Analysts say private home sales have peaked

[mr funny]

Analysts say private home sales have peaked

By Ng Baoying, Channel NewsAsia | Posted: 07 April 2008 2347 hrs


SINGAPORE: Sales of private properties have been sliding amid a standoff between buyers and sellers, say market watchers.

In February, sales for new launches were only one tenth of the record numbers seen in August last year.

Analysts also say that residential property prices may have finally peaked, although the fundamentals still support long-term growth.

URA's latest flash estimates showed private home prices rose 4.2 percent in the first quarter this year, much slower than the 6.8 percent pace in the last quarter of 2007.

Last year, property launches drew a crowd despite the extravagant price tags. But now, the market is paying for it in more ways than one. Prices are coming off their highs, leaving some buyers with significant losses.

Chesterton's head of research & consultancy, Colin Tan, said: "What has happened over 2007 is that prices have risen quite rapidly....Part of the reason prices have gone up (is) because people are valuing properties not for the moment but maybe 2, 3 years down the road. In that sense, prices have raced ahead of fundamentals."

Seen in that light, a correction was perhaps waiting to happen. Right now, few are willing to pay a premium for homes, and fewer still are willing to sell for less.

Chesterton's Colin Tan said: "There's a standoff between buyers and sellers. The question now is, of course, (for) how long can the sellers hang on. It all depends on the economy. If things get a lot more worse, you may find that some investors may have to give up their properties and so prices will start to correct."

"For the short term, home prices in high-end (places), especially districts 9, 10, 11 will remain flat or go through turbulence because they have gone up sharply. Some homes, which have gone up to $4,000 psf, will need the rest of market to catch up before they find further support," said Knight Frank's director, Nicholas Mak.

While URA flash estimates showed private property prices increased 4.2 per cent in the first quarter, the rise was only for a handful of properties.

Chesterton's Colin Tan said: "I'd say the market is healthier if prices only rose 2 per cent and on a stronger sales volume, like 5 or 6 times the current volume."

Still, the longer-term outlook appears to be positive.

Knight Frank's Nicholas Mak said: "(Sales) volumes could remain thin for another six or nine months, but I think that after that.....market prices and rentals will start to grow at a gradual pace. The Singapore property market has all the factors necessary for it to continue to grow."

Residential property prices grew by over 30 per cent last year. Analysts said the pace is too fast to be sustainable. A more palatable rate, they said, is 10 per cent. - CNA/ir

[Unregistered]

Haha - so much double talk.

They say that prices have peaked to encourage sellers to lower their expectations and start selling.

And they also say that long term prospects are good so that buyers will be prepared to buy.

In other words, they need people to buy and sell.

But if long term prospects are good, sellers can hold. And if prices have peaked then buyers should wait.

In other words, don't sell and don't buy.

[Unregistered]

Haha - so much double talk.

They say that prices have peaked to encourage sellers to lower their expectations and start selling.

And they also say that long term prospects are good so that buyers will be prepared to buy.

In other words, they need people to buy and sell.

But if long term prospects are good, sellers can hold. And if prices have peaked then buyers should wait.

In other words, don't sell and don't buy.

Contradicting right!

[ben]

so can look only...

[Unregistered]

Haha - so much double talk.

They say that prices have peaked to encourage sellers to lower their expectations and start selling.

And they also say that long term prospects are good so that buyers will be prepared to buy.

In other words, they need people to buy and sell.

But if long term prospects are good, sellers can hold. And if prices have peaked then buyers should wait.

In other words, don't sell and don't buy.


Contradicting right!

Look carefully, there were actually two different people interviewed: one bullish and one bearish.

Bullish is Knight Frank's director, Nicholas Mak.

Bearish is Chesterton's head of research & consultancy Colin Tan.

Just like in this forum, there are bullish and bearish people.

[Unregistered]

Let me also be an "analyst".

Singapore's property market is very safe, at least for the next 10 years until all the MRT projects are completed.

Even if the property market doesn't go up, it will not go down.

Because ... in order for the market to go down, the country has to be in recession.

But how to have recession with the construction industry booming? Even if other sectors stop totally, the construction sector alone will ensure that the economy doesn't contract.

Look at the MRT projects coming up:

The Downtown line will be completed in three stages, opening by 2013, 2015 and 2016.

The Boon Lay East-West extensions are slated for completion by 2015.

The Thomson line will be completed in 2018.

