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

  1. #1
    mr funny is offline Any complaints please PM me
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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

  3. #3
    Unregistered Guest

    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.

  4. #4
    Unregistered Guest

    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.

  5. #5
    Unregistered Guest

    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.

  6. #6
    Unregistered Guest

    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.....

  7. #7
    Unregistered Guest

    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....

  8. #8
    Unregistered Guest

    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 ?????????

  9. #9
    Unregistered Guest

    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.

  10. #10
    Unregistered Guest

    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.

  11. #11
    Unregistered Guest

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

    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!

  12. #12
    Unregistered Guest

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

    Quote Originally Posted by 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.

  13. #13
    Unregistered Guest

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

    Quote Originally Posted by 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.

  14. #14
    Unregistered Guest

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

    Quote Originally Posted by 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.

  15. #15
    Unregistered Guest

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

    Quote Originally Posted by 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.

  16. #16
    Unregistered Guest

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

    Quote Originally Posted by 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.

  17. #17
    Unregistered Guest

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

    Quote Originally Posted by 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!

  18. #18
    Unregistered Guest

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

    Quote Originally Posted by 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.

  19. #19
    Unregistered Guest

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

    Quote Originally Posted by 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.

  20. #20
    Unregistered Guest

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

    Quote Originally Posted by 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.

  21. #21
    Unregistered Guest

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

    Quote Originally Posted by 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 propert