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Thread: Private Home Sales Leapt 80% In March From February

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    Default Private Home Sales Leapt 80% In March From February


    Private Home Sales Leapt 80% in March from February
    Ng Baoying
    Channel NewsAsia
    Tuesday, 15 April 2008, 2010 hrs



    There are signs the property market in Singapore might be making an about-turn following its muted start to the year. Figures released by the Urban Redevelopment Authority (URA) show that the number of private homes sold in March leapt 80% from the month before, signalling improved buyer sentiment.

    And developers were even more positive. They launched more than 600 units for sale in March - about 85% more than the month before, and the highest in 7 months.

    Analysts said they expect to see more units being placed on sale in the months to come.

    Donald Han, Managing Director of Cushman & Wakefield, Singapore, said: “Moving forward we expect more launches taking place in the second quarter of this year. While there are generally not a slew of new launches, a lot of developers have re-launched their projects. Re-launched in the sense (they) have started to price properties at more realistic levels.

    “Early part of year, it's not too effective to start pricing there. But now we are well into 2008. There are developers who are certainly using pricing to attract more positive sentiment to lure the buyers out."

    Still, developers have some way to go before the property market even begins to resemble that of its heydays last year.

    A closer look at the numbers show that most of the increase in sales came from the high-end market where sales jumped 80%, compared to a 31% hop in suburban region sales.

    For now, it seems that mass market buyers will still be holding back in hope of better deals to come.

    Analysts are also quick to note that the ratio of launches to sales in March still remain at February levels at 47.5% to 46.4%.

    Nicholas Mak, Director of Knight Frank, said: "At first glance, it seems like sales figures in March have improved over February. The numbers moved back to about the same level as in January or December. But on closer analysis we find that the take-up has weakened. Typically about 70 to 90% of units launched are sold. Right now that figure has fallen to about 50%, same as February."

    But overall, analysts said the private home market data for March should still put a smile on the faces of those in the industry, given the current economic climate due to the bad news from the US and its ensuing ripple effect worldwide.

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    Default Re: Private Home Sales Leapt 80% In March From February

    April 15, 2008

    Private home sales inch up in weak market

    301 units, excluding condos, sold last month; Q1 figures worst since 2003

    By Joyce Teo, Property Correspondent


    PRIVATE home sales last month rebounded slightly from February, but taken as a whole, the first quarter was the worst since Sars wreaked havoc on sales in 2003.

    A total of 301 residential units, excluding executive condominiums, were sold last month, according to data released yesterday by the Urban Redevelopment Authority. In February, 174 units were sold.

    This puts first-quarter private home sales at 795 units, compared to 427 units in the corresponding period in 2003.

    In the previous quarter, ended Dec 31, last year, 1,449 units were sold. While sales rose in March, the take-up rate of launch units remained similar to February, consultants say.

    The take-up rate outside the central region in places such as Buangkok and the East Coast remained soft and could lead to a supply overhang, said Dr Chua Yang Liang, Jones Lang LaSalle's head of research for South-east Asia. Prices remained generally weak last month he added.

    Using just the lowest median price category - more reflective of underlying market sentiment - prices outside the central region fell 9 per cent to $648 psf in March, from $712 psf in February, said Dr Chua.

    But high-end projects in posh areas posted a 6.4 per cent rise in the lowest median price to $1,621 psf in March, he said.

    Dr Chua said developers are more upbeat about mass market projects than buyers - evident from the number of launches and the recent strong bidding for suburban Government land.

    Buyers are cautious as the economy is expected to slow in coming months, he said.

    Indeed, there will be launches at 'more realistic prices', said one developer.

    Read the full report in Wednesday's edition of The Straits Times.

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    Default Re: Private Home Sales Leapt 80% In March From February

    Published April 16, 2008

    Private home sales tumble, prices weaken

    Buyers may have slight edge in power stakes but analysts expect caution to reign for a while

    By KALPANA RASHIWALA


    (SINGAPORE) Official numbers yesterday confirmed what many had already suspected as developers sold only 795 private homes in the first quarter of this year - just about half the 1,469 units that they had sold in the preceding quarter.

