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Guest
on 10 Apr 08 10:34 am
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| Anonymous wrote: | | Anonymous wrote: | price moving up, UNCLE already mia for quite some time, very busy recently, contract going to end..... search high and low for cheap rental flat in singapore.....anyone who has cheap rental flat, kindly update here for our MIA UNCLE ....  |
Prices Moving up...only in your dreams lah ....the only people that you can convince is the Uncle and Auntie at Desker Road, your District 9 also cannot make it
April 9, 2008
Prices of high-end condos starting to fall as sales dwindle
Downward trend may continue for next few quarters, experts predict
By Fiona Chan, Property Reporter
HOME prices are starting to fall, as several high-end properties begin to feel the squeeze of retreating buyers.
Sales of Singapore's most expensive condominiums - all the rage last year - have dwindled to just a trickle this year.
And with plunging sales, prices have also started to dip, although official figures have yet to reflect this trend.
Early signs of the slide lie in the handful of caveats filed involving many luxury projects in the first quarter. These showed prices fell from the previous quarter, in some cases by up to 20 per cent.
In Districts 9 to 11, Singapore's creme de la creme of residential locations covering Orchard, Holland and Bukit Timah, average prices have fallen by about 30 per cent since the beginning of the year, according to caveats.
They dropped to an average of $1,564 per sq ft (psf) between January and March from $2,023 psf in the preceding three months.
FEELING THE SQUEEZE
In luxury island enclave Sentosa Cove, almost all condos posted drops in average psf prices, ranging from 2 per cent for the Marina Collection to 23 per cent for The Azure.
Property experts say this could be because luxury home buyers are now selecting only the most competitively priced properties.
'Market activity is very slow now, so any transactions that do take place are likely to be from people who have found attractive buys,' said Mrs Ong Choon Fah, the executive director at property firm DTZ Debenham Tie Leung.
She said high-end properties in the traditional prime districts were more dependent on investor buying, so they could be more affected by the current global credit crunch and weaker sentiment.
'A lot of people who bought luxury homes are also 'specuvestors', so they may be happy making just a small profit and selling quickly,' Mrs Ong explained.
The Government estimated last week that private home prices continued to climb in the first three months of the year, albeit at a slower pace. They rose 4.2 per cent, down from 6.8 per cent in the previous three months.
In the priciest segment, the core central region, the price gain dropped to 4.4 per cent from 7.5 per cent in the previous quarter. This region covers Districts 9 to 11, the Marina Bay area and Sentosa.
Anecdotal evidence from property insiders and caveats lodged, however, showed that prices at many projects fell rather than rose this year. At Scotts Square in Scotts Road, only two units have been sold so far this year - at an average price of $3,700 psf, down from $4,000 psf for 42 units in last year's fourth quarter.
Similarly, at The Oceanfront @ Sentosa Cove, the most recent deals were in February, where three units were sold at $1,720 to $1,751 psf. Just six months before that, 15 units were sold at an average price of $2,480 psf.
Other high-profile, pricey condos, such as the Marina Bay Residences and The Marq on Paterson Hill, have yet to see a single caveat lodged this year.
But the story is not all bad. The Orchard Residences, which holds the title of Singapore's most expensive condo, has sold only one unit this year - but at $4,700 psf, higher than most of its other sales.
Other older condos in areas such as Cavenagh or Balmoral may also be trading at higher prices from their previously low base, pushing up the overall prices for the whole district, suggested Mr Ku Swee Yong, director of marketing and business development at Savills Singapore.
But he said the price index for high-end homes may be under pressure in the next two quarters, now that 'everyone wants a bargain'.
'You only need developers to start giving discounts or people starting to buy lower-
floor units instead of penthouses. That will push the index down and put pressure on prices.'
fiochan@sph.com.sg |
What happen to District 9.....Look like the flippers/speculators in deep shit now |
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Guest
on 10 Apr 08 11:52 am
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| Anonymous wrote: | | Yes, it's true that prices seem like not going down, but imagine buying a unit at above $1000 psf and for some reason the market crash you will be stuck with a high loan. It's better to be safe than sorry. |
Lots of people never learn from the past....at least you are wise enough to comes out with the above comment. |
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Guest
on 10 Apr 08 11:55 am
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| Anonymous wrote: | For home owners who are in tight need of liquidity, holding on to the illusionary dream of 2007 sale prices is suicide. At this present moment, if you choose to sell at 15% below 2007 prices, you may still find a few risk-takers who might snap up your properties. As we go deeper into the second quarter of 2008 and eventually the third, the paper value of your properties will easily fall by another 15% to 30% given the projected economic outlook. It is no longer a case of a few shouting "the sky is falling"; even economistics and professionals in the financials are already sombrely acknowledging that we are going to face very tough times in the coming months.
