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Thread: Median home prices in Q3 jump smartly

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    Default Median home prices in Q3 jump smartly

    http://www.businesstimes.com.sg/sub/...50543,00.html?

    Published September 17, 2009

    Median home prices in Q3 jump smartly

    CBRE analysis shows sharp climb but it expects sales and prices to moderate


    (SINGAPORE) The median price per square foot for new 99-year leasehold condos and apartments sold by developers rose 16.5 per cent in Q3 over Q2 - more than double the 7.8 per cent quarter-on-quarter increase seen in Q2, according to CB Richard Ellis's analysis of caveats data.

    Its study was based on caveats data downloaded from URA's Realis system on Sept 15 this year.

    'Prices of new projects are always a function of new launches. We have seen the launch of some high quality projects with good attributes such as those near MRT stations in the past three months,' said CBRE's executive director (residential) Joseph Tan.

    The study showed pretty much across-the-board increases in median psf prices so far this quarter compared with Q2 - in primary and secondary markets, and for 99-year leasehold as well as freehold/999- year leasehold tenure properties.

    National Development Minister Mah Bow Tan told Parliament on Monday that 'overall private housing prices have started to increase significantly since June'. He said this while announcing measures to cool the overheating of the property market.

    The government has scrapped the interest absorption scheme and will restart confirmed list land sales in the first half of 2010. It will also enhance supply in the reserve list for H1 2010 to meet possible increase in demand.

    For freehold and 999-year leasehold non- landed private homes, the median price of units sold by developers appreciated 30.8 per cent to $1,241 psf in this quarter over the preceding quarter, after posting a 9.7 per cent quarter-on-quarter decline in Q2, according to CBRE.

    In addition to listing median psf prices, the property consulting group also analysed median price in terms of quantum per unit. The figure for 99-year non-landed private homes sold by developers rose 11 per cent from $824,967 in Q2 to $916,000 in Q3.

    Making a general comment on the direction of private home prices, CBRE said that 'further price increases will be checked because they had climbed substantially in the past six months and some resistance can be expected'.

    Deutsche Bank, in a research note issued after Monday's announcement, said that developers have been raising prices by 2 to 6 per cent month-on- month across all segments since private residential prices bottomed out in February/March this year.

    'And in the secondary market, prices for some of the projects we track have increased by around 10-40 per cent from recent lows,' added the report, written by strategist Gregory Lui and analyst Elaine Khoo.

    CBRE said yesterday that sales momentum in the fourth quarter is likely to moderate following this week's measures to stabilise the property market and with fewer launches of large-scale projects on the cards.

    It reckons developers will sell about 5,200 private homes in Q3, which would bring the tally for the first nine months of 2009 to 12,450 units. Primary market home sales should exceed 14,000 units for the whole of this year, with a possibility of surpassing the record 14,811 units in 2007.

    HDB upgraders bought 51 per cent of new private homes sold by developers in the first eight months of this year, compared with 44 per cent for the whole of last year.

    HDB upgraders were also active in the secondary market, making up 40 per cent of buyers in the first eight months of 2009, up from their 33 per cent share for full-year 2008.

    'Interest from HDB upgraders can be attributed to the resilience witnessed in the HDB resale market,' CBRE said.

    The top five nationalities of foreign buyers of new private homes so far this year were Malaysians, Indonesians, Chinese, Indians and Britons.

    Singapore property counters yesterday recovered after two days of declines following Mr Mah's announcement. City Developments gained 38 cents or 3.8 per cent yesterday to close at $10.42. CapitaLand ended six cents higher at $3.77. Keppel Land appreciated 3.1 per cent to close at $2.68.

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    http://www.straitstimes.com/Money/St...ry_430844.html

    Sep 17, 2009 Thursday

    Buyers paying more for private homes

    Median prices for non-landed units up sharply in third quarter

    By Joyce Teo


    A NEW report from property consultancy firm CB Richard Ellis (CBRE) shows that prices of private, non-landed homes have risen sharply since July.

    An analysis of caveats lodged by home buyers in the third quarter up to Tuesday indicates that the median price of such new homes with a 99-year lease jumped 16.5 per cent to $769 per sq ft (psf), from $660 psf in the second quarter.

    For freehold homes or those with a 999-year lease, median prices hiked an even more dramatic 30.8 per cent to $1,241 psf in the third quarter, compared with $949 psf in the second.

    CBRE's analysis shows that buyers were willing to commit to homes with larger price tags during the quarter in question. They paid a median, or mid-range, price of $916,000 for new 99-year leasehold homes during the third quarter - up 11 per cent from $824,967 in the second.