    But there was also an equally significant pointer for market watchers looking for data on the direction of private home prices.

    The islandwide median price of private homes (excluding executive condos) sold by developers dipped 0.8 per cent from $1,064 psf in February to $1,055 psf in March, with the decline coming from the Outside Central Region (where suburban mass-market projects are typically located). The median price there slipped about 3.8 per cent, from $844 psf in February to $812 psf in March.

    However, the median price in the Core Central Region jumped from $1,723 psf to $2,450 psf, while that for the Rest of Central Region rose from $1,095 psf to $1,104 psf over the same period. These figures are based on Urban Redevelopment Authority's monthly survey of developers' sales.

    Property analysts cautioned against reading too much into the monthly price data given that sales volumes are still relatively thin.

    Developers sold 301 private homes in March, a significant improvement from 174 units in February but slightly lower than the 320 units for January.

    These numbers are lower than the monthly sales of more than 500 units for September to November last year. The dizzy days between June and August last year had seen more than 1,000 units being sold each month.

    Chesterton International's head (research & consultancy) Colin Tan said that, focusing on projects with sales of at least five units in February as well as March, there were 14 developments that recorded month-on-month price declines, outpacing just seven projects with increases.

    'The number of declines versus rises gives some sense of the power play between buyers and sellers. The market is on balance at the moment, with some hint that buyers have a slight edge. We cannot yet say for sure that the market has definitely turned,' he added.

    URA's data showed that developers launched a total of 642 private homes (excluding ECs) in March, up significantly from 343 units in February, which had a shorter period for home sales because of the Chinese New Year festivities. The March launch figure was the highest in seven months.

    Jones Lang LaSalle, looking only at private apartment and condo sales, said the ratio of units sold to units launched has fallen from 101.2 per cent in November last year to 46.4 per cent in March 2008. 'But the ratio may be stabilising since the March figure was just slightly lower than the 47.5 per cent ratio in February,' said JLL's head of research (South-east Asia) Chua Yang Liang.

    'It seems developers' optimism on the mass market far exceeds buyers' expectations. Buyers maintain a more cautious outlook of the market as the economy is expected to ease in the next few months, despite the strong advance estimate of 7.2 per cent GDP growth for Q1 2008.'

    The highest-priced primary market transaction in March was the $4,612 psf fetched by a unit at Scotts Square along Scotts Road - higher than the $4,140 psf top price achieved in February, for a unit at The Ritz-Carlton Residences in the Cairnhill area.

    Looking ahead, CB Richard Ellis executive director Li Hiaw Ho said: 'The current market sentiment is likely to continue into the second quarter. Activity may pick up in terms of project launches, but buyers' response will be price sensitive.'

    Knight Frank director Nicholas Mak too expects sales volumes to remain thin in the next few months in the face of continuing uncertainty of the US economic outlook and financial market problems. 'Homebuyers, especially in the mass-market segment, are expected to remain cautious until there is a sustained recovery in the financial markets and economic conditions, which would spill over to the property market. Developers, on the other hand, are likely to launch their projects slowly in the next few months to take advantage of any improvement in market sentiments,' Mr Mak added.

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    Default Re: Private Home Sales Leapt 80% In March From February

    April 16, 2008

    Private home sales recover in weak market

    301 units, excluding exec condos, sold in March; worst first quarter since 2003

    By Joyce Teo, Property Correspondent


    PRIVATE home sales last month rebounded from February, but taken as a whole, the first quarter was the worst since Sars wreaked havoc on sales in 2003.

    A total of 301 residential units, excluding executive condominiums, were sold last month, according to data released yesterday by the Urban Redevelopment Authority. In February, 174 units were sold.

    This puts first-quarter private home sales at 795 units, compared to 427 units in the corresponding period in 2003.

    In the previous quarter ended Dec 31 last year, 1,449 units were sold. While sales rose last month, the take-up rate of launched units remained similar to that in February, consultants say.

