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Thread: Private home sales down 22% in June

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    Default Private home sales down 22% in June

    July 15, 2010, 1.09 pm (Singapore time)

    Private home sales down 22% in June

    By EMILYN YAP


    SINGAPORE - Latest figures from the Urban Redevelopment Authority on Thursday show that developers sold 847 private homes in June. This is 22 per cent less than the 1,083 sold in May.

    The number of units launched fell 11 per cent over the same period, to 1,010 in June from 1,135 in May.

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    Default Private home sales in June falls to 847 units: URA

    http://www.channelnewsasia.com/stori...069500/1/.html

    Private home sales in June falls to 847 units: URA

    By Wong Siew Ying | Posted: 15 July 2010 1248 hrs


    SINGAPORE: Demand for new private residential properties continues to moderate.

    The number of new homes sold fell in June to 847 units, according to figures from the Urban Redevelopment Authority.

    That's down from 1083 transactions done in May 2010.

    The top sellers in June include projects like The Minton, La Brisa and Waterfront Gold.

    URA says 143 new homes in the city and prime districts were sold during the month.

    While the city fringe saw 275 units changing hands.

    Homes in the suburban areas were most popular with 429 units sold.

    All in, developers placed 1,010 units of new homes for sale in June. - CNA/jm

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    Quote Originally Posted by mr funny
    http://www.channelnewsasia.com/stori...069500/1/.html

    Private home sales in June falls to 847 units: URA

    By Wong Siew Ying | Posted: 15 July 2010 1248 hrs


    SINGAPORE: Demand for new private residential properties continues to moderate.

    The number of new homes sold fell in June to 847 units, according to figures from the Urban Redevelopment Authority.

    That's down from 1083 transactions done in May 2010.

    The top sellers in June include projects like The Minton, La Brisa and Waterfront Gold.

    URA says 143 new homes in the city and prime districts were sold during the month.

    While the city fringe saw 275 units changing hands.

    Homes in the suburban areas were most popular with 429 units sold.

    All in, developers placed 1,010 units of new homes for sale in June. - CNA/jm


    Good news !!! I am hoping the price to stabilise....too high the price....abit worried to buy at this price for investment...unless buy for own stay....some sellers at low level/floors even asking for absurb prices a non negotiable some more....maybe Europe crisis should come in and affect the situation abit but not too much....

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    looks like many cash rich buyers staying sidelines...waiting for correction...but may cause a pent up demand later and price surge again

    tat explain y prices will nvr grow steadily at 3-5% annually

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    smart.... its like waiting for accidents to happen. If it never happen, nevermind... but if happened, its like kanna 4D, big sweep and toto... LOL.

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    Quote Originally Posted by cashrich
    smart.... its like waiting for accidents to happen. If it never happen, nevermind... but if happened, its like kanna 4D, big sweep and toto... LOL.
    Risk and returns are always two sides of the same coin. Nobody can run away from it.

    If the "accidents" never happen, the cash becomes more and more worthless. That's also a risk itself.

    Let's say in 1956, two persons each had $55,000.

    One of them bought a 61,240 sq ft bungalow at Parbury Avenue, 3 km from Frankel Estate, for $0.898 psf or $55,000, while the other held on to his cash.




    Published July 16, 2010

    Far East buys 31 Parbury Avenue

    By KALPANA RASHIWALA

    FAR East Organization has signed a deal to buy 31 Parbury Avenue off Upper East Coast Road for $55 million - a price that works out to $898 per sq ft of land area.


    The Upper East Coast site with a $55 million price tag: A two-storey bungalow stands on the sprawling 61,240 sq ft freehold site, which can be redeveloped into eight luxury bungalows or a strata landed-housing scheme comprising either 14 bungalows or 28 semi-detached houses or 37 terrace houses


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    Default seller never practice propertism leh

    By Cecilia Chow of The Edge Singapore Sunday, 23 May 2010 00:00 var addthis_pub="bittercoffee"; Standing on the rooftop terrace of the Parbury Avenue house that was once his family home, Derek Goh gestures at the view of the Upper East Coast neighbourhood with the greenery, and a glimpse of the sea beyond. “This is the most desirable aspect of the property — the view, the location,” he says. “You just have to be up here to appreciate it. There’s a lot of magic that can be created.”

