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Thread: Private home sales slow

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    Default Private home sales slow

    http://www.straitstimes.com/Breaking...ry_466810.html

    Dec 15, 2009

    Private home sales slow

    By Joyce Teo, Property Correspondent


    PRIVATE home sales slowed for a fourth straight month in November.

    Developers sold 600 new units in November - down from 811 units in October and 1,143 units in September, according to data released by the Urban Redevelopment Authority on Tuesday.

    But developers launched 923 units last month, more than the 566 units in October. Experts have said that the market is just taking a breather, following months of hectic sales around the middle of the year, which peaked at 10,000 units in July.

    The increase prompted the government to announce that it will sell more land sites and ban interest-only mortgages for uncompleted homes as part of measures to prevent excessive price swings. The top-seller last month was Parvis in Holland Hill. Ho Bee launched 130 units in the condo project and sold 103 of them at a median price of $1,507 per sq ft.

    Home prices rose 15.8 per cent in the third quarter, the first increase in more than a year and the biggest quarter-on- quarter gain in 28 years, the URA said last month. URA is expected to release its preliminary estimate for fourth-quarter prices on Jan 4.

    The top-seller last month was Parvis in Holland Hill. Ho Bee launched 130 units in the condo project and sold 103 of them at a median price of $1,507 per sq ft. Marina Bay Suites also sold 87 units last month at an average price of S$2,159 a square foot.

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    http://www.channelnewsasia.com/stori...024862/1/.html

    Sales of uncompleted private homes in November continue to fall

    By Jonathan Peeris, Channel NewsAsia | Posted: 15 December 2009 1429 hrs


    SINGAPORE: Sales of uncompleted private homes continued to fall in November, making it the fourth consecutive month of decline.

    Just 600 units were sold last month, a 26 per cent drop over October. It was also the second time since January that private home sales have dipped below 1,000 units.

    November followed the trend in October, which showed a pickup in the number of high-end units being sold.

    More than half of the units sold in November had median prices above S$1,500 per square feet.

    The top selling property last month was Boulevard Vue at Cuscaden Walk, where three units were picked up by buyers at a median price of S$2,850 per square foot.

    - CNA/yb

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    http://www.businesstimes.com.sg/sub/...64030,00.html?

    Published December 16, 2009

    New condo sales fall for 4th straight month

    But rate of decline is easing; attention shifts to mid-tier and high-end homes

    By UMA SHANKARI


    (SINGAPORE) The number of new private homes sold in November fell 26 per cent month-on-month to 600 - the fourth straight monthly fall since July's peak.

    November sales were also the lowest since January, when just 108 units were sold.

    Analysts say the month by month decline is due to cooling interest among mass-market buyers - typically HDB upgraders - as prices in this segment have climbed since the second quarter.

    In November, just 27 per cent of all units sold were in the outside central region (OCR) - a proxy for suburban mass-market locations. The OCR also accounted for only 21 per cent of launches in November.

    In contrast, 60 per cent of the homes sold were in the core central region (CCR) which includes the prime districts, financial district and Sentosa Cove. Sales in the CCR more than doubled from 152 in September to 362 in November.

    Data from the Urban Redevelopment Authority also shows that the CCR accounted for 73 per cent of units launched last month as developers tried to cash in on returning interest in the high-end segment.

    'With a lack of new mass-market offerings, attention in the month turned towards the mid-tier and the high-end,' said DBS Group Research analyst Adrian Chua. 'Things were more interesting at the mid and high-end.'

    Attractive prices in the high-end segment also helped.

    'Strong buying sentiment in this sub-market (the CCR) is mainly supported by affordable prices compared with the previous peak in 2007, especially developments with good specifications and prime strategic locations,' said Chua Yang Liang, Jones Lang LaSalle's head of research for Southeast Asia and Singapore.

    In fact, the private residential property market has again become an investors' market, as upgraders start to stay away.

    PropNex chief executive Mohamed Ismail said that while upgraders are cautious, serious investors are buying with confidence, picking up properties in good locations mostly in the $1,500-$2,500 per square foot range.

    An analysis by Savills Singapore showed the average unit price fetched seems to have risen.

    In October, 78 per cent of units sold were in the $750-$1,000 and $1,000-$2,000 psf price bands. But in November, 73 per cent of units sold had moved up one price band to between $1,000-$2,000 and $2,000-3,000 psf.

    'This translates to a remarkable increase of 106 more units sold at the higher price band of between $2,000-$3,000 psf,' said Christine Sun, Savills' senior manager for research & consultancy.

    The best-performing project in November was Ho Bee's Parvis at Holland Hill, with 103 units sold at a median price of $1,507 psf. Next in line was the high-profile Marina Bay Suites by Keppel Land, Hongkong Land and Cheung Kong, in the upcoming Marina Bay Financial Centre, where 87 units were sold during a one-day private preview at a median price of $2,159 psf. Six whole floors were reportedly sold to Singaporeans and Singapore permanent residents from Indonesia and other Asian countries.