The Eastern Region line will be completed in 2020.

http://en.wikipedia.org/wiki/Mass_Rapid_Transit_(Singapore)

So for the next 12 years, until the completion of the Eastern Region line in 2020, Singapore will be one big construction work site. Each time an MRT station is completed, the property prices around that station will rise. This data will then be captured in the URA statistics, and so the property price index will rise again.

That's why Mah Bow Tan is so confident to reject Kwek Leng Beng's suggestions regarding land sales and deferred payment. Simply because the economy is more in danger of overheating than cooling.

I have not included other projects like the Jurong East redevelopment plan that is recently announced, the Punggol 21 Plus, the Paya Lebar Business Hub, Changi Regional Business Centre, further building projects in the Marina Bay area, and Changi Airport Terminal 4.

The Ministry of Transport is currently working on a masterplan on Terminal 4. Aviation experts estimate the terminal will be built in the next 10 to 15 years.

http://en.wikipedia.org/wiki/Singapore_Changi_Airport#Terminal_4

[Unregistered]

EN BLOC FINISHED? MARKET DEAD?


Owners say enbloc sale of Tulip Garden has been called off

By Ng Baoying, Channel NewsAsia | Posted: 07 April 2008 2353 hrs


SINGAPORE: The enbloc sale of Tulip Garden, a freehold development in District 10, appears to be off.

Tulip Garden was sold in July 2007 in a collective sale valued at S$516 million. The property is along the prime Holland Road and Farrer Road area.

Channel NewsAsia understands that owners are now waiting to hear more details from the developer.

Bravo Building Construction bought Tulip Garden at more than S$1,000 per square foot and the sale was scheduled to be completed by May.

However, earlier reports stated that Bravo Building Construction was delaying the completion date and there was some talk that it was trying to arrange for alternative financing.

Some owners of Tulip Garden have already received their share of the deposit for the sale.

According to earlier reports, Bravo Building Construction has called off another enbloc sale - that of Makeway View in the Newton area and is also said to be delaying the completion date of the sale of Pender Court off West Coast Highway. - CNA/vm

[Unregistered]

ONLY ONE WAY FOR HOME PRICES....FOLLOWS THE SAME PATH TAKEN BY FLIPPERS JUMPING OFF HIGH RISES.....DOWN DOWN DEAD.

[Unregistered]

Look carefully, there were actually two different people interviewed: one bullish and one bearish.

Bullish is Knight Frank's director, Nicholas Mak.

Bearish is Chesterton's head of research & consultancy Colin Tan.

Just like in this forum, there are bullish and bearish people.
Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed

[Unregistered]

TULIP DEAD......MORE FLIPPERS TAKE THE AERIEL ROUTE.....JUMP JUMP JUMP.....WOOOOOHAHAHAHAH

[Unregistered]

Let me also be an "analyst".

Singapore's property market is very safe, at least for the next 10 years until all the MRT projects are completed.

Even if the property market doesn't go up, it will not go down.

Because ... in order for the market to go down, the country has to be in recession.

But how to have recession with the construction industry booming? Even if other sectors stop totally, the construction sector alone will ensure that the economy doesn't contract.

Look at the MRT projects coming up:

The Downtown line will be completed in three stages, opening by 2013, 2015 and 2016.

The Boon Lay East-West extensions are slated for completion by 2015.

The Thomson line will be completed in 2018.

The Eastern Region line will be completed in 2020.

http://en.wikipedia.org/wiki/Mass_Rapid_Transit_(Singapore)

So for the next 12 years, until the completion of the Eastern Region line in 2020, Singapore will be one big construction work site. Each time an MRT station is completed, the property prices around that station will rise. This data will then be captured in the URA statistics, and so the property price index will rise again.

That's why Mah Bow Tan is so confident to reject Kwek Leng Beng's suggestions regarding land sales and deferred payment. Simply because the economy is more in danger of overheating than cooling.

I have not included other projects like the Jurong East redevelopment plan that is recently announced, the Punggol 21 Plus, the Paya Lebar Business Hub, Changi Regional Business Centre, further building projects in the Marina Bay area, and Changi Airport Terminal 4.

The Ministry of Transport is currently working on a masterplan on Terminal 4. Aviation experts estimate the terminal will be built in the next 10 to 15 years.

http://en.wikipedia.org/wiki/Singapore_Changi_Airport#Terminal_4

WHY GIVE ALL DATES WHEN YOU ARE DEAD BY THEN?

