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Thread: Prices of Singapore's private homes fell 4.7 per cent in the second quarter

  1. #1
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    Default Prices of Singapore's private homes fell 4.7 per cent in the second quarter

    SINGAPORE - Prices of Singapore's private homes fell 4.7 per cent in the second quarter, less than earlier estimated.

    The Urban Redevelopment Authority said in a news release on Friday that the price index of private residential property, for the three-month period ending June, dropped to 133.3 from 139.9 in the first quarter, falling for the fourth straight quarter.

    Preliminary figures from the URA earlier this month showed prices easing 5.9 per cent.

    It also said that house rentals were down 5.2 per cent in the second quarter after a 8.5 per cent drop in the first three months of this year. -- BT ONLINE

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    Quote Originally Posted by sabian
    SINGAPORE - Prices of Singapore's private homes fell 4.7 per cent in the second quarter, less than earlier estimated.

    The Urban Redevelopment Authority said in a news release on Friday that the price index of private residential property, for the three-month period ending June, dropped to 133.3 from 139.9 in the first quarter, falling for the fourth straight quarter.

    Preliminary figures from the URA earlier this month showed prices easing 5.9 per cent.

    It also said that house rentals were down 5.2 per cent in the second quarter after a 8.5 per cent drop in the first three months of this year. -- BT ONLINE
    Looks like in the last few weeks of June the caveat-prices had started to rise......

    It will be interesting to see Q3 data when it comes out in Oct.

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    Private home prices fall 4.7% in Q2

    By Asha Popatlal, Channel NewsAsia | Posted: 24 July 2009 1410 hrs

    SINGAPORE: Private home prices in Singapore fell 4.7 per cent in the second quarter of this year, compared with the previous three months.

    Although that marked the fourth straight quarter of falls, the pace of the decline appeared to be moderating.

    Prices fell a record 14.1 per cent on quarter in the January to March period.

    The second quarter decline was also better than 5.9 per cent fall predicted in the advance estimate released earlier this month.

    Meanwhile, private residential rents fell 5.2 per cent in the second quarter, compared with an 8.5 per cent drop in the first quarter.

    - CNA/yb

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    this caught me by surprise... how is that possible? thought price have been rising since Jan/Feb?

    Can anyone unlock the mystery?

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    Quote Originally Posted by xtink
    this caught me by surprise... how is that possible? thought price have been rising since Jan/Feb?

    Can anyone unlock the mystery?
    wonder how is the price index calculated. based on psf or total price? how much percentage of developer sale, subsale/resale? different districts ? time delay? ...

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    new launch prices have been hogging all the limelight.

    the index also accounts for resale units of old developments.

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    Quote Originally Posted by sabian
    new launch prices have been hogging all the limelight.

    the index also accounts for resale units of old developments.
    A gentle thinker.

    What is on the surface is what could be seen. Surface elements could lead you to a prediction of the depth, but it either right or wrong.

    And every reports/articles on paper sometime tends to carry some form of agenda and at times, even without the knowing of the writer/interviewee themselves. Statistics could already be repackage inaccording to selected parameters, let alone say advertising/marketing/promotion campaign.

    If you really need to chose a lead or pointer, may I suggest you chose government URA snippets AND quarterly report which generally arrive on the 3rd week of the 1st month of a quarter for previous quarter?

    Does Parc Imperial 100 units of 1 bedder = 50 units of 3 bedder on common ground? Then should we take number of units as indicator or transacted $ over GFA? I don't know. The scholars should be able to take care of the algorithm, and they are state-paid to do so.

    In any case, URA can't afford to simply assume, it has many supporting contributors. And there is one strong indicator coming from revenue house. It call STAMP DUTY a.k.a. estate duty clearance of the nation. Anytime better than property agency house excel spread sheet. hhahahah

    PS: Perhaps next quarter we could see a marginally increase though.

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    Thanks apple3.
    That's is probably a cleaner source.

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    Quote Originally Posted by sabian
    Thanks apple3.
    That's is probably a cleaner source.
    No prob.
    Glad to help.

    No property sale could escape Stamp Duty, regardless of any form. hahhahha

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    the decline especially for the high-end and mid-market segment probably continued into april or May as there is a time lag between the signing of option to purchase and lodging of caveat or completion of deal. New launch completion will also take about 8 weeks to lodge into caveat. there is a lag effect.

    I would think the last 2 mths i.e. may & June month activity would be reflected in Qtr 3 and do not be surprise to see near double digit growth in qtr3 over qtr2 as many resale property prices increased.

    expect more people to jump into the market in qtr4 when they see qtr3 numbers.

