192 private homes sold in November, up 63% on-month

http://www.channelnewsasia.com/stori...396440/1/.html

192 private homes sold in November, up 63% on-month

By Wong Siew Ying, Channel NewsAsia | Posted: 15 December 2008 1446 hrs


SINGAPORE: Sales of uncompleted private homes rebounded 63 per cent on month in November, after falling 70 per cent in October.

According to latest data from the Urban Revelopment Authority (URA), 192 units of uncompleted private residential units were sold in November 2008, up from 118 units sold a month before.

But as a percentage of the number of homes launched, sales for November fell by about 24 percentage points, from 74 per cent to 50 per cent.

URA says developers launched 382 units in November, compared to the 159 units put out in October.

The latest figures also showed that private residential properties outside the central region continued to perform better.

The most expensive unit sold was at Vida, a development at Peck Hay Road, which went for S$1,931 per square foot.

Demand in the property sector has cooled in recent months due to poor consumer confidence and the global financial crisis.

Home prices also fell for the first time in third quarter this year, after four years of growth.

- AFP/yb

http://www.businesstimes.com.sg/sub/...10117,00.html?

Published December 16, 2008

Developer sales perk up with new launches

Launch momentum may continue; price becomes key factor to move sales

By ARTHUR SIM


(SINGAPORE) The launch of new developments helped pull up developer sales to 192 units in November, up from just 112 units in October.

The number of units launched by developers increased from 159 units in October to 382 units in November.

Urban Redevelopment Authority's (URA) monthly real estate data also revealed that the number of launch-ready units hit 6,512 units in November, a marginal rise over October but an increase of 3,840 units from a year ago.

Rosewood Suites in Woodlands by EL Development (ELD) sold 42 units in November, the most units sold, followed by Newton Edge (34 units) and RV Suites (19 units).

ELD is a unit of local builder Evan Lim & Co. Managing director Lim Yew Soon said that the pricing - at an average of $580 psf - 'may be on the low side' but added, 'We expect construction costs to come down next year so we took a bit of a risk with a lower margin'.

Still, Mr Lim conceded that, 'the price may not be sustainable in the long run', and ELD could begin to raise prices.

He also believes that a price war among developers is not likely because most developers bought sites at about the same price. 'And unless a developer goes bust, there is no reason for them to sell at a loss,' he added.

PropNex CEO Mohamed Ismail said that prices for existing developments in the same area such as Casablanca are going for between $500-$550 psf. He said that Rosewood Suites is 'extremely attractive in today's market' especially considering that new public housing flats are about $300 psf with Design, Build and Sell Scheme (DBSS) flats at about $450 psf.

PropNex was the marketing agent for Rosewood Suites and Mr Ismail added that most of the buyers were HDB upgraders.

Both Newton Edge and RV Suites are in the core central region (CCR) and Colliers International director for research and advisory Tay Huey Ying noted that more than half the 382 units launched were in the CCR.

She added: 'Developers have been stepping up launches of prime properties since August 2008, in a reversal of the first half's trend where developers tended to hold back launches of prime properties. This could be an indication of weakening holding power amongst smallish and mid-tier developers with prime development sites.'

Ms Tay believes developers are likely to continue with the current launch momentum and could launch some 450-500 new units in December 2008, bringing the total launch volume for 2008 to some 6,500 units, less than half of last year's launch volume of more than 14,000 units.

Ms Tay expects developers' sale volume to hover between 150-200 units. This would bring sales volume for the year to less than 4,500 units, or less than a third of last year's volume of more than 14,000 units.

Other developments that registered better sales in November were Evania at Upper Paya Lebar Road and a landed housing project at Andrews Terrace.

CBRE Research executive director Li Hiaw Ho said: 'Price remains a critical factor to move sales, as seen by the good response to these projects.' He also said that prices for units in Evania have apparently been reduced from above $800 psf when it was first launched in March to $610 psf-$650 psf.

Knight Frank director (research and consultancy) Nicholas Mak expects home-buying sentiments and launch activity to remain subdued until after the Chinese New Year in January.

'Buyers will remain very cautious even if some re-pricing sets in,' he added. 'Since the economic drag is expected to persist into 2009, developers may be increasingly open to considering creative marketing tactics and soft discounts to attract buyers,' he added.

Already, Knight Frank notes that the lowest priced non-landed unit sold in November was in Rosewood Suites at $512 psf while the highest priced non-landed unit is Orchard Scotts, which sold for $2,006 psf (The highest-priced unit sold in Orchard Scotts was $2,407 psf).

DTZ executive director Ong Choon Fah also reckons the market is seeking 'clarity' on the economy and could wait for the January Budget measures before moving.

And while some hope for the return of the deferred payment scheme, Mrs Ong believes that if it is brought back, 'It won't be in its former form'.

http://www.straitstimes.com/Money/St...ry_314833.html

December 16, 2008 Tuesday

New private home sales 'could fall to 18-year low'

Many of last month's 192 sales were made at just five developments

By Joyce Teo, Property Correspondent


ONLY 192 new private homes were sold last month, sparking concerns that total sales this year could plunge to levels not seen since 1990.

CBRE Research tips a total sales figure of around 4,300 units - a striking plunge from the boom last year when a record 14,811 new private homes changed hands.

If the projection pans out, private home transactions this year will be the lowest in 18 years when 2,526 units were sold in 1990.

And there is not much cheer on the horizon either with the 'sluggish sales momentum' likely to persist as the economy is expected to weaken further, said CBRE Research executive director Li Hiaw Ho.

The Urban Redevelopment Authority (URA) data yesterday showed that last month's sales were up slightly on the 118 units shifted in October but down from September's 376.

The latest numbers add up to 4,200 private homes sold in the first 11 months.