[Unregistered]

not a bad deal at all, 100K no strings attached credited straight into your account and you get to stay in your home.

[Unregistered]

Oh heard more thuds this morning. Did anyone else hear it? No prize for guessing the source of these thuds.....well just go to some high rises and very likely that you would see a crowd there.

[Unregistered]

not a bad deal at all, 100K no strings attached credited straight into your account and you get to stay in your home.
100K invested in rice would give more returns than enbloc. wooohahahaha.

[Unregistered]

Peaked Peaked Peaked
Analysts say it has peaked
Desperate flippers get freaked
Because they realised that the news has leaked
Now on to the exits as fast as they could bolt
Beacuse no question of their units ever being sold
Mayhem all over as they rush
Fellow flippers will they crush?
Thud Thud Thud Splash Splash Splash
It is all over in a flash

[Unregistered]

Wow you must really hate the "speculators"? What did they do to you? Buy that property you could not afford? Snatched away that dream of yours? Talked about all the "paper profits" they made making you feel lousy? Now you think that you can get back at them? But seriously dude all the smart money has long "cashed out" and the so called "thuds" you are waiting to hear is probably your fellow neighbours who "chased" the market. The foreign money is long gone and being spent in the real costa del sol.

[Unregistered]

Wow you must really hate the "speculators"? What did they do to you? Buy that property you could not afford? Snatched away that dream of yours? Talked about all the "paper profits" they made making you feel lousy? Now you think that you can get back at them? But seriously dude all the smart money has long "cashed out" and the so called "thuds" you are waiting to hear is probably your fellow neighbours who "chased" the market. The foreign money is long gone and being spent in the real costa del sol.
Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed

[Unregistered]

with so many construction going on now at singapore,

even jurong this far away place also will be having

a major change over

How can property prices drop?

You mean gahmen pump so much money into so many big

project for nothing one , or just doing some losing money

business?

Actually i think no point argue over here price will drop or increase

all is common sense one, you be the judge yourself

[Unregistered]

Go ahead and construct, the more the better!

Record construction--> Record Supply --> Glut coming.

[Unregistered]

with so many construction going on now at singapore,

even jurong this far away place also will be having

a major change over

How can property prices drop?

You mean gahmen pump so much money into so many big

project for nothing one , or just doing some losing money

business?

Actually i think no point argue over here price will drop or increase

all is common sense one, you be the judge yourself

I guess its no point debating to those people who can't even read the hint from the govt's masterplan for our next 10-15 years. I've got the hint much earlier and have now vested myself to reap the rewards in the future. Huat ah!! Singapore!!!

[Unregistered]

I guess its no point debating to those people who can't even read the hint from the govt's masterplan for our next 10-15 years. I've got the hint much earlier and have now vested myself to reap the rewards in the future. Huat ah!! Singapore!!!
Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed

[Unregistered]

if want properties to be cheap in singapore

can why not?

stop all the construction , no more IR , no more overseas school,

no more investor coming in ...

then confirm everything also cheap on

even education system will be cheapo too

then we will all go back to our kampong days catching guppies

and stay in kamping hut

[Unregistered]

Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed

i think u are very drama lar

u should go and produce some cartoon show

this is a adult forum

if u want to act stupid and childish

please go home and play your kids toys

[Unregistered]

I guess its no point debating to those people who can't even read the hint from the govt's masterplan for our next 10-15 years. I've got the hint much earlier and have now vested myself to reap the rewards in the future. Huat ah!! Singapore!!!
What we are seeing is natural after the steep jump within short span last year since sentiment affecting. There are many procastinating at this stage for reason of pricing, not affordability. Market can afford a drop up drop up and then steep climb. Market as a whole has not reached '96 high yet and so far history shows no cycle ended lower than previous high. On the whole, property is still worth considering although not for flipping to make quick bucks.

[Unregistered]

http://news.asiaone.com/News/Latest%2BNews/Business/Story/A1Story20080408-58617.html

if this is true, then lesser demand for properties.

[Unregistered]

i think u are very drama lar

u should go and produce some cartoon show

this is a adult forum

if u want to act stupid and childish

please go home and play your kids toys

Analysts say private home sales have peaked

By Ng Baoying, Channel NewsAsia | Posted: 07 April 2008 2347 hrs


SINGAPORE: Sales of private properties have been sliding amid a standoff between buyers and sellers, say market watchers.

In February, sales for new launches were only one tenth of the record numbers seen in August last year......................................................