The bottomline is: if you need the money urgently, it makes sense to liquidate asap |
Not only economist my friend....IMF predicted that we are going to severe global economy recession...read today's newspaper!! And even George Soros predicted the same few weeks back. Good luck to those people who buy at 30 to 100K above valuation...feel sorry for them. hee hee |
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Guest
on 10 Apr 08 12:04 pm
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| Anonymous wrote: | | Anonymous wrote: | For home owners who are in tight need of liquidity, holding on to the illusionary dream of 2007 sale prices is suicide. At this present moment, if you choose to sell at 15% below 2007 prices, you may still find a few risk-takers who might snap up your properties. As we go deeper into the second quarter of 2008 and eventually the third, the paper value of your properties will easily fall by another 15% to 30% given the projected economic outlook. It is no longer a case of a few shouting "the sky is falling"; even economistics and professionals in the financials are already sombrely acknowledging that we are going to face very tough times in the coming months.
The bottomline is: if you need the money urgently, it makes sense to liquidate asap |
Not only economist my friend....IMF predicted that we are going to severe global economy recession...read today's newspaper!! And even George Soros predicted the same few weeks back. Good luck to those people who buy at 30 to 100K above valuation...feel sorry for them. hee hee |
YA, YOU ALL ARE RIGHT, THE EARTH IS COMING TO AN END
ALL YOUR PROPERTY WILL WORTH NOTHING
ha ha ha  |
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Guest
on 10 Apr 08 5:24 pm
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| is it possible to own and live in a private condo and still benefit from a falling condo price? |
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Guest
on 10 Apr 08 5:55 pm
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| Anonymous wrote: | | is it possible to own and live in a private condo and still benefit from a falling condo price? |
yes, if you got money |
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Guest
on 10 Apr 08 8:18 pm
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| my friend got an expatriate package to work in dubai. free stay in a villa, free utilities, free medical, free car, free petrol, free international school education for his kid. |
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Guest
on 10 Apr 08 8:23 pm
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| Anonymous wrote: | | Anonymous wrote: | | is it possible to own and live in a private condo and still benefit from a falling condo price? |
yes, if you got money |
how? |
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Guest
on 10 Apr 08 11:08 pm
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| Anonymous wrote: | | Anonymous wrote: | | Anonymous wrote: | | is it possible to own and live in a private condo and still benefit from a falling condo price? |
yes, if you got money |
how? |
buy your condo in cash lah
up down also no need to worry about loan
Hey You Got Money? |
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Guest
on 10 Apr 08 11:31 pm
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| Anonymous wrote: | | my friend got an expatriate package to work in dubai. free stay in a villa, free utilities, free medical, free car, free petrol, free international school education for his kid. |
since nothing is free in singapore, i suggest u join your friend to the free country... |
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Guest
on 10 Apr 08 11:55 pm
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| Anonymous wrote: | | Anonymous wrote: | For home owners who are in tight need of liquidity, holding on to the illusionary dream of 2007 sale prices is suicide. At this present moment, if you choose to sell at 15% below 2007 prices, you may still find a few risk-takers who might snap up your properties. As we go deeper into the second quarter of 2008 and eventually the third, the paper value of your properties will easily fall by another 15% to 30% given the projected economic outlook. It is no longer a case of a few shouting "the sky is falling"; even economistics and professionals in the financials are already sombrely acknowledging that we are going to face very tough times in the coming months.
The bottomline is: if you need the money urgently, it makes sense to liquidate asap |
Not only economist my friend....IMF predicted that we are going to severe global economy recession...read today's newspaper!! And even George Soros predicted the same few weeks back. Good luck to those people who buy at 30 to 100K above valuation...feel sorry for them. hee hee |
Thursday April 10, 2:29 PM
With US in crisis, global economy in peril: IMF
The global economic outlook is increasingly grim with the United States mired in a recession from a housing meltdown whose effects are still spreading, the IMF said Wednesday.
Global expansion is set to slow to 3.7 percent in 2008 amid an unfolding crisis that began in the United States, the International Monetary Fund said in its semiannual World Economic Outlook (WEO) report.
The growth estimate is a half point lower than its January WEO update.
The US economy, the world's biggest, is likely in a "mild recession" and will stagnate through much of 2009 as housing prices slide further and credit conditions remain difficult.
For the world economy, there is a 25 percent chance of dropping below three percent growth in 2008 and 2009, which according to the IMF would be the equivalent of a global recession.
"Moreover, growth is projected to remain broadly unchanged in 2009," with growth in the advanced economies likely to fall "well below potential."
The United States, the epicenter of the turmoil, is poised to grow a paltry 0.5 percent in 2008, the IMF said, despite a multibillion-dollar government stimulus package.
US growth for 2009 will improve to 0.6 percent, a "modest" recovery expected as financial institutions clean up their balance sheets.