    Another high-end project that did well is Novelty Group's Espada at St Thomas Walk, which sold 61 units at a median price of $2,322 psf.

    The market also appears to be nearing its bottom, analysts say. While November marked a fourth monthly fall in transaction numbers, the rate of decline seems to be slowing.

    The month-on-month fall from October to November was 26 per cent, down from a 29 per cent fall from September to October and a 37 per cent fall from August to September.

    In the 11 months from January to November, a total of 14,243 units were sold, just 568 fewer than the the 14,811 units sold at the peak of the market in 2007.

    'We believe sales will continue to taper off into December and also on a year-on-year basis into 2010, when we expect around 8,000 to 10,000 units to be sold,' said DBS's Mr Chua. 'We also expect a greater percentage of sales in 2010 will come from the high-end segment.'

    CB Richard Ellis likewise expects take-up in 2010 to moderate to 8,000-10,000 units, and reckons prices could rise 5-10 per cent.


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    http://www.straitstimes.com/Money/St...ry_467066.html

    Dec 16, 2009

    New private home sales down again

    November marks fourth month of decline; landed properties are in favour

    By Joyce Teo, Property Correspondent


    SALES of new private homes fell in November for the fourth month in a row, following July's sales peak.

    Data released yesterday by the Urban Redevelopment Authority shows that property developers sold just 600 units last month, compared with 815 in October and 1,143 in September.

    A whopping 2,772 units were offloaded when the market reached its high point in July.

    The dip in sales contrasts with an uptick in launches, with 923 units unveiled last month, up from 570 units in October.

    Last month's continued decline in new private home sales did not surprise property experts, who had predicted a weaker take-up rate because of the seasonal slowdown and the Government's anti-speculation measures introduced in September.

    While low, the sales figure of 600 units is still higher than the 192 units registered for the same month a year ago. And it brings total sales from January to November to 14,243 units - just 568 units short of the 2007 record of 14,811 units.

    Like the previous month, November was characterised by no major mass market launches, while landed projects continued to prove a popular market niche, noted real estate company CB Richard

    Ellis. Mass market or suburban sales accounted for just 159 units and sales of projects in the rest of the central region or city fringe areas totalled 79 units.

    Singapore's core central region took the lion's share - 60 per cent of units sold or 362 units. It also had the majority of launches - 671 units.

    Last month's top seller proved to be Parvis in Holland Hill, where Ho Bee launched 130 units and sold 103 of them at a median price of $1,507 per sq ft.

    Marina Bay Suites also did well, with 87 units sold at a single-day preview.

    Espada in St Thomas Walk managed to achieve higher prices on a per sq ft basis given that it comprised mostly small-format units. One- and two-bedroom homes, ranging from 355 sq ft to 721 sq ft, made up 96 per cent of the 232 units in the project, according to CB Richard Ellis.

    Jones Lang LaSalle said November's sales data suggested that the impact of

    anti-speculation measures was felt most keenly in city-fringe and suburban locales, where markets are driven mostly by HDB upgraders who are more sentiment-driven and price-cautious.

    While the high-end sector continued to lead the market last month, said Ngee Ann Polytechnic real estate lecturer Nicholas Mak, the climb in sales was from a low base and so was bound to seem impressive.

    'The number of core central region units launched in November almost doubled from the previous month, but sales rose by less than 20 per cent,' he added.

    Jones Lang LaSalle's head of research for South-east Asia Chua Yang Liang noted that the take-up rate of 54 per cent in the core central region suggested that developers may have been too optimistic in marketing their launches last month.

    However, despite a poor showing of actual units sold on the city fringes, this sub-market managed a take-up rate of 146 per cent, he added. More units were sold than launched during the month as buyers bought unsold units that were launched earlier.

    Strong buying sentiment in prime condo projects, according to Jones Lang LaSalle, is chiefly being driven by affordable prices - unlike in the previous peak in 2007.

    The firm's in-house data shows that the average capital value for prime properties within the core central region has grown the most so far this quarter, but is still some 16 per cent shy of the previous peak recorded in 2007.

    Average resale prices in non-prime markets grew at a lower rate of 5 per cent, but they are already almost back to the 2007 peak, the firm said.

    According to a DMG Research report released yesterday evening, the key thing to note about the market is the sustained level of appetite for high-end properties.

    Sales activity and prices have yet to approach the previous peak, but buying appetite and price movement are expected to gain upward momentum over the next six months on the back of the integrated resorts' opening, solid global macroeconomic news flow and increased foreign buying, it said.

    For now, the market is likely to remain cautious until buying interest picks up from February next year, said Dr Chua.

    [email protected]
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