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Thread: 14,500 new private home sales seen

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    Default 14,500 new private home sales seen

    http://www.businesstimes.com.sg/sub/...63942,00.html?

    Published December 15, 2009

    14,500 new private home sales seen

    This is 98% of 2007 record but value of sales this year may be far below 2007's

    By EMILYN YAP


    CB Richard Ellis (CBRE) has tipped the number of new private homes which could be sold this year at 14,500 - which is 98 per cent of the record 14,811 snapped up in 2007.

    But the value of transactions this year is likely to fall far below that of 2007. Just $13.4 billion worth of apartments have been sold to-date - 58 per cent of the $23.1 billion in 2007.

    According to the property consultancy, mass-market and mid-tier launches dominated the property market this year, leading to the lower transaction value.

    The number of new units sold from these two market segments made up about 60 per cent of the total this year. Popular projects included Caspian at Lakeside, Trevista at Toa Payoh and Meadows@Pierce at Upper Thomson.

    In contrast, pricier high-end homes had been the flavour of 2007 - new units sold from the core central region had accounted for 64.2 per cent of the total then.

    Not only have more mass-market and mid-tier developments entered the market this year, more small-format apartments have also been released.

    CBRE found that in the year-to-date, buyers have lodged 540 caveats for homes measuring 500 sq ft or less, in projects such as The Alexis and Suites@Guillemard. This number was just 221 for the whole of 2007.

    As at December, prices of new residential projects in all segments were back at 2008 levels, CBRE said. It cited data from the Urban Redevelopment Authority, which put the median prices of luxury and prime projects at $2,900 psf and $1,660 psf respectively.

    Median prices for freehold and 99-year leasehold projects stood at $960 psf and $800 psf in the rest of the island.

    CBRE expects private home take-up next year to moderate to 8,000-10,000 units, and home prices to rise by 5-10 per cent.

    'The first half of 2010 will see a wider spread of project launches from mass-market, to city-fringe and to prime locations,' said CBRE residential executive director Joseph Tan. Prime projects in the pipeline include Ardmore 3 and those on the collective sale sites of Farrer Court, Grangeford, Hillcourt and Parisian.

    'For mass-market and city-fringe 99-year leasehold projects, prices are likely to cross the $1,000 psf barrier because of their near-city location or if they are near an MRT station,' he added.

    In a report last Thursday, DBS Vickers predicted that developers would sell 8,000-10,000 units next year, and property prices would rise 10 per cent on the whole.

    'We believe that this price increase will be skewed to the high-end ... prices in the mass-market segment are expected to remain relatively flat, compared to the high-end segment, where we expect a 10-15 per cent year-on-year price appreciation alongside a year-on-year pick-up in transaction volumes,' said analysts Adrian Chua and Lock Mun Yee.


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    Default New home sales come close to 2007 levels

    http://www.straitstimes.com/Money/St...ry_466620.html

    Dec 15, 2009

    New home sales come close to 2007 levels

    But with more mass market deals, total value is at 58% of that in 2007

    By Joyce Teo, Property Correspondent


    WITH the year nearly over, it is clear that nearly as many homes will be sold this year as in the boom year of 2007.

    CB Richard Ellis (CBRE) predicted yesterday that as many as 14,500 new homes may be sold once the final tally is in for this year - second only to 2007's record take-up of 14,811 units.

    But caveats lodged from Jan 1 to Dec 11 showed that the total value of property sales this year is running at only 58 per cent of that in 2007, said CBRE.

    It said this was because mass market and mid-tier homes dominated the market this year, unlike in 2007 when high-end homes stole the limelight.

    Also noteworthy: the fast-rising popularity of small-format apartments of 500 sq ft and below. So far this year, 540 of these apartments have been sold, more than double the 221 units sold in 2007.

    Most projects with small units were sold out within a few days of their launch as each unit was 'very affordable' at between $300,000 and $600,000.

    'As developers whet the appetites of enthusiastic home buyers by supplying nearly 12,000 new homes for sale in the first nine months of the year, they ran short of supply of mass market projects by the fourth quarter,' said CBRE.

    In the fourth quarter, most launches were prime ones, pricing out buyers with smaller budgets. The Government's warning that the recovery might not be sustainable also cooled buying fever, CBRE said.

    With a fortnight left in the year, CBRE estimates total fourth quarter sales of new private homes at 1,700 units, putting combined sales for November and December at 889 units as October sales were 811 units, down from the 1,143 sold in September.

    With no major launches to drive up November and December sales, this period was always expected to be slower.

    Earlier, some consultants had tipped a new record this year. This now looks unlikely as the market has slowed markedly in the fourth quarter, said Knight Frank's executive director for residential, Mr Peter Ow. 'We may not breach 2007's record but it is still a spectacular number as the sales were achieved mostly in a seven- month period from March to September.'

    Nevertheless, there is growing market confidence, particularly with next year's opening of the two integrated resorts, experts said.

    The first half of next year will see a wider spread of project launches, from the mass market ones to the city-fringe projects and prime ones, said CBRE executive director for residential Joseph Tan.

    'For mass market and city-fringe 99-year leasehold projects, prices are likely to cross the $1,000 psf barrier because of their near-city location or if they are near an MRT station.'

    Prime projects in the pipeline include Ardmore 3 and those on collective sale sites of Grangeford and Hillcourt, said CBRE. It expects 8,000 to 10,000 sales, with prices rising by 5 per cent to 10 per cent.

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    Default

    http://www.channelnewsasia.com/stori...024709/1/.html

    About 14,500 new homes expected to be sold in 2009: CBRE

    By Yasmine Yahya, Channel NewsAsia | Posted: 14 December 2009 1746 hrs


    SINGAPORE : As many as 14,500 new homes are expected to be sold in the whole of 2009, second only to the record of 14,811 units in 2007.

    Despite the high volume of sales, property consultancy CB Richard Ellis (CBRE) said the caveats lodged to date showed that the total selling price paid for new homes in 2009 was 58 per cent of that in 2007.

    CBRE said this was likely due to the dominance of mass market and mid-tier homes that were sold in 2009 compared to 2007, when high-end homes stole the limelight.

    The strong take-up in the mid-tier segment only filtered upwards to the prime segment in the second half of 2009.

    As a result, the number of units sold from the mass market and mid-tier segments made up about 60 per cent of the total sales quantum in 2009.

    In contrast, back in 2007, it was the high-end projects in the Core Central Region or prime areas that made up over 64 per cent of the total sales quantum.

    CBRE said the first half of 2010 will see a wider spread of project launches from the mass market to city fringe and to prime locations.

    For mass market and city fringe 99-year leasehold projects, CBRE said prices are likely to cross the S$1,000 per square foot barrier because of their near-city location or if they are near an MRT station. - CNA/ms

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