The risks to global growth remain "tilted to the downside," the IMF warned in the report, a key plank of its spring meetings with the World Bank in Washington on Saturday and Sunday.
The IMF underscored the potential for "deep losses" on structured credit related to the US subprime mortgage market and other sectors.
Those losses could "cause the current credit squeeze to mutate into a full-blown credit crunch," said the 185-nation institution, whose mission is to promote global financial stability.
A top US official said the IMF was too downbeat in its outlook.
"We remain positive about the long-term resilience of the global economy, as well as the long-term resilience of the US economy, and we believe that the IMF's latest WEO projections are unduly pessimistic," Treasury Under Secretary for International Affairs David McCormick told journalists.
McCormick did not offer any more specific growth numbers but said the US believes the IMF projections are "significantly below consensus."
He also said the administration hopes a faster recovery in 2008 and a "steeper growth curve" in 2009.
In its report, the IMF said that growth in western Europe is projected to slow "well below" potential due to financial strains, trade spillovers and housing downturns in some countries.
Growth in the 15-nation eurozone is set to decelerate to 1.4 percent in 2008 and 1.2 percent in 2009, down 0.2 percent and 0.7 percent, respectively, from the January update.
Japan, the world's second-largest economy, is poised to slow to pace of 1.4 percent this year with little improvement at 1.5 percent in 2009.
By contrast, emerging and developing countries have proven more resilient to the distress because they are underpinned by their increasing integration into the global economy and a commodity price boom, the IMF said.
Their combined growth will decelerate to a still-robust 6.7 percent expansion in 2008, off 0.2 percentage points from the prior forecast, and slip to 6.6 percent in 2009.
China and India, the new engines of global growth, will also feel the slowdown, the IMF said.
China will continue to lead growth, expanding at 9.3 percent in 2008 and 9.5 percent in 2009, down 0.7 point and 0.5 point, respectively. India is poised for a 7.9 percent expansion this year, down 0.5 point, and 8.0 percent in 2009, off 0.2 point.
The US Federal Reserve's recent steep interest-rate cuts and credit easing have been justified amid rising dampeners on economic growth, the IMF said, while the European Central Bank, despite rising inflationary pressures in the eurozone, "can afford some easing of the policy stance."
The IMF recommended that the Japanese central bank keep its already low interest rate, at 0.5 percent, on hold, saying there would be "some limited scope" for a reduction if growth prospects sharply deteriorated.
The IMF said policymakers should seek to rebuild confidence in the financial system, strengthen the soundness of institutions and ease liquidity stress. |
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Guest
on 11 Apr 08 9:11 am
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[quote="Anonymous"][quote="Anonymous"] | Anonymous wrote: | For home owners who are in tight need of liquidity, holding on to the illusionary dream of 2007 sale prices is suicide. At this present moment, if you choose to sell at 15% below 2007 prices, you may still find a few risk-takers who might snap up your properties. As we go deeper into the second quarter of 2008 and eventually the third, the paper value of your properties will easily fall by another 15% to 30% given the projected economic outlook. It is no longer a case of a few shouting "the sky is falling"; even economistics and professionals in the financials are already sombrely acknowledging that we are going to face very tough times in the coming months.
The bottomline is: if you need the money urgently, it makes sense to liquidate asap |
can tell so many ppl are waiting at the sideline for u to sell cheap..... |
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Guest
on 11 Apr 08 10:23 am
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| Anonymous wrote: | | my friend got an expatriate package to work in dubai. free stay in a villa, free utilities, free medical, free car, free petrol, free international school education for his kid. |
why go so far, singapore also can give you expatriate package
work in Lor 16 stay big valla (each own room with bathroom attached) free condom, free medical check every 2 weeks, free kunk, free suck, free international expat sex education. Hello you want the jobs? |
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Guest
on 11 Apr 08 10:28 am
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| panic sellers are not going to affect the market much.....however...the trend of price dropping is inevitable.... |
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Guest
on 11 Apr 08 11:30 am
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| the cost of financial is really cheap, back to 2005 level....i really hoping that the US recession will last longer.... the longer it last the longer the cheap finance available..... |
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Guest
on 11 Apr 08 11:31 am
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PRICE GOING UP
soon after 2060 |
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Guest
on 11 Apr 08 3:35 pm
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| the longer the recession, the lower the cost of finances, good for consumer taking bank loan |
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Guest
on 11 Apr 08 5:40 pm
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| dont know why ppl want property mkt crash! really fear ripple effect on the whole economy. Hot property mkt normally brings about prosperous economy. Govt income (stamp duty, rental income tax) also increases. Isn't it good? |
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Guest
on 11 Apr 08 6:18 pm
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| panic buy lose money. panic sell also lose money. |
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Guest
on 11 Apr 08 6:36 pm
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all lose money big time
ha ha ha
only uncle make money |
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