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Thread: Property market cools as 1,078 new homes sold in May

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    Default Property market cools as 1,078 new homes sold in May

    http://www.channelnewsasia.com/stori...062154/1/.html

    Correction expected in Singapore's property market: industry players

    By Wong Siew Ying | Posted: 09 June 2010 2329 hrs


    SINGAPORE : Industry players have said Singapore's property market is in for a correction in coming months.

    Tell-tale signs include a plateau in home prices and a drop in transaction volumes.

    The Singapore Institute of Surveyors and Valuers said there were 899 caveats lodged for condominiums in the first three weeks of May.

    This compares with 3,060 for the whole of April.

    New condominium projects are still doing well. But property agents said home sales in the secondary or resale market have dropped by up to 20 per cent recently.

    Dennis Wee Group said buyers are becoming more cautious, going by sales figures in May.

    Chris Koh, director, Dennis Wee Properties, said: "Instead of seeing a 30 per cent increase in transactions as the month before, I only saw a marginal 3.5 per cent increase. A lot of buyers are pulling their handbrake, what they feel today is that the seller is asking for too high a price, and if I am not in a hurry, why not sit and wait."

    Industry data from the Singapore Institute of Surveyors and Valuers showed sales falling across various districts as of mid-May.

    The prime districts of 9, 10 and 11 recorded a 76 per cent drop, while the downtown city area saw the sharpest decline of 88 per cent.

    Analysts also expect transaction volumes to fall by 5 to 10 per cent due to the upcoming World Cup season, which begins on June 11.

    Meanwhile, ECG Property said it now takes longer to close a transaction. It was about 45 days before, but it takes up to 80 days now.

    Industry players expect the market correction to last between three and six months, and some said home prices could trend down by 3 to 5 per cent on average during this period.

    Eric Cheng, CEO, ECG Property, said: "Some of these prices are over book keeping value, whereby some banks may not even match some of the asking price today. That also shows that these prices could be a speculation price instead of a true reflection price. I think the market is going through a slight correction."

    Analysts said prices may also be capped by more land supply due to be released by the government.

    Other risk factors include volatile stock markets and the European debt crisis. - CNA/ms

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    Default Property market cools as 1,078 new homes sold in May

    http://www.channelnewsasia.com/stori...063324/1/.html

    Property market cools as 1,078 new homes sold in May

    By Wong Siew Ying | Posted: 15 June 2010 1256 hrs


    SINGAPORE: Singapore's property market cooled significantly in May with just 1,078 units of new private homes sold.

    This is about 50 per cent lower than the number of homes sold in April.

    Data released Tuesday by the Urban Redevelopment Authority, URA, showed a decline in transactions across all segments.

    Homes located in the city fringe were most popular during the month with 451 transactions.

    However, this number pales in comparison with the 1,044 deals done in April.

    Sales of new homes in the city dipped to 179 units in May, down from the 392 units sold the month before.

    While sales volume of homes in the suburban areas fell from 771 units in April to 448 units last month. - CNA/jy

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    Hopefully starbuys will be popping up soon...

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    starbuys will surely pop-up soon, remember that property market moves in cycles.

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    hope the hdb resale mkt will drop in tandem

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    drop till sentosa 3bedder less den 3mil!

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    Quote Originally Posted by mcmlxxvi
    hope the hdb resale mkt will drop in tandem

    Right now, "good" hdb resale units still open mouth COV $80-100k...
    Let you "bargain" down if you want, to maybe 60-70k, close!...
    Crazy!

    Better stick to private!

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    there r many 10-15k cov la

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    and river valley 4 bedroom less den 3mil too!

    Quote Originally Posted by devilplate
    drop till sentosa 3bedder less den 3mil!

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    There are many more reasonable HDB sellers asking around 10 to 20k now compared to a few months back.

    However, when will price of private drop?? I am looking to get a unit at reasonable pricing...hopefully soon.

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    Default low COV

    Quote Originally Posted by devilplate
    there r many 10-15k cov la
    yeah mine also just sold for low COV. It's not the COV that's causing so much problems but the valuation is really high. The returns just from valuation alone is already phenomena for my place

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    Congrats! HDB flats (direct from HDB) are the BEST investment - but not everyone has the privilege.

    Quote Originally Posted by tericia
    yeah mine also just sold for low COV. It's not the COV that's causing so much problems but the valuation is really high. The returns just from valuation alone is already phenomena for my place

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    Quote Originally Posted by tericia
    yeah mine also just sold for low COV. It's not the COV that's causing so much problems but the valuation is really high. The returns just from valuation alone is already phenomena for my place
    how i wish evry seller is contented like tericia

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