    And the increase in total price paid for property is more marked in the freehold homes category, which was left reeling by the global financial crisis. Buyers paid a median price of nearly $1.4 million in the third quarter - up 32.2 per cent from $1.06 million in the second. This latest median price is almost double the first quarter's $734,500.

    Resale prices also rose, but at a slower pace. In the sub-sale market, 99-year leasehold homes sold for a median $1,032 psf in the third quarter. This represents a near 19 per cent rise from $869 psf in the second.

    CBRE executive director (residential) Joseph Tan said that barring any unforeseen circumstances, the rises pointed to prices having bottomed out and being on the road to recovery.

    An estimated 12,450 units were sold between January and September, nearly three times the 4,264 new homes sold for the whole of last year, said CBRE.

    Experts predict that prices may go higher given that buoyant demand persists, but they expect the rises to be slight following the Government's introduction of market-calming measures.

    These include the removal of the interest absorption scheme that allows buyers to defer the bulk of the purchase price until a project is completed. Because of the premium charged, buyers are now not so keen on the scheme.

    By themselves, the measures are not viewed as dramatic, experts said. But, because the market is sentiment-driven, the message the Government is sending out should put a halt to large rises, according to Jones Lang LaSalle's head of research (South-east Asia) Chua Yang Liang.

    'Further price increases will be checked because they have climbed substantially over the last six months, so some resistance can be expected,' Mr Tan said.

    Dr Chua believes new launch prices should stabilise towards the end of the year, while resale prices - which traditionally lag behind new launch prices - may rise slightly.

    The firm's preliminary data shows resale values in prime districts have risen 10 to 15 per cent from the lows earlier in the year. But they are still 24 per cent behind the 2007 peak.

    Non-prime home prices are up some 20 per cent on the lows seen early this year, but are 5 per cent short of their 2007 high.

    Experts believe developers with launch- ready projects will push out their projects swiftly to make the most of the upbeat sentiment. These include the 1,040-unit The Interlace in Alexandra Road, the 119-unit Elliot At The East Coast and a 99-year leasehold condo in Yishun Avenue 1.

    Experts think there are still plenty of keen buyers out there, but demand for new launches is going to depend greatly on price.

    The drivers of demand are still largely in place, points out Ngee Ann Polytechnic real estate lecturer Nicholas Mak. 'There is the low interest rate environment,

    a healthy stock market, strong HDB resale prices and people are also thinking the worst is over,' he added.

    Resilience in the HDB resale market has boosted the buying interest of HDB upgraders, who made up 51 per cent of new home buyers in the past eight months of the year. This compares with 44 per cent for the whole of last year, according to CBRE data.

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    HDB resale prices up 3.6%
    AsiaOne
    Friday, 23 October 2009



    HDB resale flat prices rose by 3.6% in in the third quarter of 2009, more than doubling the 1.4% increase in the second quarter.

    The median Cash-Over-Valuation (COV) amount among all resale transactions has risen to $12,000, from $3,000 in the second quarter. Cases transacting above valuation has increased to 79%.

    Resale transactions increased by about 14% this quarter, from 10,184 cases in the second quarter.

    Upcoming new flat supply

    On Oct 1, HDB announced the launch of 5,000 Build-To-Order (BTO) flats from Oct to Dec this year.

    In Nov and Dec 2009, HDB will launch another 4,000 BTO flats in Punggol, Bukit Panjang, Sembawang and Dawson.

    Together with other sale exercises, as well as flats offered under the Design, Build and Sell Scheme, the total flat supply for 2009 would be about 13,500 units.

    HDB is monitoring the demand situation and would adjust its building plan accordingly to ensure an adequate supply of new flats.

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    Q3 home prices soar
    Fiona Chan
    The Straits Times
    Friday, 23 October 2009


    Property buyers at the preview of the Hundred Trees condominium project located at West Coast Drive. -- Photo: Shahriya Yahaya, ST

    Private home prices shot up 15.8% in the third quarter of this year - their biggest jump since 1981 - as Singapore's economy finally exited its recession.

    Prime non-landed homes in the central areas saw prices increase by 15.2%, while city-fringe condominiums jumped in price by 18.5%. Prices of mass-market apartments in the suburban areas rose 16.1% according to finalised data released by the Urban Redevelopment Authority (URA) on Friday.

    The URA's flash estimates for the third quarter, released earlier this month, had said private home prices went up by 15.9% in the third quarter.

    Other segments of the property market also registered improvements, although their performance was not quite as stellar.

    Prices of offices and shops fell by 2.1% and 1.2% respectively in the third quarter. Rentals of private homes declined 2.2%. Office and shop rentals fell 4.1% and 0.9% respectively.

    As for industrial properties, prices fell 2.1% in the third quarter and rents slid by 3.1%.

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