    Quote Originally Posted by xtink
    this caught me by surprise... how is that possible? thought price have been rising since Jan/Feb?

    Can anyone unlock the mystery?

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    Quote Originally Posted by apple3
    A gentle thinker.

    What is on the surface is what could be seen. Surface elements could lead you to a prediction of the depth, but it either right or wrong.

    And every reports/articles on paper sometime tends to carry some form of agenda and at times, even without the knowing of the writer/interviewee themselves. Statistics could already be repackage inaccording to selected parameters, let alone say advertising/marketing/promotion campaign.

    If you really need to chose a lead or pointer, may I suggest you chose government URA snippets AND quarterly report which generally arrive on the 3rd week of the 1st month of a quarter for previous quarter?

    Does Parc Imperial 100 units of 1 bedder = 50 units of 3 bedder on common ground? Then should we take number of units as indicator or transacted $ over GFA? I don't know. The scholars should be able to take care of the algorithm, and they are state-paid to do so.

    In any case, URA can't afford to simply assume, it has many supporting contributors. And there is one strong indicator coming from revenue house. It call STAMP DUTY a.k.a. estate duty clearance of the nation. Anytime better than property agency house excel spread sheet. hhahahah

    PS: Perhaps next quarter we could see a marginally increase though.
    Well said. Clap clap. Orchard area already moving up and up. How come they so slow, still report a drop in sales price.

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    Flippers manage to slip through though.

    Quote Originally Posted by apple3
    No prob.
    Glad to help.

    No property sale could escape Stamp Duty, regardless of any form. hahhahha

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    Quote Originally Posted by durian
    Flippers manage to slip through though.
    How? From 15th December 2006 onward, to cap speculation of property, stamp duty act revised to;

    You are required to pay stamp duty on the Acceptance Letter to the Option to Purchase or Sale and Purchase Agreement that you have executed (signed) for a purchase of a property under construction. All documents have to be stamped within 14 days after the date of execution of the agreement.

    Example
    You have purchased a property from the developer and subsequently sub-sold the property to another purchaser. In this case, stamp duty is imposed on document(s) executed between the developer and yourself and document(s) executed between yourself and the sub-purchaser.
    Even though the sale is for the same property, the parties to the contract and purchase price are different and they are considered as two separate sale transactions. Hence, stamp duty is imposed on each sale transaction.

    So the stamp duty from the above mentioned will still be capture by Iras on both side, thus relaying to URA for cumputation of index. So how flipper circumvent the estate duty? By mean of "OTP" sale? Please note that in the height of speculation, OTP could even be found on ebay. This way circumvent the stamp duty but subsequently, the following standard clause are added to all TOP as well as striking off the conveying option box, which deny any sale of OTP itself;

    This Option to Purchase is granted solely to the name aforementioned. The buyer is not allowed to convey, assign or transfer the Option to Purchase that has been granted to him/her by the developer to any other persons.

    How? Teach me leh..

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    Quote Originally Posted by Property_Owner
    Well said. Clap clap. Orchard area already moving up and up. How come they so slow, still report a drop in sales price.
    Well, I guess either those Orchard area are going to post in Q3 or simply, for every up & up there are an equal number of down & down + a bit down. hahaha..

    I mean, with all the developer-sale, sub-sale, re-sale, owner/bank/iras auction sale, enbloc-sale, and from yet-to-even-fence-off unit to pigeon-hole to donkey-old apartment, etc.. how you know it going up and up overall?

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    Put in your name and add "or nominess" in letter of offer. After you flip, the OTP is signed by the finanl buyer and S&P is between the initial seller and final buyer. The flipper will somehow slip through the paper works.


    Quote Originally Posted by apple3
    How? From 15th December 2006 onward, to cap speculation of property, stamp duty act revised to;

    You are required to pay stamp duty on the Acceptance Letter to the Option to Purchase or Sale and Purchase Agreement that you have executed (signed) for a purchase of a property under construction. All documents have to be stamped within 14 days after the date of execution of the agreement.

    Example
    You have purchased a property from the developer and subsequently sub-sold the property to another purchaser. In this case, stamp duty is imposed on document(s) executed between the developer and yourself and document(s) executed between yourself and the sub-purchaser.
    Even though the sale is for the same property, the parties to the contract and purchase price are different and they are considered as two separate sale transactions. Hence, stamp duty is imposed on each sale transaction.