Last year, property launches drew a crowd despite the extravagant price tags. But now, the market is paying for it in more ways than one. Prices are coming off their highs, leaving some buyers with significant losses........

................................................................

While URA flash estimates showed private property prices increased 4.2 per cent in the first quarter, the rise was only for a handful of properties.

...................................................................................

Oh the 4.2% deceives some speculators........

[Unregistered]

Look at lower end of mass market which had not attracted as much attention as others. Ist batch Executive Condos best bet with 1 more year to go fully private and any foreigner can buy. They are 1/3 rd cheaper than new compact ECs in market which only Singaporeans cab buy. They are economical housing and ideal for the indian, chinese and lower rung western migrants. So far no restriction and Singaporean can buy as many resale ECs as they want and can sell to this big group of eager foreigners who care less locals stigma put on ECs.

[Unregistered]

not a bad deal at all, 100K no strings attached credited straight into your account and you get to stay in your home.

The sour grapes must be very sour to read this type of news.

Being paid 100K and get to stay in your home. This type of fortune will never visit them.

Which reminds me of my own en bloc last year. After the en bloc, in the six months between collecting the money and handing over keys to developers, many of my neighbours suddenly changed new cars. New Mercedes, BMWs and Jaguars, plus some cars I've never seen before.

It's quite a strange sight to behold. An old condo that becomes like a new car showroom. A bit out of place.

I did not change new car as I prefer to keep money in the bank. I like to use Internet banking to count the zeroes. It's a secret hobby.

[Unregistered]

Look at lower end of mass market which had not attracted as much attention as others. Ist batch Executive Condos best bet with 1 more year to go fully private and any foreigner can buy. They are 1/3 rd cheaper than new compact ECs in market which only Singaporeans cab buy. They are economical housing and ideal for the indian, chinese and lower rung western migrants. So far no restriction and Singaporean can buy as many resale ECs as they want and can sell to this big group of eager foreigners who care less locals stigma put on ECs.

Much as I feel now is not the time to buy propoerties unless you need a roof, what you said does make some sense. In fact, I sold my EC to a Bulgarian family who is a Sg PR. To him, even though EC is not centrally located, it doesnt matter at all as he thinks Singapore is not that big and communting time is reasonable. But some of these EC owners are also asking for quite high px coz they bought it at the previous peak which was rather high.

[Unregistered]

Much as I feel now is not the time to buy propoerties unless you need a roof, what you said does make some sense. In fact, I sold my EC to a Bulgarian family who is a Sg PR. To him, even though EC is not centrally located, it doesnt matter at all as he thinks Singapore is not that big and communting time is reasonable. But some of these EC owners are also asking for quite high px coz they bought it at the previous peak which was rather high.
We may complain alot about public transport but these foreigners feel Singapore transport system is paradise and this mentality supports our mass market. People take train or cycle in businees suit to work in London. Is it coincidental that your EC was in Bukit Panjang as I was looking at one there which was sold to Bulgarian pr. Bought another unit there.

[Unregistered]

WHY GIVE ALL DATES WHEN YOU ARE DEAD BY THEN?

Hey, behave yourself.

How do you know he will be dead "by then" when his dates are only 12 years down the road and if he is a thirty-something, how can he be dead unless you murder him.

Observe some propriety and decorum when writing on this website; it is meant for property owners, or eligible property owners and therefore readers and writers must have some substance and no mafia mud-slingers

[Unregistered]

Property prices will soon drop by 15-20%. Just look at relaunched enbloc sites. One relaunched at 20% cheaper, another at 15%.

[Unregistered]

Property prices will soon drop by 15-20%. Just look at relaunched enbloc sites. One relaunched at 20% cheaper, another at 15%.
That is the most conservative estimate. I think 25-30% downside.

[Unregistered]

Property prices will soon drop by 15-20%. Just look at relaunched enbloc sites. One relaunched at 20% cheaper, another at 15%.
That's very comfortable reduction. Earlier asking prices built in steep increases for 2 or 3 years anyway. So still too high and you should wait until retail drop 40 - 50 % before you buy and good luck to you.

[Unregistered]

Property prices will soon drop by 15-20%. Just look at relaunched enbloc sites. One relaunched at 20% cheaper, another at 15%.

A friend of mine bought a property for 1mil in Jan 2006. since then his property on paper appreciate 50% to 1.5mil. Assuming 20% decline from the peak, he should be able to stay in the black with paper profit of 200K. No wonder there isn't any panic sets in for most property owners.