    No 31 Parbury Avenue sits on a sprawling 61,240 sq ft freehold site and, perched on the hilltop, is surrounded by a high retaining wall, so the property is not visible from street level. The garden was even large enough for Goh to hold a wedding reception — complete with a giant white marquee — when he got married 20 years ago. The family no longer lives there, having moved out several years ago.

    The 51-year-old is the scion of the Goh family that founded both NatSteel (then National Iron and Steel Mills Ltd in partnership with the Economic Development Board) and Tat Lee Bank Group. Goh’s father Seong Pek, who passed away in 1983, was founding president of NatSteel and founding managing director of Tat Lee, while his uncle, Tjoei Kok, who passed away in 1994, was the founding chairman of Tat Lee and vice-chairman of National Iron and Steel Mills Ltd from 1961 to 1986.

    Goh, who has five siblings (four older sisters and a younger brother), is the trustee of his father’s estate, and has appointed CB Richard Ellis (CBRE) to handle the sale of the Parbury Avenue property through a public tender.

    The Gohs were not the first owners of the house — they had purchased the property in 1980 from the sister of Wee Cho Yaw, the banking magnate of UOB Group. “The house was designed specifically for her family’s needs, and we bought it as is,” says Goh.

    Given the illustrious history of the two families that once lived there, the property also appeals to wealthy individuals who want to buy the property as their residence. Over the years, there have been various parties who have made offers for the site. Says Goh: “There are the developers, but there are also individual owners who want to build their dream bungalows. There are many non-resident Singaporeans who have made it overseas — in China and India. And, interestingly, there’s still big money in the dotcom business, and these people now want to move back to Singapore because of its security and infrastructure.”

    The new owner could build a mansion on the hilltop on the site of the existing house, and smaller bungalows for rental farther down the hill slope, says Goh. This way, his privacy is assured and each individual bungalow below will also have a sense of privacy, he adds.

    Goh: There are the developers (who are interested in the site, but there are also individual owners who want to build their dream bungalows

    Goh himself is a property investor with a portfolio that includes multiple units in The Seaview on Amber Road, Parbury Hill condominium on Parbury Avenue, Cosmo on Guillemard Avenue as well as a couple of units in various developments in the prime Orchard Road districts. He was also a niche developer from the 1980s to 1990s, and developed several walk-up apartments in the Telok Kurau and Geylang area, as well as a couple of industrial and commercial buildings. His last project was the Seng Kee Building on Martin Road (where the Book Café is located), which was completed in 1997 and is now owned by his cousin.

    What is likely to excite developers, though, is the redevelopment potential of the land. Over time, as large plots are divided up and sold, sprawling sites like the one at Parbury Avenue become rarer, notes Jeremy Lake, executive director of investment properties at CBRE, who is handling the sale.

    The Parbury site is large enough to be subdivided and redeveloped into eight luxury bungalows or strata landed housing containing either 14 bungalows or 28 semi-detached houses. Alternatively, the developer could also build a denser strata development with 37 terraced houses.

    Thus, the site could appeal to niche luxury developers like Simon Cheong of SC Global Developments, or the more “functional types” of developers such as Fragrance Group and Roxy-Pacific Holdings, which have been active players in the East Coast, notes CBRE’s Lake.

    SC Global’s Cheong had purchased Chan’s Ville on Mountbatten Road, which sits on a sprawling 55,000 sq ft freehold site, in 2004 from the family of the late Chan Ah Kow. While the original mansion was conserved, SC Global built four bungalows on the site and renamed the property Five Legends at Mountbatten. All the bungalows were sold several years ago.

