Sales of private residential homes fell by 46% in February

[mr funny]

Sales of private residential homes fell by 46% in February

Channel NewsAsia

Channel NewsAsia - Tuesday, March 18


SINGAPORE: The number of new private residential homes sold in February fell by 46 per cent compared to January.

Figures released by the Urban Redevelopment Authority showed that only 170 units changed hands, compared to some 316 in January.

However, prices in general, remained comparatively stable.

Industry watchers said the low transaction volume was not unexpected, as sales are typically slow at the beginning of the year.

The market uncertainties caused by the US sub—prime crisis and volatility in the financial sector also affected confidence.

Besides a dip in sales, the monthly data also showed a contraction in supply.

A total of 343 units were launched in February, some 13.4 per cent lower than the previous month.

Analysts expect the weak market sentiments to stay for the rest of the first quarter. — CNA/vm

[mr funny]

Sales of private residential homes fell by 46% in February

By Wong Siew Yong, Channel NewsAsia | Posted: 17 March 2008 1935 hrs


SINGAPORE: Sales of new private residential homes in February fell 46 per cent compared with the previous months.

This is according to figures released by the Urban Redevelopment Authority.

And industry watchers said this is the slowest sales since last August when the URA first released the data.

About 170 new private apartments were sold in February, compared with 316 units in January.

Donald Han, Managing Director of Cushman & Wakefield, said: "The market has gone through a period of slumber because of the current global economic turmoil. The stock market hasn't been performing too well in the last 3 to 4 months.

“But that said, I think there's still a lot of cash liquidity out there in the market place waiting for the right time to jump in and to do the purchase."

While buyers hold back their purchases, developers too are waiting.

The data also showed supply falling 13 per cent on month in February, with a total of 343 units launched.

But more projects are expected in the next two quarters.

While sales volumes have dropped, prices don't seem to have followed suit.

Dr Chua Yang Liang, Head of Research & Consultancy, Jones Lang LaSalle, said: “If you are looking purely at the low median that we've recorded of transactions in the various districts, prices have contracted between 0.7 and 5 per cent - that's marginal contraction.

“While the sub-prime debacle has affected demand, price has remained stable, I think there is a strong underlying demand and that's coming from occupiers, en bloc residents seeking alternative homes as well as foreigners who are now looking at buying instead of renting. "

Meantime, CB Richard Ellis expects the total number of new homes sold this quarter to be around 700 to 800 units.

It added that the only other times when the local residential market experienced such low sales volume were during the SARS period in 2003 and the Asian Financial Crisis around 1998.

Analysts said Singapore hasn't been hit badly by the US sub-prime crisis, but it has somewhat affected buying confidence and credit availability.

For now, they are not overly concerned about the contraction in the property market, but they said that it's crucial to monitor the impact of the sub-prime crisis in the next three to six months. - CNA/vm

[Unregistered]

aiyo, all these analyst & reporters, siow is it?
how to compare Jan & Feb?
Feb is chinese NY, prepare for 1 week, celebrate 1 week, where got time to buy or sell property? property agents also need to take rest.
some more come out with so many report like very smart like that!
momentum needs time to pick up.
loan rate, FD rate...all come down. Let see rent better or buy better, invest better or keep cash in bank.

[Unregistered]

aiyo, all these analyst & reporters, siow is it?
how to compare Jan & Feb?
Feb is chinese NY, prepare for 1 week, celebrate 1 week, where got time to buy or sell property? property agents also need to take rest.
some more come out with so many report like very smart like that!
momentum needs time to pick up.
loan rate, FD rate...all come down. Let see rent better or buy better, invest better or keep cash in bank.

If our market is affected by CNY and ghost months that means there are mostly local buyers in this case. Foreigner will not care about these festive season. Maybe they are away for 1 week break in Feb, but if they are truly want to buy a place they could do so very easily.

[Unregistered]

If our market is affected by CNY and ghost months that means there are mostly local buyers in this case. Foreigner will not care about these festive season. Maybe they are away for 1 week break in Feb, but if they are truly want to buy a place they could do so very easily.

number of working days is less by so much.
so many people go for holiday, no time to view or open for viewing.
foreigners also go home or go else where for holiday.

[Unregistered]

number of working days is less by so much.
so many people go for holiday, no time to view or open for viewing.
foreigners also go home or go else where for holiday.

