Singapore Private Property prices still up or down? Part III

[Mercs]

https://www.propertyguru.com.sg/property-management-news/2019/6/180666/riviere-unit-sold-to-company-directors-relative-for-2-225-million

Rivière Unit Sold To Company Director’s Relative For $2.225 Million

 

Rivière, a luxury residential development along the Singapore River, previewed on 25 May with prices starting from $2,580 psf.

 

A relative of Frasers Property’s director has acquired a residential unit at Rivière at a four percent discount.

 

Chan Sze Min, a relative of company director Chan Heng Wing, paid $2.225 million or $2,720 per sq ft for the eighth-floor unit.

[Mercs]

https://www.99.co/blog/singapore/why-i-regret-buying-property-in-iskandar-malaysia/

Why I Regret Buying Property in Iskandar Malaysia

[Mercs]

https://www.businesstimes.com.sg/real-estate/uob-reaffirms-offer-to-buyers-of-two-condo-projects-under-receivership

UOB reaffirms offer to buyers of two condo projects under receivership

 

(Bank will bear extra costs to finish Sycamore Tree and Laurel Tree, but buyers must waive rights to liquidated damages against progress payments)

[Mercs]

https://www.businesstimes.com.sg/real-estate/singapore-developers-sell-952-private-homes-in-may-up-295-from-aprils-735-units-ura

Singapore developers sell 952 private homes in May, up 29.5% from April's 735 units: URA

 

Last month's top-selling project was City Developments and Hong Realty's Amber Park along Amber Gardens, with 155 units sold at a median price of S$2,475 psf.

 

This was followed by Chip Eng Seng's Parc Komo project in Upper Changi Road North, with 79 units sold at a median price of S$1,497 psf.

 

Kajima Development and Singapore Press Holdings moved 74 units at The Woodleigh Residences along Bidadari Park Drive at S$1,823 psf median price.

 

At The Florence Residences along Hougang Avenue 2, a total of 55 units were sold at S$1,470 psf median price, while at Treasure at Tampines in Tampines Lane, 50 units were sold at S$1,340 psf median price.

[Wt_know]

who say recession coming?

 

https://www.businesstimes.com.sg/real-estate/singapore-developers-sell-952-private-homes-in-may-up-295-from-aprils-735-units-ura

Singapore developers sell 952 private homes in May, up 29.5% from April's 735 units: URA

 

 

[awhtc]

who say recession coming?

 

 

Luxury properties usually lead the price data for mass market condos.

 

Daily Briefing: Sentosa Cove property prices fell to record low $1,367 psf; Full floor plate at Springleaf Tower up for sale at $27.2m

 

https://sbr.com.sg/commercial-property/news/daily-briefing-sentosa-cove-property-prices-fell-record-low-1367-psf-full-f

https://www.99.co/blog/singapore/why-i-regret-buying-property-in-iskandar-malaysia/

Why I Regret Buying Property in Iskandar Malaysia

 

Landed properties near big malls and good schools in Chinese Tamans are okay.  My tenant has just renewed the lease.

[Icedbs]

https://www.businesstimes.com.sg/real-estate/singapore-developers-sell-952-private-homes-in-may-up-295-from-aprils-735-units-ura

Singapore developers sell 952 private homes in May, up 29.5% from April's 735 units: URA

 

 

Honestly, I am not sure what is the significance of the above data from URA. However, I see it reported all the time in prime time news, media, etc. It gives a false impression that the market is improving.

 

So what if more new homes were sold in May than April? It is probably just because there were more new mass launches in May than April. Or so what if the coming August is going to sell less homes than July? It's probably just because August is the 7th month and almost no launches in that month.

 

There is no significant meaning in such data except to report for the sake of reporting. 

 

It is probably better if they report and compare the sold rate  in % (number of units sold/total number of units launched) for that month. If the sold rate is going up, then we know that buyers are increasing and market sentiment is improving.

Edited June 17, 2019 by Icedbs

[Showster]

What I have hinted for years.

 

Buying a property that fits one's needs and intentions, finding a seller that sells within or lower than one's budget after comparing similar products in same area, those are infinitely more crucial than which phase of the market we are at or what the index or sales data say.

 

 

 

Honestly, I am not sure what is the significance of the above data from URA. However, I see it reported all the time in prime time news, media, etc. It gives a false impression that the market is improving.

 

So what if more new homes were sold in May than April? It is probably just because there were more new mass launches in May than April. Or so what if the coming August is going to sell less homes than July? It's probably just because August is the 7th month and almost no launches in that month.