Sales at a few projects held up reasonably well, probably due to competitive pricing, say experts. Developers launched 382 units for sale last month - up from 159 in October when the market was in shock - but half the 767 units launched in September. It was also below the 12-month average of 541 units, said Knight Frank.

'The increase in November signalled some hope for the private residential market, although general homebuying sentiments remained weak and possibilities for a recovery remained remote,' said its director of research and consultancy Nicholas Mak.

Many sales were made at just five developments with many projects not attracting a single buyer. Last month's top seller was Rosewood Suites in Woodlands, a 99-year leasehold project that moved 42 units at between $512 per sq ft (psf) and $687 psf.

Two prime projects also did relatively well. Newton Edge sold 34 units while 19 went at RV Suites in River Valley Road.

Mr Li said the two have mostly small units, which help contain the absolute price at $550,000 to $900,000 per unit, based on their median prices of $1,201 psf and $1,350 psf respectively.

Buyers snapped up 15 units at Evania in Upper Paya Lebar at between $612 psf and $650 psf after prices were apparently cut from above $800 psf at the launch in March last year, said Mr Li. 'Price remains a critical factor to move sales, as seen by the good response.'

And 11 houses at Andrews Terrace, a project in a new landed estate called Sembawang Greenvale, sold at prices starting from $1.3 million each.

Suburban homes accounted for 53 per cent of developers' sales last month, which shows that there is a pool of genuine buyers out there, said Ms Tay Huey Ying, director for research and advisory at Colliers International.

But prime properties dominated last month's launches. Developers have stepped up releases since August, a reversal of the first-half trend when they held back prime homes, she said. 'This could be an indication of weakening holding power among smallish and mid-tier developers with prime development sites.'

Homebuying sentiment and launch activity should remain subdued in the month ahead as the economy further contracts and the employment market is anticipated to tighten further, said Mr Mak.

'Buyers will remain very cautious, even if some re-pricing sets in.'

[email protected]


WEAK SENTIMENTS REMAIN

'The increase in November signalled some hope for the private residential market, although general homebuying sentiments remained weak and possibilities for a recovery remained remote.'
Knight Frank's director of research and consultancy Nicholas Mak

http://www.channelnewsasia.com/stori...396440/1/.html

Private residential property sales up 63% on month in November

By Wong Siew Ying, Channel NewsAsia | Posted: 15 December 2008 1446 hrs


SINGAPORE : Sales of uncompleted private homes rebounded 63 per cent on month in November, after falling 70 per cent in October. Some 192 new units were sold in November.

Data from the Urban Redevelopment Authority (URA) also shows that developers put out more units for sale.

According to analysts, many developers had launched new projects in November after delaying launches in October, in the wake of the global financial crisis.

Among these, 52 per cent were projects in the core central region.

"What is significant in the recent launch trend is that we are actually seeing developers stepping up launches of prime properties. This could indicate the weakening holding power of small or mid-tier developers who are still holding on to prime development sites," said Tay Huey Ying, director of Research & Advisory at Colliers International.

The mass market segment dominated November's sales. Six in 10 units were sold at below S$1,000 per square foot. Mid-tier units priced between S$1,000 psf and S$1,999 psf made up the rest.

Observers said mass market home prices are also likely to be more resilient, compared to high-end ones.

Looking ahead, market watchers said prices of private residential properties could fall by an average of 10 to 12 per cent for the whole of 2009. This is partly due to slower demand growth and the fact that property prices went up too quickly in 2007.

Barring more bad news in financial markets, analysts said there could be bright spots ahead for property sales.

Said Ku Swee Yong, director of Marketing & Business Development at Savills: "The banks have been hoarding a lot of Singapore dollars in the past few months as they go conservative and try to improve the balance sheet quality. As such, the inter-bank lending rates have become very low. The 3-month SIBOR rate has been below 1 per cent for the past two to three weeks.

"And the banks might start to come out to offer very attractively priced mortgages in the first two quarters of next year, in order to (seize) market share, especially of good credit, quality customers."

Some observers said sales may slow in December, ranging between 150 and 200 units. This will bring the total sales volume to 4,500 units for 2008, which is about one-third lower than last year. - CNA /yb/ls

:) :) 2nd TOP Position : NEWTON EDGE - Only released from 28 NOVEMBER 2008. 3 Days SOLD 34 UNITS and become Top no. 2 in NOVEMBER!! Marvelous result ya!! As at yesterday-16 December 2008, already SOLD 80 UNITS OUT OF TOTAL 104 UNITS and it's Still Moving !! WANNA FIND OUT WHY??
CALL : 9101 0096
OR EMAIL : [email protected] to obtain the detail ya..:) :)

Quote:

---

Originally Posted by mr funny

http://www.channelnewsasia.com/stori...396440/1/.html

192 private homes sold in November, up 63% on-month

By Wong Siew Ying, Channel NewsAsia | Posted: 15 December 2008 1446 hrs


SINGAPORE: Sales of uncompleted private homes rebounded 63 per cent on month in November, after falling 70 per cent in October.

According to latest data from the Urban Revelopment Authority (URA), 192 units of uncompleted private residential units were sold in November 2008, up from 118 units sold a month before.

But as a percentage of the number of homes launched, sales for November fell by about 24 percentage points, from 74 per cent to 50 per cent.

URA says developers launched 382 units in November, compared to the 159 units put out in October.

The latest figures also showed that private residential properties outside the central region continued to perform better.

The most expensive unit sold was at Vida, a development at Peck Hay Road, which went for S$1,931 per square foot.

Demand in the property sector has cooled in recent months due to poor consumer confidence and the global financial crisis.

Home prices also fell for the first time in third quarter this year, after four years of growth.

- AFP/yb

---