[Unregistered]

Property prices will soon drop by 15-20%. Just look at relaunched enbloc sites. One relaunched at 20% cheaper, another at 15%.


That is the most conservative estimate. I think 25-30% downside.

You obviously have not done an en bloc before.

The "asking price" is just a figure plucked out of the air by the marketing agent. The "reserve price" has not changed at all.

The Business Times wrote today (8 Apr 2008):

"However, the property is still being launched based on last year's collective sale agreement signed under the old rules and the reserve price is believed to be the same."

Last time when my development went en blocked, we had a "reserve price" which was supposed to be "secret". Then the marketing agent announced to the press a figure that was 20% higher.

That time I still "green" and asked the marketing agent how come the figure I saw in the newspaper was so much higher than our "reserve price". He said "It's like that one lah, standard market practice".

Anyway, I bet the developers already knew the "reserve price". They could have found out easily.

[Unregistered]

Wow you must really hate the "speculators"? What did they do to you? Buy that property you could not afford? Snatched away that dream of yours? Talked about all the "paper profits" they made making you feel lousy? Now you think that you can get back at them? But seriously dude all the smart money has long "cashed out" and the so called "thuds" you are waiting to hear is probably your fellow neighbours who "chased" the market. The foreign money is long gone and being spent in the real costa del sol.

MY GUESS IS THIS SPECULATOR HATER IS ONE WHO SOLD HIS PROPERTY AFTER HOLDING IT FOR 8 YEARS (FROM 1996-2004), SOLD IT IN 2005 AT 50% LOSS. HE LATER FOUND OUT PRICES SHOT UP IN 2007 TO HIS 1996 LEVEL AND MANY PEOPLE AROUND HIM CELEBRATE 50-80% GAIN. SO HE IS REALLY PISSED OFF AND WISH ALL SPECULATORS DIE DIE

[Unregistered]

[QUOTE=Unregistered]MY GUESS IS THIS SPECULATOR HATER IS ONE WHO SOLD HIS PROPERTY AFTER HOLDING IT FOR 8 YEARS (FROM 1996-2004), SOLD IT IN 2005 AT 50% LOSS. HE LATER FOUND OUT PRICES SHOT UP IN 2007 TO HIS 1996 LEVEL AND MANY PEOPLE AROUND HIM CELEBRATE 50-80% GAIN. SO HE IS REALLY PISSED OFF AND WISH ALL SPECULATORS DIE DIE[/QUOTYes,i totally agree with your statement.

[Unregistered]

MY GUESS IS THIS SPECULATOR HATER IS ONE WHO SOLD HIS PROPERTY AFTER HOLDING IT FOR 8 YEARS (FROM 1996-2004), SOLD IT IN 2005 AT 50% LOSS. HE LATER FOUND OUT PRICES SHOT UP IN 2007 TO HIS 1996 LEVEL AND MANY PEOPLE AROUND HIM CELEBRATE 50-80% GAIN. SO HE IS REALLY PISSED OFF AND WISH ALL SPECULATORS DIE DIE
Speculator hater was short sighted who sold short and now become short circuited.

[Unregistered]

bought property this week ..lets see in two years time where it stands

[Unregistered]

bought property this week ..lets see in two years time where it stands

just to add its a mass market condo

[Unregistered]

just to add its a mass market condo

Good choice. I think mass market condo should be still OK except that the rise may be gradual.

[Unregistered]

bought property this week ..lets see in two years time where it stands
Good for you. Those who follow the herd mentality always cannot make it good.

[Unregistered]

bought property this week ..lets see in two years time where it stands

By then, F1 and 1st IR already here and waiting for 2nd IR to start. 3rd IR may be also on the way. Therefore, you should probably see a price increased of about 20-30% in two years time.

[Unregistered]

By then, F1 and 1st IR already here and waiting for 2nd IR to start. 3rd IR may be also on the way. Therefore, you should probably see a price increased of about 20-30% in two years time.


Thanks All !!! for those encouraging messages

[Unregistered]

Thanks All !!! for those encouraging messages

Don't mention. Good choice to buy when market cools a little now. Don't wait till end of the year when market start to get heated again and then start to chase at HIGH PRICE. Cheers.....

[Unregistered]

bought property this week ..lets see in two years time where it stands

2 Years later, u will be like this,

WITH THE DROPPING MARKET MADDOG/TIGERSEE IS NOWHERE TO BE SEEN. LICKING HIS WOUNDS I GUESS.