The silver line is that eventhough the market is so quiet yet the price is still hold firmly. If that the case what are going to happen when the market is starting to rolling up?

Seem like ppty market is just like a rocket in the waiting to take off. GET READY ... 1 ... 2.... 3.....

[Unregistered]

number of working days is less by so much.
so many people go for holiday, no time to view or open for viewing.
foreigners also go home or go else where for holiday.

Please don't bluff yourselves, it is clear the market situation out there is currently very unstable, if the demand continue to remain stagnant, we are know with the number of units coming to TOP in the next few months, let's hope those who invested those not for staying better find tenants soon, else it is going to be very ugly....

[Unregistered]

Please don't bluff yourselves, it is clear the market situation out there is currently very unstable, if the demand continue to remain stagnant, we are know with the number of units coming to TOP in the next few months, let's hope those who invested those not for staying better find tenants soon, else it is going to be very ugly....

does bank auction the properties where owners are unable to pay mortgages and is there govt website which lists properties for auction ?????????

[Unregistered]

does bank auction the properties where owners are unable to pay mortgages and is there govt website which lists properties for auction ?????????

Yes, bank will auction it off if you are unable to pay your mortgage.
So far very few cos' rate is extremely low and income is extremely high.

[Unregistered]

Please don't bluff yourselves, it is clear the market situation out there is currently very unstable, if the demand continue to remain stagnant, we are know with the number of units coming to TOP in the next few months, let's hope those who invested those not for staying better find tenants soon, else it is going to be very ugly....

Is that what you really "hope"?

Well, thanks for your "hope" because the rental market is still very strong.

Ironically, it's because foreign talents coming here are putting off purchasing property for own stay, that causes the rental market to be strong.

[Unregistered]

The sales drop so much. This will pose no problem for those who can hold, for those investors who do not have such holding power, GOOD LUCK!

[Unregistered]

The sales drop so much. This will pose no problem for those who can hold, for those investors who do not have such holding power, GOOD LUCK!

sales drop, price up is good.
That means many wait to buy but have not bought yet.
When they see price moving up every month, they will start to worry, wait for a major event to trigger the buy rush.
So hold on or rent out at 5-6% yield for 2 years to wait for IR to be ready.
There is few more rounds of up wave before the peak is reached.

[Unregistered]

sales drop, price up is good.
That means many wait to buy but have not bought yet.
When they see price moving up every month, they will start to worry, wait for a major event to trigger the buy rush.
So hold on or rent out at 5-6% yield for 2 years to wait for IR to be ready.
There is few more rounds of up wave before the peak is reached.

Peak already last October.Nobody is buying anything.Developer already counting losses.Bank no business.Sellers worried dont know to turn left or right or jump onto on coming traffic.Buyers none.Bad badder to come.Baddest come April.

[Unregistered]

The sales drop so much. This will pose no problem for those who can hold, for those investors who do not have such holding power, GOOD LUCK!

Do you really wish the investors "GOOD LUCK!" ?

Well, thanks for your wishing because the holding power is strong due to the strong rental and low interest rates.

Do you know what is the deposit interest rate now? It's only 1%.

Compare the returns of $800,000 put in the bank with $800,000 invested in a condo and being rented out.

1% of $800,000 is $8,000 a year. Divide that by 12 months is $667 per month.

Can you tell me which condo in Singapore is rented out for $667 per month?

For $667 per month, I think can only rent a "Master [email protected] central/ opp mrt/ blk 340/ $600 for 2persons. fully furnished/ no air con/ move it now. 90701987 can co broke" (I just cut and paste from one property website).

For those who borrowed money from the bank, can they hold?

Maybank’s latest 3 year Fixed Rate package average interest rate for 3 years is actually about 2.58%.

2.58% of $800,000 is $20,640 a year. Divide that by 12 months is $1,720 per month.

Can you tell me which condo in Singapore is rented out for $1,720 per month?

Even HDB flats are now asking for more than $2 k.

3+1 Blk 683 Jurong West Ctrl. furnish air-con $2500 call 93825489 (I just cut and paste from one property website).

That's not all.

Read today's Straits Times Online:

The Straits Times

March 18, 2008

Fed set to cut rates aggressively as it combats weak economy, severe credit crisis

Cut "aggressively" some more? I think very soon the interest rate will become zero.

When the interest rate becomes zero, then even if you offer your condo to a tenant to stay free-of-charge, the holding power is still infinity.

