Rabu, 16 Oktober 2013

September private home sales up 65% on-month!

Developers sold 65% more new private homes in September compared to August, according to data from the Urban Redevelopment Authority (URA).

Excluding executive condominiums, 1,246 units of new private homes were sold in September, up from 756 in August as developers returned to the market with new launches after the Hungry Ghost Festival.

There was a sharp increase in transactions in the city fringes with 815 units sold.

Demand fell in the city, nearly half compared to August, with just 49 transactions.

While the number of new condo units sold in the suburbs was a third less than in August at 382 units, analysts noted the better figures were due mainly to two property launches in the city fringes.

And developers building smaller units have helped achieve higher prices on a per square foot (psf) basis.

Ku Swee Yong, Century's chief executive officer, said: "We expected the numbers to do well because of two well received launches - Thomson Three and Sky Vue in Bishan.
"In fact, Sky Vue in Bishan has also probably set a new record price for the Bishan area, and that is at above $2,000psf."

Source: Channel News Asia

Jumat, 04 Oktober 2013

Thomson View en bloc: Double trouble?

Our de facto business paper has reported that the legal costs and disbursements incurred by the Thomson View Condominium homeowners who had consented to a proposed $590 million en bloc sale is in the six-figure range.

These costs, from the onset of applications to the Strata Titles Board and to the courts, increased considerably because of new issues that arose when the secret incentive payments made by HSR International Realtors to four owners became public midway through the legal action.

Since the order for the collective sale was refused because the High Court found these offers by HSR amounted to bad faith, the next issue is whether the Thomson View Sale Committee (CSC) will take action against the real estate agency and the four owners, and whether it can recover damages.

Lawyers said the owners of the 215 units had agreed to the en bloc sale. Under the collective sale agreement, the consenting owners are liable to contribute towards legal costs. At this stage, the owners have been asked by the CSC to make payments to account for costs and disbursements. And those who refuse to pay costs may be exposed to a claim by the CSC for such contributions.

Looks like the Thomson view en bloc saga is far from over...

Senin, 30 September 2013

Private home resale up 0.1% in August

Prices of private resale homes rose just 0.1% in August from July -- this is according to the latest Singapore Residential Price Index (SRPI), which tracks prices of completed private apartments and condominiums.

The SRPI data is published by the Institute of Real Estate Studies at National University of Singapore (NUS).

Resale prices of private homes in the central area saw the biggest decline, down 1.1% last month.

However, prices of units in the non-central region went up by 1.0%. The index covering small units of 506sqft and below also increased 1.0%.

Source: Channel News Asia

Minggu, 29 September 2013

Sky Vue: Over 80% of released units sold on first day of launch!

The wife and I understand that Sky Vue, the latest residential offering in Bishan Central by CapitaLand and Mitsubishi Estate Asia had received overwhelming response from buyers on its first day of launch today.

As at 7:00pm on September 28, 410 of the 505 units released for sale have been sold, with one- and two-bedroom units being the most popular among buyers.

The average price achieved for all the units sold is $1,500psf. The average price of a one-bedroom unit is $750,000 while that of a two-bedroom unit is $933,000. The average price of a two-bedroom suite is $1.15 million and the average price of a three-bedroom unit is $1.58 million.

Located in Bishan Street 15, the 99-year leasehold development has a total of 694 units.

Senin, 23 September 2013

New projects in Bishan/Thomson still hot despite cooling measures?

New property launches in choice locations such as Bishan and Thomson have been attracting interest from home buyers, despite recent curbs on housing loans.

Some analysts said this is because property prices have since softened and are now more competitive.
Potential home buyers have been checking out CapitaLand's latest project in Bishan - Sky Vue - since its showflat was open for previews last week.

The 694-unit project, which is slated for its official launch on September 28, is located next to CapitaLand's other new development, Sky Habitat.

More than a third of units at Sky Habitat have been sold since its launch in the first quarter of last year.

Although prices will be unveiled later this week, the average selling price of Sky Vue should range from $1,380 to $1,550psf.

This is lower than Sky Habitat's price range of $1,600 to $1,650psf.

CapitaLand said Sky Vue is targeted towards younger families, while Sky Habitat is for buyers who want the spaciousness of a landed property without the hassle of higher maintenance.

CapitaLand bagged both sites through the Government Land Sales (GLS) Programme.
Its bid for the Sky Habitat site was at $869.36 per square foot per plot ratio (psf ppr) in February 2011.

As for the next-door plot for Sky Vue, CapitaLand won the tender with a slightly lower bid of $852.94psf ppr in November last year.

CapitaLand said it is more than just price considerations when bidding for land.

Wong Heang Fine, CEO (Residential) at CapitaLand Singapore, said: “One cannot generalise unfortunately. The Singapore market has matured significantly over the last few years.

"There have been some launches that have great response, there are some launches that do not attract a lot of attention as well. The right product in the right location... is what the market is looking for.”

At a nearby project along Upper Thomson Road, Thomson Three's developers - UOL Group and Singapore Land – have said that more than 80% of its 200 units in Phase One have been sold.

Alan Cheong, research head at Savills Singapore, said: “We may see more competition on the supply side. One would try to achieve a sales rate that would suck up most of whatever they have launched upfront.

"Then they would think what they want to do next. This kind of competition would be healthy to investors in the long run.”

The average selling price of Thomson Three's units is around $1,350psf.