[Unregistered]

Speculator hater was short sighted who sold short and now become short circuited.

I bought my property in 2006, the former owner sold to me and lost 51% of its original value. Now my property is up 78% based on latest transactions. Now if you are the former owner/seller, you will end up cursing and swearing every time you hear someone making a killing in real estate. You become a property investor/speculator hater. I know many many sellers in East Coast, Tanjong Rhu and many other parts of Singapore who sold in in 2006/early2007 are still kicking themselve silly for selling 40-50% below their original price.

[Unregistered]

I bought my property in 2006, the former owner sold to me and lost 51% of its original value. Now my property is up 78% based on latest transactions. Now if you are the former owner/seller, you will end up cursing and swearing every time you hear someone making a killing in real estate. You become a property investor/speculator hater. I know many many sellers in East Coast, Tanjong Rhu and many other parts of Singapore who sold in in 2006/early2007 are still kicking themselve silly for selling 40-50% below their original price.
Mind you if you dont sell now you would be kicking yourself too like the previous owner when you may be forced to sell at 50% lower than your buying price. Who knows....History can repeat as they say.

[Unregistered]

I bought my property in 2006, the former owner sold to me and lost 51% of its original value. Now my property is up 78% based on latest transactions. Now if you are the former owner/seller, you will end up cursing and swearing every time you hear someone making a killing in real estate. You become a property investor/speculator hater. I know many many sellers in East Coast, Tanjong Rhu and many other parts of Singapore who sold in in 2006/early2007 are still kicking themselve silly for selling 40-50% below their original price.
Now I understand why so many sour grapes throw their anger and utter rubbish in this forum. I got to always stay alert and absorb only objective views.

[Unregistered]

I bought my property in 2006, the former owner sold to me and lost 51% of its original value. Now my property is up 78% based on latest transactions. Now if you are the former owner/seller, you will end up cursing and swearing every time you hear someone making a killing in real estate. You become a property investor/speculator hater. I know many many sellers in East Coast, Tanjong Rhu and many other parts of Singapore who sold in in 2006/early2007 are still kicking themselve silly for selling 40-50% below their original price.
Hahahaha this guy is the first owner hahahahaha.

[Unregistered]

I bought my property in 2006, the former owner sold to me and lost 51% of its original value. Now my property is up 78% based on latest transactions. Now if you are the former owner/seller, you will end up cursing and swearing every time you hear someone making a killing in real estate. You become a property investor/speculator hater. I know many many sellers in East Coast, Tanjong Rhu and many other parts of Singapore who sold in in 2006/early2007 are still kicking themselve silly for selling 40-50% below their original price.

Imagine the former owner has bought this property at 1million. He sold it to you at a loss of 51% which is $490 000. You mentioned your this property is up 78% so you have made a gain of $382 200 which total up (490 000+382 200) to $872 200. The previous owner still made a loss of $127 800 if he had not sold it to you. Consider inflation and maybe the imminent downturn, will the former owner be cursing and swearing? I really wonder who is the silly one? I dun wish to judge, leave it to the crowd here.

[Unregistered]

April 8, 2008

Fewer home loans taken up as property market cools further

By Grace Ng, Finance Correspondent


THE number of home loans taken up has fallen sharply in recent months as the property market continues to contract.

Only 4,200 new home loans were approved in January, up about 13 per cent on the 3,722 in December but down 21 per cent from the peak of 5,319 last August.

The Credit Bureau of Singapore figures also show that 2,544 second mortgages were taken up in January, a 31 per cent drop from the high of 3,698, also last August.

'We expect the growth in new mortgages to slow further this year,' said Credit Bureau general manager Mark Rowley.

Inquiries for new home loans have also dropped, down to 8,923 in February, the lowest since April 2006.

Mr Gregory Chan, OCBC Bank's head of consumer secured lending, said: 'We have observed that property buyers are becoming more cautious in their purchase decisions.'

United Overseas Bank's (UOB's) head of loans, Mr Kevin Lam, said that 'in line with property sales transactions, our loan applications were slower in January and February' but there was 'a pick-up in market activity at the end of March'.

His counterpart at HSBC Singapore, Ms Alice Chia, said the bank has 'seen a reduction in applications for new home loans, which is reflective of sentiment towards the property market'.


THERE GOES THE PROPERTY MARKET....ILL, DEAD AND BURIED. REST IN PEACE.

