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Thread: Sales of private residential homes fell by 46% in February

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    Default Sales of private residential homes fell by 46% in February

    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

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    Default Re: Sales of private residential homes fell by 46% in February

    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

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    Default Re: Sales of private residential homes fell by 46% in February

    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.

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    Default Re: Sales of private residential homes fell by 46% in February

    Quote Originally Posted by 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.

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    Default Re: Sales of private residential homes fell by 46% in February

    Quote Originally Posted by 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.

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    Default Re: Sales of private residential homes fell by 46% in February

    Quote Originally Posted by 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.....

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    Default Re: Sales of private residential homes fell by 46% in February

    Quote Originally Posted by 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....

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    Default Re: Sales of private residential homes fell by 46% in February

    Quote Originally Posted by 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 ?????????

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    Default Re: Sales of private residential homes fell by 46% in February

    Quote Originally Posted by 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.

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    Default Re: Sales of private residential homes fell by 46% in February

    Quote Originally Posted by 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.

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