This is lower than what developers UOL and SingLand had earlier planned for before the Total Debt Servicing Ratio (TDSR) scheme was introduced in June.
Source: Channel News Asia

Coincidentally, the SON and I passed by the sales gallery of Sky Vue last Sunday and it looked packed with viewers. However, there seemed to be more agents than viewers at Thomson Three's sales gallery located at Venus Drive (i.e. the road leading to SICC Thomson clubhouse) whenever we drove past during the past 2 weeks...

Rabu, 18 September 2013

New project Info: Sky Vue

Thanks to Cheryl of PR Communications Pte Ltd, enclosed are the media release and fact sheet for Sky Vue - the latest development by CapitaLand located in Bishan.

Initially called Bishan II (working name), Sky Vue is located next-door to CapitaLand's other upcoming project - Sky Habitat.

The wife and I understand that the show units and sales gallery are ready and official launch of Sky Vue is expected within the next 2 to 3 weeks.
Please click on the links below to read the media report and fact sheet for Sky Vue:

Minggu, 15 September 2013

August private home demand up 54%!

Demand for new private homes in Singapore surged nearly 54% on-month in August, after the sharp decline seen in July.
According to latest figures from the Urban Redevelopment Authority (URA), 742 new private homes were sold last month, compared to the 482 units transacted in July.
The best-selling project in August was The Tembusu at Tampines Road with 218 units sold.
Including executive condominiums (EC), a total of 1,468 new homes were sold in August, with ECs accounting for nearly half of August's sales.
The most popular EC projects were Ecopolitan at Punggol with 335 units sold and Lush Acres at Sengkang, selling 311 units.

Source: Channel News Asia

Jumat, 13 September 2013



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Moniq J. Festin
Licensed Real Estate Broker
Registration Number: 0003549
www.wowhouses.blogspot.com (click older posts)
Contact Numbers: Direct Line: 02-9852137
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Minggu, 08 September 2013

August private homes resale prices hit record high!

Resale prices of private homes have surged to record highs in August.

This is despite a slew of property cooling measures introduced by the government, including recent curbs on housing loans.

Still, analysts are mixed on their outlook on where private property prices are heading.

Prices of private non-landed residential resale units climbed 1.5% last month, according to data compiled by the Singapore Real Estate Exchange (SRX).

This follows a 0.5% decline in the previous month.

Yet, the number of homes changing hands last month dipped marginally.

540 private homes were sold in the resale market in August, slightly lower than 573 units transacted in July.

Recent loan curbs were cited for slowing down the market.

Jeffrey Hong, CEO of GPS Alliance, said: “I think the resale property prices in the next 1-2 months will basically be very stagnant. Buyers are waiting along the sidelines to watch for any good buy or prices dropping further... I think towards the end of the year, I would see some price corrections but not by a lot. I think it's about 3-5%.

Introduced in June, the total debt servicing ratio (TDSR) framework limits how much property buyers can borrow to buy homes. Banks now have to check if a borrower's total repayments of car, student or mortgage loans do not exceed 60% of their gross income.

Other market watchers said the TDSR has also pushed buyers to look for smaller units - those costing between $800,000 and $1 million in August. The upper range is expected to increase to $1.2 million.

However, this means units sold would record higher prices on a per square foot basis.

The resale market saw price increases across all locations.

Private home prices in the city fringe led the market with a 2.4% gain.

This is followed by resale prices of homes in the city - at a 1.8% increase.

Mass market resale home prices inched up 0.2% last month.

Going forward, analysts expect prices of suburban homes to remain stable at current levels.

Lim Yong Hock, key executive officer at PropNex, said: “I think the developers and home buyers are now very cautious, especially now with the latest news of the recent announcement of TDSR. First of all, the developers know it's for the mass markets, so the price cannot be too high. I don't think the price will go down with the fact that land bid prices are still remaining strong and developers are still confident in the future.”

On Thursday, a land tender for a mixed use site in Yishun beat market expectations with a top bid of $1.43 billion - 43% higher than the second highest bid.

Source: Channel News Asia

Speaking of TDSR, the wife and I have experienced first hand how stringent the restriction can be. With only a small car loan and a remaining mortgage of about 30% of the current valuation of our property, the maximum refinancing that we can obtain from our bank is another 20% of our current valuation! However, TDSR does not apply for overseas property purchase so it is no wonder that more and more local buyers are looking outwards.

Kamis, 15 Agustus 2013

It's official: July new home sales down 73%

Sales of new private homes in Singapore plunged in July.

Figures from the Urban Redevelopment Authority show that just 481 units of new homes were sold last month, down 73% from June. 1,806 units were sold in June.

Market watchers had anticipated the sharp drop in sales transactions on the back of new loan curbs introduced on 29 June and the lack of new major project launches in July.

The top-selling project during the month was Vue 8 Residence in Pasir Ris, which moved 63 units, followed by Bartley Ridge at Mount Vernon Road with 25 units sold.

Including executive condominiums (ECs), 593 new homes were sold in July, down from 2,119 units transacted in the previous month.

The best-selling EC project was Forestville at Woodlands, which sold 78 new units.
Developers launched a total of 557 new units last month, compared to 2,421 units placed for sale in June.

Source: Channel News Asia

Selasa, 13 Agustus 2013

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Moniq J. Festin
Licensed Real Estate Broker
Registration Number: 0003549
www.wowhouses.blogspot.com (click older posts)
Contact Numbers: Direct Line: 02-9852137
Laguna.Cavite.Silang.Tagaytay.Bulacan.Montalban.Condominiums in Metro Manila