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Subscribe to this list via RSS Blog posts tagged in Property sales

Sales of New Launch Private Homes Fell in June 2014

Sales of new launch private homes which almost doubled from April to May 2014 has decline 68% in June. Only 482 units were sold compared to the 1488 units in May 2014.  This partly due to the fewer units (418 units) launched compared to the previous month (1819 units).

 

Month No of Units Comments
Dec 2013 259 15k homes sold in 2013 
Jan 2014 565 2028 in Jan 2013
Feb 2014 739
Mar 2014 480
Apr 2014 745 Lake ville Condo (207), Sky Habitat (130, 1377psf avg)
May 2014  1470  Coco Palms (OCR, 590, $1018psf),  Commonwealth Towers (RCR, 275 units, $1626 and Panaroma (OCR, 100 units, $1241 psf, relaunch)
Jun 2014 482 Fewer units launch

* Year to date sales 4445 units, Jan to Jun 2014.

Interestingly, units at developments such as Thomson Three have been quietly moving.

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Big Drop in The Number of Private Properties Sold in December 2013 Vs November 2013


Aerial View - 800

Figure 1: Guillemard Residences

The URA released figures today that showed a plunge in both the number of properties sold (-80%) and the number of units launched in December 2013 when compared to November 2013. The cooling measures, especially the TDSR, are taking a real toll on property sales as is evident from these figures and more visibly from the low traffic at showflats in recent times. The TDSR has sidelined buyers who do not meet the 60% debt ratio, reduced the funds of others and generally made buyers more cautious. Worries about interest rates and the reduction in quantitative easing in the US may have an impact on sentiment. Finally, the decline in HDB resale prices may dampen the flow of upgraders from HDB to private property. All these factors appear to support a slow down in sales and prices in the near future.

 

Table 1: Number of Units Sold Per Month 

Month Total
December 2013 333
November 2013 1714

 

Of the 333 units sold in December, 74 units were ECs of which 24 were from Forestville EC in Woodlands and another 18 from Skypark Residences EC in Sembawang. The median psf for these two ECs were 736 and 791 respectively. The best selling private developments were Guillemard Residences (26 out of 146 units, 1494psf), The Glades (1477psf) and La Fiesta (1197 psf). These are located in the Guillemard, Tanah Merah and Sengkang areas, all in OCR or RCR. 

*This author notes that the range of psf values above overlap some freehold psfs which means that even in this climate, decent freehold deals can be found if one knows where to look. 

Singapore Business Review (see http://sbr.com.sg/residential-property/news/private-home-prices-in-singapore-seen-slip-5) mentions estimates of a 5% drop in property prices in 2014 Vs. a small gain of 1.2% in 2013. The total number of units is also estimated to drop from 15015 in 2013 to 12500-14500 in 2014. The sizeable supply coming onstream as well as the general sentiment of the buyers of a price correction will also put more downward pressure on prices. It's becoming a buyers market but any property in a good location and priced attractively will still generate interest and sales.

Another article in SBR (http://sbr.com.sg/residential-property/news/chart-day-graph-proof-home-price-indices-are-starting-crack) mentioned more data that expects a 5% drop in 2014 and 5-15% drop in prices in 2015. The 4th quarter of 2013 saw the first drop in prices in 7 quarters and prices are not 61% above the last trough in 2Q09.

 

Table 2: Number of Units Launched Per Month

Month Total
December 2013 118
November 2013 2172

 

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