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13-07-12, 22:31
http://www.businesstimes.com.sg/archive/friday/specials/property/new-homes-1m-are-hot-sellers
Published July 12, 2012
New homes up to $1m are the hot sellers
Demand for new units below $500k also continues upward trend
By michelle tan
NEW homes that fall within the price bracket of $500,000 to $1 million continue to be the most popular among Singaporean buyers.
In the first half of this year, 3,361 units or 46.3 per cent of all new home transactions made by Singaporeans, fell in that price band as compared with 26.0 per cent and 40.1 per cent in the first halves of 2010 and 2011 respectively, according to data from the Urban Redevelopment Authority (URA).
Consultants say that the demand for such homes continues to see a strong uptake from buyers, such as HDB upgraders who recently sold their flats to tap on the high cash over valuation (COV) recorded in recent months.
Demand for new units priced under $500,000 also continued to gain momentum during the period, up more than three-fold from last year to 384 as at the end of 1H2012.
Likewise, homes in the $1 million to $2 million region also appealed to local home buyers, with a total of 1,910 transactions (or 26.3 per cent of all new home purchases by Singaporeans) recorded in the first six months of this year as compared to 1,760 during the same period last year, making it the second most popular price segment.
However, the 1H2012 figures were a far cry from those posted two years ago. Taking a quick flashback, new homes priced between $1 million and $2 million saw the most favour among Singaporeans in 1H2010, with 2,515 transactions out of 7,431 (33.8 per cent) recorded stemming from this price range.
Buyers have also become more price conscious amid waning global economic indicators, with demand for properties over $2 million in a downtrend.
In the first half of this year, new home purchases in the $2 million to $3 million, $3 million to $5 million and beyond $5 million price bands fell by 21.2 per cent, 21.3 per cent and 50.0 per cent from 1H2011 to 215, 59 and 12 units transacted, respectively.
And this trend is likely to continue, according to industry watchers as Singaporean buyers are likely to continue leaning towards homes priced under the attractive $1 million mark, with a huge flow of smallish projects and suburban developments coming on stream in the months ahead.
Published July 12, 2012
New homes up to $1m are the hot sellers
Demand for new units below $500k also continues upward trend
By michelle tan
NEW homes that fall within the price bracket of $500,000 to $1 million continue to be the most popular among Singaporean buyers.
In the first half of this year, 3,361 units or 46.3 per cent of all new home transactions made by Singaporeans, fell in that price band as compared with 26.0 per cent and 40.1 per cent in the first halves of 2010 and 2011 respectively, according to data from the Urban Redevelopment Authority (URA).
Consultants say that the demand for such homes continues to see a strong uptake from buyers, such as HDB upgraders who recently sold their flats to tap on the high cash over valuation (COV) recorded in recent months.
Demand for new units priced under $500,000 also continued to gain momentum during the period, up more than three-fold from last year to 384 as at the end of 1H2012.
Likewise, homes in the $1 million to $2 million region also appealed to local home buyers, with a total of 1,910 transactions (or 26.3 per cent of all new home purchases by Singaporeans) recorded in the first six months of this year as compared to 1,760 during the same period last year, making it the second most popular price segment.
However, the 1H2012 figures were a far cry from those posted two years ago. Taking a quick flashback, new homes priced between $1 million and $2 million saw the most favour among Singaporeans in 1H2010, with 2,515 transactions out of 7,431 (33.8 per cent) recorded stemming from this price range.
Buyers have also become more price conscious amid waning global economic indicators, with demand for properties over $2 million in a downtrend.
In the first half of this year, new home purchases in the $2 million to $3 million, $3 million to $5 million and beyond $5 million price bands fell by 21.2 per cent, 21.3 per cent and 50.0 per cent from 1H2011 to 215, 59 and 12 units transacted, respectively.
And this trend is likely to continue, according to industry watchers as Singaporean buyers are likely to continue leaning towards homes priced under the attractive $1 million mark, with a huge flow of smallish projects and suburban developments coming on stream in the months ahead.