 

There is no significant meaning in such data except to report for the sake of reporting. 

 

It is probably better if they report and compare the sold rate  in % (number of units sold/total number of units launched) for that month. If the sold rate is going up, then we know that buyers are increasing and market sentiment is improving.

 

Edited June 18, 2019 by Showster

[Testdrive2011]

https://www.todayonline.com/singapore/new-private-home-sales-surged-may-analysts-say-it-still-buyers-market

 

Lilium only sold 5% of its units 

[BanCoe]

Boss cannot see full article leh, I no subcription to BT 

 

https://www.businesstimes.com.sg/real-estate/uob-reaffirms-offer-to-buyers-of-two-condo-projects-under-receivership
UOB reaffirms offer to buyers of two condo projects under receivership

(Bank will bear extra costs to finish Sycamore Tree and Laurel Tree, but buyers must waive rights to liquidated damages against progress payments)

 

[Mercs]

who say recession coming?

 

 

Haha nothing new, recession talk ongoing for years!

[Mercs]

Luxury properties usually lead the price data for mass market condos.

Daily Briefing: Sentosa Cove property prices fell to record low $1,367 psf; Full floor plate at Springleaf Tower up for sale at $27.2m

 

https://sbr.com.sg/commercial-property/news/daily-briefing-sentosa-cove-property-prices-fell-record-low-1367-psf-full-f

 

 

Landed properties near big malls and good schools in Chinese Tamans are okay. My tenant has just renewed the lease.

HK/China power big money coming, can expect more demand to luxury properties.

https://www.straitstimes.com/asia/east-asia/hong-kong-tycoons-start-moving-assets-offshore-as-fears-rise

Hong Kong tycoons start moving assets offshore as fears rise; Singapore a destination

 

Malaysia boleh.

https://www.edgeprop.sg/property-news/hong-kong-investors-snap-affordable-property-malaysia-eye-retirement

Hong Kong investors snap up affordable property in Malaysia with an eye on retirement

[Mercs]

Honestly, I am not sure what is the significance of the above data from URA. However, I see it reported all the time in prime time news, media, etc. It gives a false impression that the market is improving.

 

So what if more new homes were sold in May than April? It is probably just because there were more new mass launches in May than April. Or so what if the coming August is going to sell less homes than July? It's probably just because August is the 7th month and almost no launches in that month.

 

There is no significant meaning in such data except to report for the sake of reporting.

 

It is probably better if they report and compare the sold rate in % (number of units sold/total number of units launched) for that month. If the sold rate is going up, then we know that buyers are increasing and market sentiment is improving.

You're overthinking it, whether sold rate up or down will still be reported as it is.

 

Since you agent, should have first hand feel 'on the ground' info.

 

So why not you enlighten us then, on current buyer demand/sentiment?

[Mercs]

Boss cannot see full article leh, I no subcription to BT

Boss here you go

 

https://www.finews.asia/finance/28985-uob-stands-by-offer-to-buyers-of-projects-under-receivership

UOB Stands By Offer for Incomplete Projects

 

United Overseas Bank (UOB) has reaffirmed its offer to bear the additional costs to complete the construction of two unfinished residential projects in Singapore which have been put under receivership.

 

The bank, which is the mortgagee in two incomplete projects - Sycamore Tree and Laurel Tree - told local newspapers that its offer remains conditional on the home buyers waiving their rights to claim liquidated damages, or compensation that developers must pay buyers for delays.

 

«UOB's offer will save homebuyers from having to make additional fund top-ups beyond their agreed unit purchase price. This is subject to all the homebuyers agreeing not to deduct any claims for liquidated damages against their remaining scheduled payments to be made into the project accounts,» said a UOB spokesman who was quoted in «Business Times» (Behind paywall).

 

Tender Process Started

 

The receivers for both Sycamore Tree and Laurel Tree have started a tender process to identify financially sound and quality contractors to determine the cost to complete the construction. «Given the complexities and after evaluating the various possible courses of action with new contractors assessing and taking over the completion of the delayed projects, we have offered to cover the additional costs expected to be incurred,» the spokesman added.

 

Based on the sale and purchase agreement, the developer will have to pay liquidated damages of 10 per cent per annum of what buyers have to pay. The waiver is necessary to protect future progress payments from potential liquidated damages, which could result in insufficient funds to complete the projects.