[Unregistered]

Only 4,200 new home loans were approved in January, up about 13 per cent on the 3,722 in December but down 21 per cent from the peak of 5,319 last August.

United Overseas Bank's (UOB's) head of loans, Mr Kevin Lam, said that 'in line with property sales transactions, our loan applications were slower in January and February' but there was 'a pick-up in market activity at the end of March'



THERE GOES THE PROPERTY MARKET....ILL, DEAD AND BURIED. REST IN PEACE.

The property market still very healthy wat ...

Got 4,200 home loans approved in January, only 21% below the "peak of 5,319 last August".

Unlike what the sour grapes here kept saying "No Buyers".

Furthermore, there is a 'a pick-up in market activity at the end of March'.

Looks like the property market will bury the sour grapes yet again.

[Unregistered]

THERE GOES THE PROPERTY MARKET....ILL, DEAD AND BURIED. REST IN PEACE.
OHHHHH HIGH END MARKET CRASHINGGGGGGGG.....

[Unregistered]

The property market still very healthy wat ...

Got 4,200 home loans approved in January, only 21% below the "peak of 5,319 last August".

Unlike what the sour grapes here kept saying "No Buyers".

Furthermore, there is a 'a pick-up in market activity at the end of March'.

Looks like the property market will bury the sour grapes yet again.
HEALTHY HEALTHY HEALTHY
SCREAMS THE NOT SO WEALTHY
SAYS CRASHED BY 21% ONLY
SOMETIMES THE MORONS ARE VERY FUNNY
THE WISE SAY NO BUYERS ALREADY
AND MARKET GOING DOWN UNDER VERILY
SITUATION BY THE DAY GETTING MORE DEADLY
FINALLY...MORONS WILL DIE SCREAMING HEALTHY HEALTHY HEALTHY
BECAUSE UNITS OUT THERE WITH NO BUYERS IN PLENTY!!!

[Unregistered]

April 9, 2008

Prices of high-end condos starting to fall as sales dwindle
Downward trend may continue for next few quarters, experts predict
By Fiona Chan, Property Reporter

HOME prices are starting to fall, as several high-end properties begin to feel the squeeze of retreating buyers.
Sales of Singapore's most expensive condominiums - all the rage last year - have dwindled to just a trickle this year.

And with plunging sales, prices have also started to dip, although official figures have yet to reflect this trend.

Early signs of the slide lie in the handful of caveats filed involving many luxury projects in the first quarter. These showed prices fell from the previous quarter, in some cases by up to 20 per cent.

In Districts 9 to 11, Singapore's creme de la creme of residential locations covering Orchard, Holland and Bukit Timah, average prices have fallen by about 30 per cent since the beginning of the year, according to caveats.

They dropped to an average of $1,564 per sq ft (psf) between January and March from $2,023 psf in the preceding three months.

FEELING THE SQUEEZE
In luxury island enclave Sentosa Cove, almost all condos posted drops in average psf prices, ranging from 2 per cent for the Marina Collection to 23 per cent for The Azure.

Property experts say this could be because luxury home buyers are now selecting only the most competitively priced properties.

'Market activity is very slow now, so any transactions that do take place are likely to be from people who have found attractive buys,' said Mrs Ong Choon Fah, the executive director at property firm DTZ Debenham Tie Leung.

She said high-end properties in the traditional prime districts were more dependent on investor buying, so they could be more affected by the current global credit crunch and weaker sentiment.

'A lot of people who bought luxury homes are also 'specuvestors', so they may be happy making just a small profit and selling quickly,' Mrs Ong explained.

The Government estimated last week that private home prices continued to climb in the first three months of the year, albeit at a slower pace. They rose 4.2 per cent, down from 6.8 per cent in the previous three months.

In the priciest segment, the core central region, the price gain dropped to 4.4 per cent from 7.5 per cent in the previous quarter. This region covers Districts 9 to 11, the Marina Bay area and Sentosa.

Anecdotal evidence from property insiders and caveats lodged, however, showed that prices at many projects fell rather than rose this year. At Scotts Square in Scotts Road, only two units have been sold so far this year - at an average price of $3,700 psf, down from $4,000 psf for 42 units in last year's fourth quarter.

Similarly, at The Oceanfront @ Sentosa Cove, the most recent deals were in February, where three units were sold at $1,720 to $1,751 psf. Just six months before that, 15 units were sold at an average price of $2,480 psf.

