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Subscribe to this list via RSS Blog posts tagged in private home sales

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Singapore's private renting business sector is confronting descending weight on rents, a consequence of expanded supply combined with softening interest. Regardless of high exchange volumes, opportunity rates are expanding and leases are falling.

As indicated by another report from Savills, quarter-on-quarter (QoQ) renting volumes in Singapore for Q2 2015 expanded by 10.9 for each penny, from 15,435 to 17,262 exchanges.

The development came for the most part from the Outside Central Region (OCR), which saw quarterly exchanges increment by 13.7 for every penny, to 5,672 exchanges. Savills credited the increment in exchanges to standard two-year leases being supplanted by more one-year tenures.

With more fulfillments, supply is expanding and the quantity of private homes in Q2 2015 came to 318,524 – a 2.2 for every penny build quarter-on-quarter. The greater part of the new supply is inside of the OCR, which saw 124 for every penny development to 5,643 units, contrasted with Q3 2014.

As Singapore offers abroad gifts a lot of openings for work, there is more prominent interest for lodging leases for exiles utilized on nearby terms.

Be that as it may, the ascent sought after from these inhabitants is inadequate to stay aware of the supply of new private units. Rents dropped 1.1 for every penny QoQ in Q2 2015, and opportunity rates were at a nine-year high.

Senior Director of Savills Research Singapore Alan Cheong trusts that it will remain an inhabitants' business sector as supply of private units is relied upon to surpass request.

Taken from iProper

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Analysts are expecting private home sales volume to fall in August and September due to the seventh lunar month commonly known as the hungry ghost festival.

Buyers are less inclined to make major investment decisions during this period, which is believed to be inauspicious.

On the other hand, developers are delaying new project launches, with most of their attention focused on watching for signs of policy easing, with regards to the infamous cooling measures introduced by the Monetary Authority of Singapore (MAS).

Taken from iProperty

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Developers recorded 1,594 private home sales in July, compared to 375 in June. According to the Urban Redevelopment Authority (URA), this was the highest since June 2013. Fernvale Development’s High Park Residences saw a near sell-out, with 1,169 out of 1,186 units offered sold, with SLP International Property Consultants’ executive director Nicholas Mak citing affordable prices ($989 psf) as the main reason.

Another notable project included The Botanique at Bartley on Upper Paya Lebar Road, with 63 units sold at a median of S$1,282 psf. Sales volumes of executive condominiums (EC) peaked as well, with 495 units sold last month, compared to 110 units in June.

Two new launches contributed to the increase – The Brownstone on Canberra Drive, with 187 units sold at a median of S$818 psf, and The Vales, with 79 units sold at a median of S$788 psf.

Dr Chua Yang Liang, Head of Research for Singapore and South-east Asia of JLL, told TODAY that while July’s sales figures were high, total sales volume for 2015 are likely to stay between 6,500 to 7,500 units.

Taken from iProperty

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Private home prices saw yet another drop in the second quarter. This marks the longest period of continuous price declines over the past decade.

Analysts expect prices to remain depressed given the housing supply glut.

According to the Urban Redevelopment Authority (URA), private home prices decreased by 0.9 per cent from Q1 2015 to Q2 2015. Non-landed properties however, saw various rates of decrease in different regions.

The Outside Central Region (OCR) saw a fall of 1.1 per cent. The Core Central Region (CCR) saw an accelerated fall from 0.4 per cent to 0.6 per cent.

However, the Rest of Central Region (RCR) saw a decelerated fall of 1.7 per cent to 0.4 per cent. The price weakness can be attributed to increased vacancy rates (7.2 per cent to 7.9 per cent) as completed homes add on to the number of vacant units.

Taken from iProperty

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382 new private homes were sold in February, a little rising diverged from 374 homes sold in the prior month.

This paying little heed to less unit dispatches.

Sims Urban Oasis through GuocoLand fared the best, with 112 out of its 200 units sold.

