Mercs: property news & updates

[Mercs]

https://www.edgeprop.sg/property-news/over-60-units-sold-launch-penrose

About 341 units (or 60.3%) out of a total of 566 units at Penrose condo were sold on its launch weekend on Sept 26-27. This makes Penrose by far, “the most successful and best-selling property launch in 2020.

About 85% of the buyers were said to be Singaporeans, with the rest Singapore permanent residents and foreigners. According to property agents, over 1,500 cheques were collected as expressions of interest over the past fortnight since Penrose previewed on Sept 12.

 

The reason Penrose wasn’t fully sold over the weekend was because many of the investors and owner occupiers were interested in the one- and two-bedroom units, given the attractive absolute prices,  “By mid-day on Saturday, all these units were already grabbed by buyers who had the opportunity to select their units first, leaving subsequent people in the queue disappointed as they didn’t get an opportunity to buy a unit at Penrose that was within their budget,”

[PropSG]

https://www.theedgesingapore.com/news/singapore-economy/singapores-factory-output-surprises-137-increase-august?utm_source=mycarforum&utm_medium=&utm_campaign=forumposting

Singapore's factory output surprises with 13.7% increase in August

[Spring]

On 9/26/2020 at 7:31 PM, Mercs said:

Just first day of launch, so far more than 50% already sold 😉

 

Sorry bro, I'm abit out of touch. These days they launch all units? Last time, they will hold back 1-2 blocks for release later and sell higher as well. It seems this has changed, I wonder why?

It was a good move by developers (from their point of view) to hold back as they make more by doing this and also this way the less popular facing units in first phase can still move. Now they sell all, the less popular facing units might be difficult to sell. Of course, early bird buyers prefer if they launch all so general public obviously not complaining .  

[Mercs]

9 hours ago, Spring said:

Sorry bro, I'm abit out of touch. These days they launch all units? Last time, they will hold back 1-2 blocks for release later and sell higher as well. It seems this has changed, I wonder why?

It was a good move by developers (from their point of view) to hold back as they make more by doing this and also this way the less popular facing units in first phase can still move. Now they sell all, the less popular facing units might be difficult to sell. Of course, early bird buyers prefer if they launch all so general public obviously not complaining .  

No worries bro, its a valid question. I think it differs among developers/ projects, whether have sufficient landbank/ ongoing projects/ unsold units but more importantly, the number of EOI cheques collected during preview to gauge demand for the project to decide the number of units/ sell psf to launch.

Those less popular facing units would likely to launch first at much lower psf and more often than not the first to be sold, or developers can always offer 'star buys' to push them out at a later date. One example would be the recent Penrose launch, the difference in psf for outward PIE facing vs inward can be quite substantial to the absolute quantum and in terms of affordability.

[Mercs]

https://stackedhomes.com/editorial/new-otp-re-issuing-restrictions/#gs.grosjm

 

https://www.straitstimes.com/business/property/ura-clamps-down-on-re-issue-of-options-to-purchase-for-private-homes

URA clamps down on reissue of options to purchase for private homes; new curbs take immediate effect

 

Quote

URA also said the new restrictions do not apply retrospectively to OTPs issued before Monday where developers have an existing reissue agreement with buyers. “This comes as a welcome relief to both parties,” 

The new rules are not likely to be a major dampener to the market for new private homes, especially in the affordable mass-market segment. 

Pointed to last weekend’s launch of Penrose condominium by Hong Leong Holdings. Of its 566 units, 341 were sold as of Sunday, representing 60 per cent of the development. 

“Hong Leong practised a strict ‘no-reissue’ policy. This means all the buyers would be required to exercise their options within 3 weeks of being served the sale and purchase agreements,”

Edited September 28, 2020 by Mercs

[Mercs]

https://stackedhomes.com/editorial/penrose-review-good-own-stay-potential-but-not-the-best-living-environment/

Penrose review

 

https://www.straitstimes.com/business/banking/coronavirus-mas-banks-said-to-be-in-talks-to-extend-debt-relief-scheme

MAS, banks said to be in talks to extend debt relief scheme for borrowers hit by Covid-19 pandemic fallout

 

https://www.propwise.sg/non-landed-residential-resale-property-transactions-for-the-week-of-september-13-september-18/

Non-Landed Residential Resale Property Transactions for the Week of September 13 – September 18

 

https://www.businesstimes.com.sg/real-estate/shoebox-apartment-market-down-on-recession-shakeout

Shoebox apartment market down on recession shakeout

(Usual buyers of such small, private homes facing issues of unemployment, wage cuts even as market is seeing fewer choices amid weaker supply)

[Mercs]

Reits (September 26-27, 2020)

[Mercs]

https://www.homeanddecor.com.sg/gallery/house-tour-modern-aussie-country-style-apartment-for-work-and-play/