Other high-profile, pricey condos, such as the Marina Bay Residences and The Marq on Paterson Hill, have yet to see a single caveat lodged this year.

But the story is not all bad. The Orchard Residences, which holds the title of Singapore's most expensive condo, has sold only one unit this year - but at $4,700 psf, higher than most of its other sales.

Other older condos in areas such as Cavenagh or Balmoral may also be trading at higher prices from their previously low base, pushing up the overall prices for the whole district, suggested Mr Ku Swee Yong, director of marketing and business development at Savills Singapore.

But he said the price index for high-end homes may be under pressure in the next two quarters, now that 'everyone wants a bargain'.

'You only need developers to start giving discounts or people starting to buy lower-

floor units instead of penthouses. That will push the index down and put pressure on prices.'

[Unregistered]

NO SIGN OF THE SPECULATORS.....THEY ARE FINISHED!!! MAD RUSH AT THE EXITS....OTHERS PLEASE AVOID THE EXITS....SPECULATORS FLEEING...WATCH OUT FOR YOUR OWN SAFETY.

[Unregistered]

Dip in high end not unexpected. Prices rocketted too fast last year and the rich local and foreign buyers of that segment are not too bothered by the day to day price fluctuations, a class of their own. However demand in mass market will be there, supported by the large pool of anxious ready buyers. Owners are not forced to sell so potential buyers who wish for collapse would have to pray for another outbreak of asian financial crisis, 911, sars, massive unemployment in rapid succession but this is not going to happen.

[Unregistered]

NO SIGN OF THE SPECULATORS.....THEY ARE FINISHED!!! MAD RUSH AT THE EXITS....OTHERS PLEASE AVOID THE EXITS....SPECULATORS FLEEING...WATCH OUT FOR YOUR OWN SAFETY.
Go buy a cheap home, even a hdb 1 room, less you cannot even afford to live in old age home which already cost a bomb now. Stop imagining you are into big game.

[Unregistered]

Dip in high end not unexpected. Prices rocketted too fast last year and the rich local and foreign buyers of that segment are not too bothered by the day to day price fluctuations, a class of their own. However demand in mass market will be there, supported by the large pool of anxious ready buyers. Owners are not forced to sell so potential buyers who wish for collapse would have to pray for another outbreak of asian financial crisis, 911, sars, massive unemployment in rapid succession but this is not going to happen.
Tide has turned if you still haven't realised. Prices are headed down, which means the anxious buyer this year have turned into patient vultures.

High-end weakness no bearing the wider market? What happened to the argument that rising high-end prices would drag up mid-tier properties? No my friend, it cuts both ways.

[Unregistered]

Go buy a cheap home, even a hdb 1 room, less you cannot even afford to live in old age home which already cost a bomb now. Stop imagining you are into big game.
Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed

[Unregistered]

Dip in high end not unexpected. Prices rocketted too fast last year and the rich local and foreign buyers of that segment are not too bothered by the day to day price fluctuations, a class of their own. However demand in mass market will be there, supported by the large pool of anxious ready buyers. Owners are not forced to sell so potential buyers who wish for collapse would have to pray for another outbreak of asian financial crisis, 911, sars, massive unemployment in rapid succession but this is not going to happen.
woooohahahahahaha. mad dog/tigersee sour grapes.

[Unregistered]

Dip in high end not unexpected. Prices rocketted too fast last year and the rich local and foreign buyers of that segment are not too bothered by the day to day price fluctuations, a class of their own. However demand in mass market will be there, supported by the large pool of anxious ready buyers. Owners are not forced to sell so potential buyers who wish for collapse would have to pray for another outbreak of asian financial crisis, 911, sars, massive unemployment in rapid succession but this is not going to happen.
DONT KNOW ABOUT MASS UNEMPLOYMENT BUT DEFINITELY YOUR NAME IS IN THE LIST. SO RUSH RUSH......

[Unregistered]

Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed

See MBFC ads so many selling at $1900-$2200.
SO CLOSE TO THE LAUNCH PRICE AND STILL NOBODY BUY.
THEY PISSED for sure. Still have to pay stamp duty and agent fee somemore.
No profit liao. They STUCKED & PISSED for sure.

[Unregistered]

Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed
Looking back I regret having ridiculed you and not having followed your advice to get out of the market back in October. I am trying to get whatever is left since I trust that you are good at predicting about the market. Back in August you said it was falling and I didn't trust you then. See what bad state I am in today. Please send me contact detail so I can take some advice. Once again thank you so much.