people living right now who gonna buy this?

And this doesnt even touches the BTO supply.. which is increasing too..
After 2-3 years if govt don't allow FT to "run" into singapore again then its gonna be quite bad...

[devilplate]

70% in city fringe (RCR) and 17% in suburban (OCR). Is it correct? My impression is that it is the other way around...
I got the same question popping up when i read it:confused:

[JuzMe]

and probably the only place i know that Floods in the city ...
Good one :D

[devilplate]

Who want to live in HK with all the pollutions from Shen Zhen?
Singapore in comparison is just the best now! :D

Sg is not any better in this aspect in future...:scared-5:

[devilplate]

except weather too hot ...

and probably the only place i know that Floods in the city ...
Mozzies problem too!

[stalingrad]

Mozzies problem too!
who told you to live in a landed?

My son has never seen a mozzie since he was born. We have always lived in a high floor condo.

[devilplate]

Thanks for confirming. I thought I had read wrongly. The Euro zone crisis is very much on-going and could get worse. Spain doesn't look too good either. It's a domino effect.
I m waiting to turn my banana notes into real assets....any chance of 30% px correction:ashamed1:

[stalingrad]

I m waiting to turn my banana notes into real assets....any chance of 30% px correction:ashamed1:

not likely. 30% only if there is massive panic selling or panic foreclosures. not possible in countries with prudent lending practices like Singapore.

10%-20% maybe, not 30%.

[devilplate]

who told you to live in a landed?
Despite mozzies, i m waiting to buy a landed leh....

Singaporeans guys will hf their fair share of mozzie experience throughout their army life....whaha

[devilplate]

not likely. 30% only if there is massive panic selling or panic foreclosures. not possible in countries with prudent lending practices like Singapore.

10%-20% maybe, not 30%.
20% is gd enuff...2mil landed become 1.6mil:cheers6:

400k savings can help to cover inflation:D :D :D

[stalingrad]

Despite mozzies, i m waiting to buy a landed leh....

Singaporeans guys will hf their fair share of mozzie experience throughout their army life....whaha

some landed cluster homes available at bukit panjang. Pavilion something. free hold, and only $2.2 millions for 3000 sq feet of land.

[devilplate]

who told you to live in a landed?

My son has never seen a mozzie since he was born. We have always lived in a high floor condo.
Nvr bring ur son to park, beaches ? non a/c eating places?

Wow

[kane]

I m waiting to turn my banana notes into real assets....any chance of 30% px correction:ashamed1:

That would be nice.

[stalingrad]

Nvr bring ur son to park, beaches ? non a/c eating places?

Wow
parks and beaches have mozzie problems only at night. we don't go to those places at night.

I have a friend living in high oak on the ground floor. Last time we visited, her son's caves were covered with mozzie bites. I mean covered (I did not see any part of flesh not red and swollen). they soon moved out.

[phantom_opera]

China increases interest rate again, but inflation at 5.5%, FD at 3.5%, still negative ... I think they are determined to raise FD rate to at least 4% to engineer a soft landing in property market

Singapore FD rate 0.8% .... inflation 5% :doh:

[ysyap]

That would be nice.If ever there's a 30% price correction, it'll not last more than 2 months before its restored coz all will rush to grab... you can be assured so must be vigilant and keep a watchful lookout... :p Probably won't happen... :spliff:

[stalingrad]

If ever there's a 30% price correction, it'll not last more than 2 months before its restored coz all will rush to grab... you can be assured so must be vigilant and keep a watchful lookout... :p Probably won't happen... :spliff:

even a 10% correction will cause queues to reappear in Singapore.

[ysyap]

even a 10% correction will cause queues to reappear in Singapore.Totally agreed. Its the resale market that will be messed up when agents will come out with all the tricks to pull in the business. New launches are slightly more controlled... :D

[Geylang OKT]

some landed cluster homes available at bukit panjang. Pavilion something. free hold, and only $2.2 millions for 3000 sq feet of land.

*ahem* This pavilion is located to some very "sensitive" installations in the vicinity. enemy sure to whack this location very early in the game :D :D :D

[proud owner]

*ahem* This pavilion is located to some very "sensitive" installations in the vicinity. enemy sure to whack this location very early in the game :D :D :D


sure or not ...

wouldnt they whack Oxley, Rochalie ?

[Wild Falcon]

One nuclear bomb whack the entire country liao lah. Always talk about war. Basically if got war, we are all dead. We're more likely to die from air pollution than war.


*ahem* This pavilion is located to some very "sensitive" installations in the vicinity. enemy sure to whack this location very early in the game :D :D :D

[stalingrad]

*ahem* This pavilion is located to some very "sensitive" installations in the vicinity. enemy sure to whack this location very early in the game :D :D :D

pardon me for being so naive. what are the sensitive installation in the vicinity? nuclear research facilities?