Home sales set to rise in 3 to 12 months: CDL

[mr funny]

http://www.straitstimes.com/Money/St...ry_364618.html

April 17, 2009 Friday

Home sales set to rise in 3 to 12 months: CDL

By Jessica Cheam


PROPERTY developer City Developments (CDL) said yesterday that it expects increasing numbers of homebuyers to enter the market in the next three to 12 months.

Its optimism stems from the sale of more than 80 per cent - or 150 units - of its newly-launched development, The Arte at Thomson. CDL has put 180 units of the 336-unit project on sale.

It said The Arte was 'a record breaker of sorts', being one of the few large projects launched in the global economic meltdown 'that has tasted success'.

CDLs' statement comes on the heels of newly released data that showed 1,220 new private homes sold last month, just shy of the 1,332 units sold in February.

This makes two consecutive months with more than 1,000 units sold - the first time it has happened in a year.

First-quarter private home sales have hit 2,660 units - about 62 per cent of all of last year's new home sales.

It has led some to speculate that the market has indeed turned a corner.

CDL said that 'after absorbing news of forecasts of a steep decline in GDP growth for 2009, the upbeat in sales volume could mean that there is greater confidence that a turnaround is in sight - with a steady rise expected in the property market within the next three to 12 months'.

But analysts maintain that this level of buying may not be sustainable.

Knight Frank director of research and consultancy, Mr Nicholas Mak, has estimated that only 6,000 to 7,000 new private homes are expected to be sold this year, unless the Singapore economy and employment market improve significantly.

However, CDL's group general manager, Mr Chia Ngiang Hong, said that recent launches have shown that 'buyers are still willing to spend when they see value and see a good deal'.

Developers, prompted by the challenging economic conditions, have lowered selling prices - by between 5 to 25 per cent - and these factors have contributed to larger transaction volumes, said CDL.

[basic]

deveoper tries to con people again, this time is CDL.
They want a strong sales unless price keep dropping for the next 3 to 12 months by 2-3% monthly.

[magdalene]

ya... hidden agenda

[ahlahdin]

By going public with this kind of irresponsible statement, CDL risk having their reputation torn to shreds. They are developers, OF COURSE they have vested interest to sell in volume. So how would they expect any sane, normal, non-gullible person to believe their words?

Don't CDL know how downright lame they look by coming out with this kind of obviously self-serving statement? We're talking about the one of the biggest mainboard-listed developers in Asia, ok? It reeks of desperation as well as stupidity, man....

Kwek Leng Beng must really fire their PR/media guy. Really jiak liao bee.

I remember how Kwek said in 2007/2008 that property will be resilient plus "it's a good time to buy". KNN. He was dead wrong, but very quickly forgotten, hence in 2009 CDL issues another confidence-inspiring prediction about good times ahead for property in 3 to 12 months. Waah... now they diversify into fortune telling business liao? Guess whether they will be right or wrong this time. Really no shame lah, these guys!

CDL = Condo Die Liao!

[rogerang]

I do agree that there is something wrong with the statements. But i guess they base on the result that 80% sale for new launch is a fact and a gd indication for his prediction? or are we saying all the the gd showings from recent new launches are bluff?

[firec]

look at what CDL chief Quek Leng Beng said last year.

‘There is a bit of panic in the market, and what has gone up very high in a straight line will also come down,’ Mr Kwek said, referring to how property prices have soared in the last few years. But he added that a few lower-priced sales may not be representative of the overall high-end market.

‘Bear in mind, just because of a couple of low transactions, one swallow doesn’t make a summer,’ he said yesterday at the release of CDL’s second-quarter financial results. He added that few buyers so far have defaulted on their purchases.

http://luxuryasiahome.wordpress.com/...ot-widespread/

using his words, just because of a couple of optimistic developers (like CDL), one swallow doesn't make a summer.

[august]

just recently Quek said 2009 is not a time to invest in property, so .....

[franzmark]

...so you wil just treat his words as gospel truth? what an idiot....

just recently Quek said 2009 is not a time to invest in property, so .....

[moneymatters]

What about Li Ka Shing telling folks in HK that this is the time to buy stock and property! Who is right who is wrong...only time will tell.

[cheerful]

conspiracy theory .... fr diff schools but all for the same motive ...

[J-Dog]

What a misleading bullshit for some idiots , conning ppl out of their money to burn in the falling market .. On the contrary there are always some fools around who willing to part with their money like "Proud Alexa's owners" .. Ha-ha .. It always makes me wonder , those ppl who corageous enough to spend 1k psf on some bulshit projects like Alexa, Nova 48 , e.t.c. and ignoring good central prime projects at 1,100 which are ready to move in or get rental income .. Am I missing something here ? Or is it some secret new trend strategy involved ?

[kalumder]

why is that everytime a project is sold out, I see them on propertyguru? I wonder if in some cases units which have not been sold, are purchased by a dummy corporation of the developer. They just factor this in. I would guess that the developer just needs to sell 30% of units at current prices, and can afford to hold on 70% of them or sell them later at a lower price.

btw could it be the showrooms are always full because there are so many propertyagents with nothing to do? Lets not forget in the last 2 years lots of people went to become a property agent. This business is now full of snake oil salesmen

I just dont believe there are that many people who would risk a flip. I think the developers might be behind this.

[James Ng]

Simei condo-style flats: No balloting
360 four- and five-room DBSS units can be booked on the spot.
Parc Lumiere at Simei Road will have 120 four-room flats and 240 five-room units. The four-roomers, of 1,012 sq ft each, are priced at between $378,000 and $425,000. The five-roomers range from 1,152 sq ft to 1,195 sq ft and are priced at between $462,000 and $575,000. The average price is $425 per sq ft (psf).
Recent DBSS projects take into account peak HDB prices because the developers had bought their land when the market was still fairly strong, Mr Ismail said. Sim Lian bought the Simei site last June for $137 psf of potential gross floor area.
Mr Ismail said four- and five-room flats in Simei are now valued at around $350 psf. If buyers do not mind an older flat, they can get a five-room unit nearer the Simei MRT station for the price of a four-room DBSS flat, he said.