    Beyond the developers, CBRE will also be working closely with private bankers. “We see a need to reach out to this new money that’s coming into Singapore,” says Lake. “And that’s through the private bankers.” Since the global financial crisis, private bankers have noticed that their clients are favouring real-estate investments over financial instruments. Thus, some of the more entrepreneurial ones are working with property specialists like CBRE to market property to their clients.

    Lake says the guide price for the Parbury Avenue site ranges from S$52 million (RM121.1 million) to S$55 million, or an average of S$849 to S$898 psf. “We think pricing at that range is likely to be achievable,” he says. The tender is scheduled for launch this week.

    Beyond the size of the plot and the unobstructed views that the hilltop site commands, the uniqueness of the site also comes from the fact that it is bounded on three sides by Parbury Avenue, which means “wastage is negligible”, says Goh.

    In the past, Parbury Avenue, located just off Upper East Coast Road in District 16, was a popular holiday destination for the “old towkay” Chinese businessmen who built their seafront villas there, says Goh, “very much like Pasir Panjang and the Katong area”. However, many of the villas have since been parcelled out and sold.
    “It takes someone who wants to move away from the conventional design to maximise the potential of this property,” he adds. “And it’s not necessarily expensive; it just takes a crea­tive mind.”


    Cecilia Chow is editor of City & Country at The Edge Singapore


    This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 803, Apr 26 – May 2, 2010

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    cash out and enjoy the fruits mah....life is short...MUST SPEND!

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    this guy no nit to cash out. He has alot of fruits in his pockets. "overfilled"

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    or purposely sell to create publicity awareness?

    mabe he got bigger ambition to fulfil so nid to cash out

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    Default A breather for home sales in lazy June

    http://www.businesstimes.com.sg/sub/...10340,00.html?

    Published July 16, 2010

    A breather for home sales in lazy June

    Volumes fell during school hols, World Cup; July spurt expected before Hungry Ghost Month starts

    By EMILYN YAP


    (SINGAPORE) Students were not the only ones taking a break during the mid-year school holidays. Home seekers also slowed their pace, buying just 847 private homes from developers in June.

    This is the smallest number of new sales in a month since the start of the year. It is 22 per cent lower than the 1,083 units sold in May, and 62 per cent below April's 2,208 units.

    But market watchers are hardly fretting as they expect purchases to pick up slightly in July before the Hungry Ghost Festival is celebrated.

    Also, overall sales for the first half of the year have been strong. Developers offloaded 8,584 units from January to June - an average of 1,431 monthly. They did better compared with the same period last year, when they sold 7,374 units in total or an average of 1,229 monthly.

    'The momentum of new home sales slowed down in June as expected,' said CBRE Research executive director Li Hiaw Ho.

    Purchases had started falling in May as the euro debt crisis and high prices caused interested buyers to think twice.

    According to flash estimates from the Urban Redevelopment Authority (URA) two weeks ago, the private residential property prices index hit a new high in Q2, past the pre-Asian financial crisis peak.

    Then there were other distractions - the football World Cup and the school holidays - which could have persuaded developers to hold back launches. They rolled out 1,010 homes in June, down 11 per cent from 1,135 in May.

    Buying activity was concentrated in the suburbs, reflecting market caution. Home hunters bought 429 homes in the outside central region, accounting for 51 per cent of total sales. These included 77 units from Waterfront Gold at Bedok, which made its debut in June.

    In the rest of central region, developers sold 275 units or 32 per cent of the total. Activity was quietest in the core central region with 143 units or 17 per cent sold.

    New launches included Far East Organization's Skyline @ Orchard Boulevard, where two units changed hands for a median price of $3,839 per square foot (psf).

    Property consultants believe developers may sell slightly more homes this month, with the World Cup and school holidays over.

    Also, the Hungry Ghost Festival arrives in the second week of August. There might be 'superstitious buyers looking to pick up homes in July ahead of the inauspicious home-buying period', said Colliers International research and advisory director Tay Huey Ying.

    DTZ executive director (consulting) Ong Choon Fah added that strong economic growth in Q2 could boost market sentiment. On Wednesday, the government revised its GDP growth forecast for the year to a range of 13-15 per cent, up from 7-9 per cent.