    The take-up rate outside the central region in places such as Buangkok and the East Coast remained soft and could lead to a supply overhang, said Dr Chua Yang Liang, Jones Lang LaSalle's head of research for South-east Asia.

    Prices remained generally weak last month, he added.

    Using just the lowest median price category - more reflective of underlying market sentiment - prices outside the central region fell 9 per cent to $648 per sq ft (psf) last month, from $712 psf in February, said Dr Chua.

    But high-end projects in posh areas posted a 6.4 per cent rise in the lowest median price to $1,621 psf last month, he added.

    Dr Chua said developers are more upbeat about mass-market projects than buyers - evident from the number of launches and the recent strong bidding for suburban government land.

    Buyers are cautious, as the economy is expected to slow in the coming months, he said.

    Indeed, there will be launches at 'more realistic prices', said one developer.

    CBRE Research executive director Li Hiaw Ho said activity may pick up in the current quarter in terms of project launches, but buyers' response will be 'price-sensitive'.

    Sales this quarter may improve and top 1,000 units, as larger-scale suburban projects will be launched, he added.

    But Knight Frank director of research and consultancy Nicholas Mak expects sales to stay thin in the coming months due to ongoing economic and financial market uncertainties.

    'Homebuyers, especially in the mass-market segment, are expected to remain cautious until there is a sustained recovery in the financial markets and economic conditions,' he said.

    Still, there are glimmers of hope. Yesterday, a government tender for a Toa Payoh condo site attracted four bids, with the top one from ChoiceHomes Investments coming in at a relatively strong $460 psf.

    CBRE's Mr Li said the top bid would translate to a break-even of at least $850 psf and a possible sale price of about $950 psf to $1,000 psf.

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    Default Re: Private Home Sales Leapt 80% In March From February

    Private-home-sales-tumble-prices-weaken.


    Buyers may have slight edge in power stakes but analysts expect caution to reign for a while.Official numbers yesterday confirmed what many had already suspected as developers sold only 795 private homes in the first quarter of this year - just about half the 1,469 units that they had sold in the preceding quarter.But there was also an equally significant pointer for market watchers looking for data on the direction of private home prices.The islandwide median price of private homes (excluding executive condos) sold by developers dipped 0.8 per cent from $1,064 psf in February to $1,055 psf in March, with the decline coming from the Outside Central Region (where suburban mass-market projects are typically located). The median price there slipped about 3.8 per cent, from $844 psf in February to $812 psf in March.However, the median price in the Core Central Region jumped from $1,723 psf to $2,450 psf, while that for the Rest of Central Region rose from $1,095 psf to $1,104 psf over the same period. These figures are based on Urban Redevelopment Authority 's monthly survey of developers' sales.Property analysts cautioned against reading too much into the monthly price data given that sales volumes are still relatively thin.Developers sold 301 private homes in March, a significant improvement from 174 units in February but slightly lower than the 320 units for January.These numbers are lower than the monthly sales of more than 500 units for September to November last year. The dizzy days between June and August last year had seen more than 1,000 units being sold each month.Chesterton International head (research & consultancy) Colin Tan said that, focusing on projects with sales of at least five units in February as well as March, there were 14 developments that recorded month-on-month price declines, outpacing just seven projects with increases.The number of declines versus rises gives some sense of the power play between buyers and sellers. The market is on balance at the moment, with some hint that buyers have a slight edge. We cannot yet say for sure that the market has definitely turned, he added.URA data showed that developers launched a total of 642 private homes (excluding ECs) in March, up significantly from 343 units in February, which had a shorter period for home sales because of the Chinese New Year festivities. The March launch figure was the highest in seven months.Jones Lang LaSalle, looking only at private apartment and condo sales, said the ratio of units sold to units launched has fallen from 101.2 per cent in November last year to 46.4 per cent in March 2008. But the ratio may be stabilising since the March figure was just slightly lower than the 47.5 per cent ratio in February said JLL's head of research (South-east Asia) Chua Yang Liang.It seems developers'optimism on the mass market far exceeds buyers's expectations. Buyers maintain a more cautious outlook of the market as the economy is expected to ease in the next few months, despite the strong advance estimate of 7.2 per cent GDP growth for Q1 2008.The highest-priced primary market transaction in March was the $4,612 psf fetched by a unit at Scotts Square along Scotts Road - higher than the $4,140 psf top price achieved in February, for a unit at The Ritz-Carlton Residences in the Cairnhill area.Looking ahead, CB Richard Ellis executive director Li Hiaw Ho said:The current market sentiment is likely to continue into the second quarter. Activity may pick up in terms of project launches, but buyers' response will be price sensitive .Knight Frank director Nicholas Mak too expects sales volumes to remain thin in the next few months in the face of continuing uncertainty of the US economic outlook and financial market problems.Homebuyers, especially in the mass-market segment, are expected to remain cautious until there is a sustained recovery in the financial markets and economic conditions, which would spill over to the property market. Developers, on the other hand, are likely to launch their projects slowly in the next few months to take advantage of any improvement in market sentiments,Mr Mak added.Source : Business Times - 16 Apr 2008