[Unregistered]

Peak already last October.Nobody is buying anything.Developer already counting losses.Bank no business.Sellers worried dont know to turn left or right or jump onto on coming traffic.Buyers none.Bad badder to come.Baddest come April.

So much of options lapsed, lawyers can go on holiday already.
May 08, OT until 'mati', now shake leg.

[Unregistered]

Do you really wish the investors "GOOD LUCK!" ?

Well, thanks for your wishing because the holding power is strong due to the strong rental and low interest rates.

Do you know what is the deposit interest rate now? It's only 1%.

Compare the returns of $800,000 put in the bank with $800,000 invested in a condo and being rented out.

1% of $800,000 is $8,000 a year. Divide that by 12 months is $667 per month.

Can you tell me which condo in Singapore is rented out for $667 per month?

For $667 per month, I think can only rent a "Master [email protected] central/ opp mrt/ blk 340/ $600 for 2persons. fully furnished/ no air con/ move it now. 90701987 can co broke" (I just cut and paste from one property website).

For those who borrowed money from the bank, can they hold?

Maybank’s latest 3 year Fixed Rate package average interest rate for 3 years is actually about 2.58%.

2.58% of $800,000 is $20,640 a year. Divide that by 12 months is $1,720 per month.

Can you tell me which condo in Singapore is rented out for $1,720 per month?

Even HDB flats are now asking for more than $2 k.

3+1 Blk 683 Jurong West Ctrl. furnish air-con $2500 call 93825489 (I just cut and paste from one property website).

That's not all.

Read today's Straits Times Online:



Cut "aggressively" some more? I think very soon the interest rate will become zero.

When the interest rate becomes zero, then even if you offer your condo to a tenant to stay free-of-charge, the holding power is still infinity.

You are really desperate for good news.But badder news more to come.

[Unregistered]

You are really desperate for good news.But badder news more to come.

No need lah.
As long as prices are firm, so cares about news.
Yes!

[Unregistered]

You are really desperate for good news.But badder news more to come.

all the bad news is coming to an end, good news will roll out slowly later.
Bear Stearn is a bad news? you should look at it, it fall under a stronger hand of JP Morgan. New era will start from here.

[Unregistered]

You are really desperate for good news.But badder news more to come.

But then hor ...

My good news is real news.

Your "badder news more to come" is what you hope for in the future.

But future ... who can predict?

Like those con men who claimed they could predict next week's winning 4D numbers, if they could really predict they don't need to be con men already.

Similary if those sour grapes here really had the ability to predict the future, then in the first place they would not ended up becoming a sour grape.

[Unregistered]

"For units sold in the Rest of Central Region (RCR), the lowest median price increased 14.2% from $765psf in January to $874psf in February."



not bad, price still up in Feb.

Whatever the news, just make sure it keep going up.
Prices went up by 14.2%?
It's fine. If go up more, even better.

[Unregistered]

sales drop, price up is good.
That means many wait to buy but have not bought yet.
When they see price moving up every month, they will start to worry, wait for a major event to trigger the buy rush.
So hold on or rent out at 5-6% yield for 2 years to wait for IR to be ready.
There is few more rounds of up wave before the peak is reached.

With uncertainities looming in the market, it's a no brainer any sane person who wants to purchase a new private property will hold on to their money for the moment and watch for any fluctuations in the price. there's no rush for them to jump straight into the market cause the properties they are looking to purchase will probably not have any escalation in their prices.

HOWEVER, it will be interesting if URA can release some data on the statistics of RESALE private properties. this will a real indication of the actual demand for HOMES right now in the market. this is particularly important cause many of the enbloc condominium owners will be receiving their money in Q1 of 2008 and will have to move out by mid 2008 or Q3 2008. these are the ones holding on to the equity injected into the red hot property market with countless enbloc sales in 2007.. cash goes in , cash will come out!

[Unregistered]

Whatever the news, just make sure it keep going up.
Prices went up by 14.2%?
It's fine. If go up more, even better.

median price of units sold went up by 14.2percent but that doesnt mean the units in the SAME PROJECT went up by 14.2percent.. i sold many durians in feb08 vs i sold as many limes in jan2008.. of course the median prices of transacted units in feb will be higher lar.(@*#(*#!!