 

Examining Project Accounts

 

About 183 people were affected when construction of the 70-unit freehold condominium at Laurel Tree in Hillview Terrace and the 96 residential units and 17 shops at Sycamore Tree in Joo Chiat, stopped after the project accounts were found to have insufficient funds for the next phases of construction.

 

The two freehold projects were supposed to have received their Temporary Occupancy Permit in 2016. Astoria Development was the developer behind Sycamore Tree, while Lerida was the developer of Laurel Tree. Both developers are linked to Tan Hock Keng, a former property player. The Controller of Housing at the Urban Redevelopment Authority is studying the project accounts of the two projects to check whether money earmarked for them has been misused.

[Mercs]

HK/China power big money coming, can expect more demand to luxury properties.

https://www.straitstimes.com/asia/east-asia/hong-kong-tycoons-start-moving-assets-offshore-as-fears-rise

Hong Kong tycoons start moving assets offshore as fears rise; Singapore a destination

 

 

https://sbr.com.sg/residential-property/in-focus/luxury-homes-buck-residential-sales-decline-in-may

 

URA Realis data shows that almost 30%) of new home sales or 273 units were transacted above $2,000 psf.

 

“New homes transacted at this price sky-rocketed 661% from 36 units in February to 273 units in May this year, which is also the highest number inked since December 2013 (295 units),”

 

“Of the 273 transactions, 193 units were from RCR which is a historical high number of new homes sold above $2,000 psf for the market segment,”

 

In another solid showing for the luxury segment, ultra-high-net-worth investors remained upbeat as 48 new homes were also sold for $3m and above, which is the highest number inked since May 2018 with 56 units.

 

URA noted that another 28th floor (527 sqm) unit at Boulevard 88 was also transacted last month for $28m or $4,936 psf, surpassing the previous record of $4,927 psf for another unit at the same project inked in March 2019.

 

“However, this month saw an even higher priced 28th floor unit (562 sqm) at Boulevard 88 being transacted for a record smashing $5,125 psf, which is the sixth most expensive condo by psf sold on record (since 1995). By price quantum, this unit was transacted at $31m, which is the fifth most expensive condo sold on record (since 1995),”

[Mercs]

https://www.businesstimes.com.sg/real-estate/singapore-developers-sell-952-private-homes-in-may-up-295-from-aprils-735-units-ura

Singapore developers sell 952 private homes in May, up 29.5% from April's 735 units: URA

 

 

https://www.straitstimes.com/business/property/sales-of-new-private-homes-up-30-last-month

 

(Developers push out nine new projects, but most of the sales came from earlier launches)

 

Of last month's total sales, 70.2 per cent were from previous launches.

 

Developers sold 3,525 new private homes (excluding executive condos) in the first five months of the year, up 2.6 per cent from 3,436 units in the same period last year.

[Mercs]

https://www.edgeprop.sg/property-news/tee-land%E2%80%99s-lattice-one-31-sold-over-weekend

TEE Land’s Lattice One 31% sold over the weekend

 

Mainboard-listed TEE Land, a Singapore-based real estate developer and investor, announced that Lattice One was 31% sold. During the preview on June 15 and 16, 15 out of 48 units were taken up. The buyers of these units were all Singaporeans.

 

The units were sold at an average price of $1,800 psf. The unit types comprised two-bedroom, two-bedroom + study and three-bedroom units with floor areas ranging from 538 sq ft to 1,076 sq ft.

 

Public sales commenced on June 17 due to an increased interest in enquiries and viewings.

 

Located along Upper Thomson Road, Lattice One is a freehold five-storey residential development at Seraya Crescent, opposite Sembawang Hills Food Centre and Jalan Leban eateries.

 

[Icedbs]

You're overthinking it, whether sold rate up or down will still be reported as it is.

 

Since you agent, should have first hand feel 'on the ground' info.

 

So why not you enlighten us then, on current buyer demand/sentiment?

 

Yes, sold rate up or down will still be reported as it is, but at least they are meaningful data.

 

For example

 

Sold rate for April is 735 (unit sold)/950 (units launched) = 77%

Sold rate for May is 952/1394 = 68%

 

The sold rate (or take up rate) actually drops from April to May even though May sold more homes.

 

If we chart the trend of monthly sold rate over a year, that will give a good indication of buyer sentiments over that year

 

If we chart the trend of monthly unit sold, that tell us nothing.

 

If you want ground info.....I will tell you it is weak. But if people want to believe that May sold 29.5% more homes than April and hence market is getting better, be my guest and probably even good for my business.

Edited June 18, 2019 by Icedbs