Price increasing for singapore property !

Guest · on *17 Feb 08 10:08 am*

Published February 16, 2008

Demand for mass market projects shifts into higher gear

Developers not keen to release high-end projects in shaky market, say analysts

By KALPANA RASHIWALA

DEVELOPERS' housing sales figures for January reflect a change in strategy to focus more on mass market projects.

Despite the still lacklustre figures for overall developer launches and sales last month, an analysis by Knight Frank shows the number of private homes (excluding executive condominiums) launched and sold in January in the Outside Central Region (covering traditional mass-market/suburban locations) rose 190 per cent and 123 per cent respectively from December 2007.

In contrast, launches and sales in the Core Central Region and Rest of Central Region fell in January, compared to December.

Given the dearth of activity in high-end locations, the Core Central Region suffered the biggest drop in median prices for units transacted during the month, with the figure halving to $1,623 per square foot in January, from $3,200 psf the previous month.

Elsewhere, median prices held steady, edging up 1.6 per cent to $1,053 psf in the Rest of Central Region and $811 psf in the Outside Central Region. The median prices include private homes as well as ECs.

Property consultants expect developers to continue to push out mass market projects, since demand fundamentals are stronger in this segment than the high-end sector, where buying traditionally emanates more from speculators.

'Despite the more dismal global economic outlook, the employment rate in Singapore is still high and this will continue to support demand for mass market homes,' says Colliers International director of research and consultancy Tay Huey Ying.

'As for high- end/luxurious projects, developers are quite cautious and not so prepared to release them amid the current, uncertain market conditions. They will want to wait for better conditions before they launch these projects,' she said.

Monthly data from the Urban Redevelopment Authority (URA) show developers sold a total 316 private homes (excluding ECs) in January, up slightly from 305 units in December, which was the lowest figure since URA began publishing developers' monthly sales figures and prices in June 2007.

However, Colliers' Ms Tay says that stripping out the bulk sale of 97 units at Goodwood Residence in December, the January sales figure was roughly a 52 per cent improvement from December.

January volume was boosted by the launch of new projects like Waterfront Waves at Bedok, which sold 79 units during the month, and Wilkie 80, which saw 50 units sold.

'We observed that luxury prices remained firm despite a decline in sales volume. In the prime districts, units in Grange Infinite, Helios Residences, Hilltops and Scotts Square were sold at median prices between nearly $3,300 psf and $3,700 psf.

'At Sentosa Cove, units in Marina Collection and Turquoise were sold at above $2,650 psf,' says CB Richard Ellis executive director Li Hiaw Ho.

However, Knight Frank director (consultancy & research) Nicholas Mak points out that the number of homes priced above $4,000 psf sold by developers has fallen from 72 units last July to five units in December.

In January, there was not a single primary market transaction in this price range.

Colliers' analysis shows the highest priced home sold in January was a $3,671 psf unit at Scotts Square, compared with $5,146 psf in December achieved at The Ritz-Carlton Residences, and the record $5,600 psf achieved for a unit at The Orchard Residences last October.

The number of new private homes (excluding ECs) developers launched in January sank to a low of 410 units, about 8 per cent less than the 446 units in December and about a fifth of the high of 1,885 units in August last year.

Property consultants suggest developer sales in February may be lower than those in January because of the Chinese New Year.

'However, developers are likely to maintain prices at current levels as they monitor the market situation,' CBRE's Mr Li says.

Guest · on *17 Feb 08 10:43 am*

say wat you want...the fact is the market is not healthy ...

Guest · on *17 Feb 08 12:23 pm*

Guest · on *17 Feb 08 1:42 pm*

Guest · on *17 Feb 08 2:48 pm*

what to do... follower and miss the boat swore eyes... RED RED....
follower and miss the boat no where to laugh but laughing sellers sell his unit.....

today laugh at A sell where where where
tomoro laugh at B sell where where where
the day after laugh at C sell where where where

all ABC Very Happy

all the way to banks

Guest · on *17 Feb 08 3:10 pm*

Aiyoh, silly greedy flippers.... I've already laughed all the way to the bank since 2007 Laughing

Hope u wont hv sleepless nites in months to come!

Guest · on *17 Feb 08 3:13 pm*

ya la....followers and miss the boat only talkcore sing song .... non-stop about others sell his apartment.... worst than my grand grand mother....

Guest · on *17 Feb 08 3:20 pm*

my grand grand mother also told me she Very Happy

all the way to the bank in 2007 loh.....

Guest · on *17 Feb 08 7:18 pm*

people see investment in properties are the shinning goldmine... breaking 1997 high is easy, it is only a matter of time....do not panic to sell at this point of time when the market slow...... hold on first, it is coming soon, market is picking up and growth gradually with a strong fundamental....

Guest · on *17 Feb 08 7:31 pm*

market growth with a strong fundamental will last longer..... this long period will be very long....new group of foreigner is coming to singapore in the first quarter..... some foreigner are already on schedule to come in at 3rd quarter 2008.... property boom will continue with the rate of increase reduce meaning a longer upward trend....

Guest · on *18 Feb 08 12:57 am*

property investment is still the best long term investment in everyone portfolio

Guest · on *18 Feb 08 8:35 pm*

Guest · on *18 Feb 08 10:42 pm*

March 18, April 30 and Jun 28, 2008 is the turning point of singapore property market with another 3 more interest rate cut, couple with en-bloc getting their payment, all TOP and HDB flat will start to pickup slowly in the next few months....those foreigner who join the singapore market force in 2006 who are staying in the private property contracts will end in the coming 1st, 2nd, 3rd and fouth quarter 2008.... Their contract will most likely to be extended by the company due to their specialise skill set and tide labour markets. This group of foreigner being working in singapore for two years will find singapore is a good place where they can stay in for good and long term. If they will to rent for another 2-3 or 5 years, they will find that owning their own apartment make more economic sense. They will buy into the singapore property markets. So those newly TOP private apartment will be their choice of selection. . watchout what i say.....

Guest · on *19 Feb 08 8:30 am*

why u work with CIA, know so many things ??

Guest · on *19 Feb 08 8:35 am*

Guest · on *19 Feb 08 9:06 am*

Guest · on *19 Feb 08 9:13 am*

Buyers are just waiting by the sideline hoping prices may soften further - well actually this is the perfect time to buy - buy when no one is buying - you can "bargain" a little.

If there are no further bad news from the market - globally or locally - buyers will jump right back in - people who are renting (effectively short property) will panic and decide to buy rather than continue to rent.

Have confidence in our Government! And when everyone is talking about US recession - just means it just won't happen! It's election year in US you know.

Guest · on *19 Feb 08 2:52 pm*

Today Maybank first bank to reduce bank loan rate to 1.6%, too attractive !!

Guest · on *19 Feb 08 3:17 pm*

Guest · on *19 Feb 08 3:21 pm*

Price increasing for singapore property !

Singapore Room & House For Rent, Sale, Buy, & Sell

Price increasing for singapore property !