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Thread: Prices of high-end condos starting to fall as sales dwindle

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    Default Prices of high-end condos starting to fall as sales dwindle

    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.

    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.'

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  2. #2
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    Default Re: Prices of high-end condos starting to fall as sales dwindle

    See I told ya.!!!
    The Ardmore II and Tate that Sold at discount not yet in the caveat for every body to see!!

    I NEED THE PISSED POEM FOR THIS!!!

  3. #3
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    Default Re: Prices of high-end condos starting to fall as sales dwindle

    I wanted to buy Scotts last year.They never invite me for their pre-launch.This year their staff just call me to invite for pte preview.I told them I will buy from subsale cheaper...hooray.

  4. #4
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    Default Re: Prices of high-end condos starting to fall as sales dwindle

    Quote Originally Posted by Unregistered
    I wanted to buy Scotts last year.They never invite me for their pre-launch.This year their staff just call me to invite for pte preview.I told them I will buy from subsale cheaper...hooray.
    Hmm! lucky for you. You will be luckier if you dont buy from the pissed subsaler either. Wait the price will drop by another 30% and this you will shout Hooray 10x!!

  5. #5
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    Default Re: Prices of high-end condos starting to fall as sales dwindle

    I wait for the Indons to chowboh first then buy.

  6. #6
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    Default Re: Prices of high-end condos starting to fall as sales dwindle

    Quote Originally Posted by Unregistered
    See I told ya.!!!
    The Ardmore II and Tate that Sold at discount not yet in the caveat for every body to see!!

    I NEED THE PISSED POEM FOR THIS!!!
    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

  7. #7
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    Default Re: Prices of high-end condos starting to fall as sales dwindle

    They talk very fast and cannot comprehendo.

  8. #8
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    Default Re: Prices of high-end condos starting to fall as sales dwindle

    Originally Posted by 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!!!

  9. #9
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    Default Re: Prices of high-end condos starting to fall as sales dwindle

    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

  10. #10
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    Default Re: Prices of high-end condos starting to fall as sales dwindle

    The US subprime disease has spread to SG.We have some US visitors.

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