House Tour: Modern Aussie country-style apartment for work and play

 

Type of home: Three-bedroom condo at Tree House
Size of home: 120sqm
Who lives here: A family of four

 

[Mercs]

 

[PropSG]

https://www.theedgesingapore.com/capital/brokers-calls/ocbc-bullish-us-dollar-recovery-contested-elections-could-spoil-party?utm_source=mycarforum&utm_medium=&utm_campaign=forumposting

OCBC bullish on US Dollar recovery but contested elections could spoil the party

Edited September 29, 2020 by PropSG

[PropSG]

https://www.edgeprop.sg/property-news/otp-property-purchase-now-limited-three-week-expiry-ura?utm_source=mycarforum&utm_medium=&utm_campaign=forumposting

[UPDATE] Controller of Housing cracks down on reissue of OTP for property purchase

[Wt_know]

need to re-issue OTP meh ... 

hearsay, the market is so freaking HOT that you can only see SOLD SOLD SOLD

Edited September 29, 2020 by Wt_know

[Mercs]

https://www.homeanddecor.com.sg/gallery/house-tour-a-practical-and-playful-apartment-in-gallop-gables/

House Tour: A practical and playful apartment in Gallop Gables

 

Type of home: Condominium apartment at Gallop Gables
Size of home: 100sqm
Who lives here: A marketing executive and lawyer couple

[Mercs]

https://www.edgeprop.sg/property-news/myra-sells-17-out-85-units-over-sept-26-weekend-source

Myra sells 17 out of 85 units over Sept 26 weekend: source

 

"Myra, a development in Potong Pasir, sold 17 out of 85 units over the weekend of Sept 26 at an average price of $2,000 to $2,100 psf"

[Mercs]

https://www.99.co/blog/singapore/changing-residential-address-in-singapore-will-be-easier-from-oct-2020/

Changing residential address in Singapore will be easier from Oct 2020

 

[Newbie26]

4 minutes ago, Mercs said:

https://www.edgeprop.sg/property-news/myra-sells-17-out-85-units-over-sept-26-weekend-source

Myra sells 17 out of 85 units over Sept 26 weekend: source

 

"Myra, a development in Potong Pasir, sold 17 out of 85 units over the weekend of Sept 26 at an average price of $2,000 to $2,100 psf"

2000-2100pfs at Potong pasir for a very small development (eventhough FH) is a bit high

prob explains the 20% sales 

[Mercs]

https://www.straitstimes.com/business/property/new-guidelines-to-encourage-prudent-private-home-buying

New guidelines to encourage prudent private home buying

 

https://www.businesstimes.com.sg/real-estate/ura-clampdown-on-option-re-issue-may-have-some-cooling-effect-on-property-market

URA clampdown on option re-issue may have some cooling effect on property market

 

https://www.businesstimes.com.sg/real-estate/redas-president-calls-for-absd-reprieve-for-first-time-upgraders

Redas president calls for ABSD reprieve for first-time upgraders

 

https://www.businesstimes.com.sg/real-estate/strong-condo-sales-targeting-hdb-upgraders-will-likely-sustain-momentum-dbs

Strong condo sales targeting HDB upgraders will likely sustain momentum

 

https://www.straitstimes.com/business/invest/shares-at-new-lows-but-is-it-time-to-invest-0

Shares at new lows, but is it time to invest?

 

(Investors, especially first-timers, should do homework first and be aware of the risks, advise experts)

 

 

 

 

[Newbie26]

On 9/27/2020 at 11:08 PM, Mercs said:

Bounced - probably reserved for those on the fence buyers and after some cooling off time buyers remorse decide not to go ahead, or hit TDSR limit bank loan issue for investors buying 2nd/3rd investment unit.

1.7 -1.8k psf would be a more risky entry psf IMHO, a good comparison would be just check SUO beside recent resale transacted psf of the particular unit size, to see if one is overpaying for 'new' - https://www.ura.gov.sg/realEstateIIWeb/transaction/submitSearch.action

 

At such hot launches with a 'wet market battlezone' scenario, norm to be easily drawn into all the hype seeing everybody buying plus agents pressure with FOMO sales tactic.  A million dollars for a 570sqft 1+1, suddenly those mil$ hdb prices dun seem that crazy anymore and look like a better deal? 😛

Today's market, with CMs still in effect plus covid/recession outlook, there's actually no need to fear missing out on anything, new launches still selling high psf and one after another there's always so much choices.

For around the same psf/quantum,  can buy 2 resale instead of 1 new have double the rental returns while spreading the risks but that's just me. We all know locals like to buy new and they dun mind paying high psf for it.

agents say buy new because most new launches price rise higher at top

whereas resales prices stagnant