    So the stamp duty from the above mentioned will still be capture by Iras on both side, thus relaying to URA for cumputation of index. So how flipper circumvent the estate duty? By mean of "OTP" sale? Please note that in the height of speculation, OTP could even be found on ebay. This way circumvent the stamp duty but subsequently, the following standard clause are added to all TOP as well as striking off the conveying option box, which deny any sale of OTP itself;

    This Option to Purchase is granted solely to the name aforementioned. The buyer is not allowed to convey, assign or transfer the Option to Purchase that has been granted to him/her by the developer to any other persons.

    How? Teach me leh..

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    Quote Originally Posted by durian
    Put in your name and add "or nominess" in letter of offer. After you flip, the OTP is signed by the finanl buyer and S&P is between the initial seller and final buyer. The flipper will somehow slip through the paper works.
    but then..

    1. OTP is serve to you by sellor, typically vetted by lawyer, those on IAS even have bank legal rep inside. How would they allow you to add "or nominess"? This is exactly the earlier "conveying" method use by agent to take in blank cheque. Example; FEO.
    http://www.fareast.com.sg/global/ind...ansaction-info

    2. Even then, it only 14 days to exercising of OTP.

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    Default Prices have definitely gone up

    Prices have definitely gone up somewhat ... that's why I came back to this forum.

    I was hiding over the past year while the storm was going on and didn't dare to open my eyes.

    But recently I checked the SISV Caveat database, things are not as bad as it seems.

    Landed property is the best performer. No lost at all. Back to pre-crisis level. In fact my neighbour sold recently at price slightly higher than pre-crisis.

    Office is the worst performer. Dropped 50% - $500,000 but only bounced back up $100,000. I think there is a huge oversupply of office properties especially with all the downtown buildings coming up.

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    Quote Originally Posted by jlrx
    I think there is a huge oversupply of office properties especially with all the downtown buildings coming up.
    you sure or not? later URA will come out with statement saying "there is no office oversupply after all" and then newspaper will publish big big and then office price cheong go holland

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    Quote Originally Posted by Lord Anus
    you sure or not? later URA will come out with statement saying "there is no office oversupply after all" and then newspaper will publish big big and then office price cheong go holland
    You are right baby. [email protected]#k those people that pen down those newspaper reports. 3 months ago over supply, 3 months late under supply.

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    The newpaper articles appear next to the ads for condos. The ads bring in revenue for the newspaper.

    Q1 - no one buying, no ads, no revenue, over-supply, who cares.
    Q3 - property sales up, more ads, many more ads, under-supply, plenty revenue, keep it going ... "selling like hot cakes" ... is this news or advertising? Or advertising passed-off as news?

    Also, the world is in the middle of a chronic economic recession. The USA is Singapore's biggest market. Unemployment in the US is 10% and rising. Folks there are saving for the first time in years. Few are buying. There's no market for Singapore.

    The property market generates activity, for agents, banks, solicitors, newspapers, PR companies, developers, construction companies etc. etc. If it's the only thing that can easily be made to grow then it's better than nothing. Plus all that stamp duty revenue for the government.
    Last edited by scott7777; 27-07-09 at 15:17.

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    Quote Originally Posted by Property_Owner
    Quote Originally Posted by Lord Anus
    you sure or not? later URA will come out with statement saying "there is no office oversupply after all" and then newspaper will publish big big and then office price cheong go holland
    You are right baby. [email protected]#k those people that pen down those newspaper reports. 3 months ago over supply, 3 months late under supply.
    You are right. These experts always exaggerate the situation to scare people.

    When the market was going up, they would pour oil onto fire; when the market was going down, they would write as if the world is coming to an end and there is no tommorow.

    So I just go into hiding and don't open my eyes.

    Actually if these "experts" can really predict the future, they don't have to work as they would be richer than the Queen of England.

    The following article is interesting:

    "The Straits Times
    27 July 2009
    The Queen Gets Answers

    LONDON - ECONOMIC experts have written to Britain's Queen Elizabeth explaining why the credit crunch had not been predicted, a newspaper reported on Sunday.

    The letter, signed by Bank of England Monetary Policy Committee member Tim Besley, said the cause of the financial collapse was complex, but in summary laid the blame on the 'failure of the collective imagination of many bright people", the Observer said.

    The letter was written after the Queen had asked during a trip to the London School of Economics why no one had seen the credit crunch coming."

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    Default HSBC warns of property bubble in Singapore, China and Hong Kong

    HSBC warns of property bubble in Singapore, China and Hong Kong

    http://www.h88.com.sg/article/HSBC+w...and+Hong+Kong/

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