Mr Nicholas Mak, Executive Director at SLP International Property Consultants, commented that business levels for 2015 will depend on upon the cooling measures.

Inspectors expect that an addition in new amplify dispatches, for instance, Kingsford Waterbay and North Park Residences could similarly mix draw in and advance a business trek.

Ms Chia Siew Chuin, Director of Research & Advisory at Colliers, told Singapore Business Review, "Sufficiently spotted and strongly assessed errands stay looked for after and this should help to direct originators' techniques.

As specialists apparatus up for more dispatches, crucial business bargains volume is obliged to upgrade to between 400-600 units in March".

The likelihood of an extended speculation rate may push buyers to settle on speedier decisions. "A couple of buyers sitting faltering may be impacted to rush their decision to buy and secure venture rates," illuminated Mr Desmond Sim, head of CBRE Research, Singapore & Southeast Asia.

Offers of authority townhouses (ECs) tumbled to 65 units a month prior, appeared differently in relation to 184 ECs in January. This could have been attributed to the unlucky deficiency of new EC dispatches.

Expenses may be decreased inside the year to drive interest, especially inside more present areas, for instance, Sengkang, Woodlands and Punggol, where oversupply is a stress.

Taken from ST Property

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Only 482 units sold last month against May's all-time monthly high of 1,488

THE record-breaking sales of new private homes in May became a distant memory last month when transactions fell off a cliff as developers put out fewer projects.

Potential buyers also turned their attention to the World Cup and stayed on the sidelines due to the school holidays, market watchers said.

Developers sold only 482 units last month, down 67.6 per cent from the all-time monthly high of 1,488 recorded in May.

June's figures were the lowest since the 480 sales figure in March and brought new condo transactions for the first half to 4,466 - down 56 per cent from the same period a year ago.

If executive condominiums are included, 531 units were sold in June, according to Urban Redevelopment Authority (URA) data yesterday.

May's sales were kick-started by developers putting more projects with lower prices on the market but that strategy was abandoned last month.

"Developers focused on moving units in previously launched developments, and generally avoided releasing new projects amid the June school holidays and World Cup season," said Ms Chia Siew Chuin, director of research and advisory at Colliers.

Sales at new launches tend to slow to a trickle after the initial rush, holding developers back from releasing new projects, added Mr Ong Teck Hui, national director of research and consultancy at Jones Lang LaSalle.

The 944-unit Coco Palms indicates the wild swings in the market between May and June.

The City Developments project was May's top seller with 580 units sold at a median price of $1,018 per sq ft (psf). It was the top seller again last month but attained its position this time by shifting only 55 homes at a median price of $1,014 psf.

May's numbers look an aberration given the generally flat market and a recovery is not on the cards, as any sustained sales pickup would be reined in by rules on lending, Mr Ong said.
Roxy-Pacific's 222-unit Trilive in Kovan and Wing Tai's 469-unit The Crest in Prince Charles Crescent were the only projects launched last month and made up the bulk of the 418 new homes put on the market.

Mass-market units continued to lead sales in June, with 269 shifted in the suburbs. City-fringe projects sold 167 new homes while only 46 were sold in the city centre.

"Even though the private residential market was soft, some projects still enjoyed relatively good sales if they were perceived to be attractively priced by buyers," said SLP International research head Nicholas Mak. "Buying demand was not totally absent in the market but it had to be drawn out by attractive pricing."

Wheelock Properties' The Panorama in Ang Mo Kio was the second best seller last month after Coco Palms. It moved 49 units at a median price of $1,287 psf with The Crest next on 35 units at a median price of $1,682 psf.

Consultants noted that home seekers will remain selective in this half of the year, with the project's location and price points as the main drivers of demand.

Ms Alice Tan, research head at Knight Frank, expects upcoming launches such as Keppel Land's The Highline Residences and World Class Land's City Gate to underpin sales in this quarter, while Mr Joseph Tan, head of residential sales at CBRE, expects the year's sales tally to come in between 8,000 and 9,000 units.

 

Taken from The Straits Times via ST Property

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