    Private home sales leap?
    What reporters are coming to nowadays.They are direction less.Who to believe.Some truths are more truthful than others?

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    Default Re: Private Home Sales Leapt 80% In March From February

    Quote Originally Posted by Tony Blair
    Private home sales leap?
    What reporters are coming to nowadays.They are direction less.Who to believe.Some truths are more truthful than others?
    You mean the reporter calculated wrongly?


    Let's calculate the figure ourselves.

    Units sold in March = 301
    Units sold in Feburary = 174

    301 ¸ 174 = around 80%

    So sales indeed went up by around 80% in March from Feburary.

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    Default Re: Private Home Sales Leapt 80% In March From February

    It's a matter of half empty or half full.

    It is also a matter of responsible reporting without misleading the masses. Property market has weakened since last August, and has continued with its downward slide.

    Not all property transactions are shown in the URA website, because some people do not register their caveats.

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    Default Re: Private Home Sales Leapt 80% In March From February

    Quote Originally Posted by Teana
    You mean the reporter calculated wrongly?


    Let's calculate the figure ourselves.

    Units sold in March = 301
    Units sold in Feburary = 174

    301 ¸ 174 = around 80%

    So sales indeed went up by around 80% in March from Feburary.
    Has slided downward? Agree since sales volume has been dropping all the way to Feburary 2008 as indicated by URA figures.

    Continued its downward slide? Disagree since sales volume in March is higher than Feburary as indicated by URA figures. Where is the continuation?


    Is "increase by 80%" similar to "half empty" or "half full"?
    No.
    "Increase by 80%" is similar to "half".

    Unless it is "market is so hot that sales has increased by 80%". This will be similar to "half empty" or "half full".

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    Default Re: Private Home Sales Leapt 80% In March From February

    Quote Originally Posted by Teana
    Has slided downward? Agree since sales volume has been dropping all the way to Feburary 2008 as indicated by URA figures.

    Continued its downward slide? Disagree since sales volume in March is higher than Feburary as indicated by URA figures. Where is the continuation?


    Is "increase by 80%" similar to "half empty" or "half full"?
    No.
    "Increase by 80%" is similar to "half".

    Unless it is "market is so hot that sales has increased by 80%". This will be similar to "half empty" or "half full".

    Fully agree with your first three points, but don't quite understand the last ... "This will be similar to "half empty" or "half full".

    Yes, the reporter and your calculations are both correct insofar within the boundaries of the quarter and March, and the graph does show a turning point which may allow some analysts to claim that the market is on to a rebound.

    However, we cannot draw a straight line with just one point, the turning point alone. Let's wait for at least another two consecutive months and if both April and May show the same direction, then we can cautiously conclude that a "trend" is emerging and it appeared to be upward.

    Of course, if the trend continues for the rest of the year, let's pop the champagne!

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