[Unregistered]

median price of units sold went up by 14.2percent but that doesnt mean the units in the SAME PROJECT went up by 14.2percent.. i sold many durians in feb08 vs i sold as many limes in jan2008.. of course the median prices of transacted units in feb will be higher lar.(@*#(*#!!

OK, a simple question for you.
So did the prices went up or came down?

[Unregistered]

median price of units sold went up by 14.2percent but that doesnt mean the units in the SAME PROJECT went up by 14.2percent.. i sold many durians in feb08 vs i sold as many limes in jan2008.. of course the median prices of transacted units in feb will be higher lar.(@*#(*#!!

fruit seller, don't shame yourself in front of statistic people lah, go & sell your ang mo durian lah.

[Unregistered]

You are really desperate for good news.But badder news more to come.

Before I came to this website, I didn't know that there exist so many people in Singapore who look forward to bad news, rather than good news.

I am used to having everyone around me cheer when the economy improves and the property market goes up.

Last year was one good news after another, my mother's friend who en blocked Farrer Court, my auntie who en blocked an East Coast condo, another auntie en blocked her apartment at Bukit Timah. My father's colleague who en blocked Grangeford (also known as Jackie Chan's condo because he owned a unit there). I myself also had an en bloc windfall.

There was cheerfulness all around.

Of course I am aware that there may be some people being left behind by the boom, for example the security guards at my place, or the cleaner downstairs.

But these are not the type of people whom I expect to come to post on websites like these.

This is really an eye opener. It's a bit shocking.

[Unregistered]

The article only refers to units in the new launches. There's no rental yield in these yet, so it is just a hedge. Investors have to place $200-400k deposits with the developers with no returns until 2011 or later. For new launches with no DPS, even more money has to go into progressive payments. Nobody knows what can happen from now till 2011.

[Unregistered]

median price of units sold went up by 14.2percent but that doesnt mean the units in the SAME PROJECT went up by 14.2percent.. i sold many durians in feb08 vs i sold as many limes in jan2008.. of course the median prices of transacted units in feb will be higher lar.(@*#(*#!!

IF (BIG IF) next time the media reports that the medium price of units sold drop by XX%, you better don't come back and said, "Now you can compare because it was many LIMES sold in XX mth vs many many LIMES sold yy mth hor. .(@*#(*#!![/QUOTE]

Note: If media report says UP, people like you argue many durains vs many limes. If media report says DOWN, people like you say many limes vs many limes. Sometimes, people just like to twist the fact.

[Unregistered]

median price of units sold went up by 14.2percent but that doesnt mean the units in the SAME PROJECT went up by 14.2percent.. i sold many durians in feb08 vs i sold as many limes in jan2008.. of course the median prices of transacted units in feb will be higher lar.(@*#(*#!!

IF (BIG IF) next time the media reports that the medium price of units sold drop by XX%, you better don't come back and said, "Now you can compare because it was many LIMES sold in XX mth vs many many LIMES sold yy mth hor. .(@*#(*#!!

Note: If media report says UP, people like you argue many durains vs many limes. If media report says DOWN, people like you say many limes vs many limes. Sometimes, people just like to twist the fact.

This is yet another instance of sour grapes' ignorance of the property market. Haizz ... anyway I'm getting used to it.

When the Government releases price indices, they've already classified them into:

a. Core Central Region (CCR) which comprises Postal Districts 9, 10 and 11, the Downtown Core and Sentosa;
b. Rest of Central Region (RCR) which comprises the Central Region outside the CCR; and
c. Outside Central Region (OCR).

Hence when the Government says that prices within the RCR increased by 14.2%, that is already referring to properties within the category "RCR". Granted that there could be price discrepancies from project to project, but it should not be compared to "durians" vs "limes".

"Durians" should perhaps be compared to the CCR while "limes" to the OCR.

Hence within the RCR, it's more of "oranges" vs "oranges", perhaps Sunkist vs Jaffa Orange.

One thing you have to realise about properties is that it is not a homogeneous asset. If you are going to nitpick about the index, then even if you go within the same project, a unit on the 2nd floor compared to a unit on the 28th floor can command a huge price difference, sometimes even greater than across different projects. Also the facing, the house number all affect the price.

[Unregistered]

URA just release result of West Coast land sales result. Despite global uncertainties, the land sales attracted 12 interested party.

[Unregistered]

URA just release result of West Coast land sales result. Despite global uncertainties, the land sales attracted 12 interested party.

Market has smelt the boom already after HK.