    CBRE's Mr Li noted that sales in the third quarter have 'started well'.

    At UOL Group's Terrene in Bukit Timah, more than 100 homes out of 130 soft-launched since July 8 have been sold. The average price is $1,250 psf and demand came mainly from Singaporeans, especially those with private home addresses. UOL will officially release 42 units for sale today.

    While the market could get better in July, few consultants expect buying activity in the coming months to revisit highs reached earlier in the year.

    'Buying interest will remain selective, depending on the location and product attributes as well as price points of new launches,' CBRE's Mr Li said.

    Price resistance could keep some buyers on the sidelines. 'Bargain hunting is likely to be the main focus of buyers,' said Chua Yang Liang, South-east Asia and Singapore research head at Jones Lang LaSalle.

    To some extent, home sales are driven by the number of property launches, said DTZ's Mrs Ong. She expects launches in the mass market to continue because developers who recently won tenders for state land may want to roll out their projects before more government sites and more competition come onstream.

    But developers of prime freehold projects could hold back launches because there have been fewer collective sales of such sites. They may consider waiting 'for a little while more when they have a bit more pricing power', Mrs Ong said.


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    Default Sales of new private homes cool further

    http://www.straitstimes.com/PrimeNew...ry_554130.html

    Jul 16, 2010

    Sales of new private homes cool further

    By Joyce Teo


    SALES of new private homes slowed further last month as World Cup fever seemed to take its toll on buyer interest.

    Homehunters bought 847 units in June, compared with 1,083 units in May and the near-record 2,208 units in April, according to Urban Redevelopment Authority (URA) data released yesterday.

    The June figure brings new home sales to 8,518 units for the first half of the year - averaging 1,420 units per month and ahead of last year's average monthly sales volume of 1,224 units, noted CBRE Research.

    The URA figures show that launches were also down last month, with 1,010 units released, against 1,135 in May.

    Property experts had factored in a quiet June, given that the four-week-long South Africa World Cup, school holidays and the euro zone crisis were likely to divert the attention of potential buyers.

    About half of the sales in June were for homes in suburban areas, according to URA, while prime areas proved to be the quietest, accounting for 17 per cent of sales.

    Colliers International sees the geographical breakdown of new sales volumes showing intensified price resistance in June.

    It points out that mid-tier units in city-fringe areas - or what the URA calls Rest of Central Region - dipped by a sharp 74 per cent to just 275 units from April's peak level of 1,044 units.

    The firm's director of research and advisory, Ms Tay Huey Ying, said that this was not surprising, considering URA preliminary data had showed prices in that region gaining the most in the first half, compared to prices in the city centre or suburban areas. And overall, the prices have crossed the previous peaks.

    The Minton in Hougang proved to be June's top seller, moving another 173 units at a median price of $871 per sq ft. CBRE Research said that this was higher than the median price of $849 psf reported for the first 204 units sold in May.

    A new launch, Waterfront Gold, had a weaker showing with 157 units launched and 77 units sold at a median price of $996 psf.

    Jones Lang LaSalle said the total quantum demanded at the project - more than $1 million for a three-bedder - was possibly larger than what the market was willing to absorb.

    At the 84-unit La Brisa in Geylang, where most of the units range from 409 sq ft to 689 sq ft, buyers snapped up 82 units at a median price of $960 psf.

    Looking ahead, experts expect to see stronger sales in July, noting that already two new launches - 368 Thomson and Terrene in Bukit Timah - have done well.

    Yesterday, NOL Group reported selling more than 100 units at Terrene since a private preview started on July 8.

    Buyers could come out to buy before the inauspicious Hungry Ghost Festival in August, they said.

    Still, CBRE Research predicts buying interest will remain selective, and depend on location, product attributes and price points.

    Jones Lang LaSalle said a more moderate buying mood backed by conservative global economic conditions, and hence a continual slowdown in price growth, can be expected.

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