Resale home prices continue to fall in february

[Naruto]

Resale home prices continue to fall in February



Mar 29, 2012 - PropertyGuru.com.sg
By Romesh Navaratnarajah

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Resale home prices have fallen steadily in the past three months, with small and high-end units recording the biggest drop.

Overall, prices in February dropped 0.8 percent compared to January, in addition to the one percent drop seen in December. Central home prices fell 0.9 percent while non-central prices slid 0.6 percent after it picked up by 0.3 percent in January.

Shoebox apartment prices (500 sq ft or smaller) dropped 0.9 percent based on the Singapore Residential Price Index (SRPI) compiled by the National University of Singapore.

According to property experts, the fall in prices do not come as a surprise, given the recent slowdown in the secondary market.

“The weakened leasing market is also a major deterrence for home seekers, especially investors whose main property-buying objective is to enjoy the benefits of a significant and encouraging immediate income stream,” said Ong Kah Seng, Director at R'ST Research.

Nicholas Mak, Head of Research and Consultancy at SLP International, said that “the variety of new launches have also drawn attention away from the secondary market.”

He added that buying new units could be easier for homeowners as they will have the choice of a progressive payment scheme, while resale properties require an upfront payment.

Meanwhile, experts believe that prices are likely to continue falling in the coming months.

However, Ong expects interest in resale properties to rise by Q2 2012, given “appropriate re-pricing” following a contraction in demand.

[ysyap]

So the latest bumper crop will send prices further south? How come still cannot feel it? Everywhere sellers asking high high still? Only happening in CCR lah.. just the report mentioned!

[Naruto]

So the latest bumper crop will send prices further south? How come still cannot feel it? Everywhere sellers asking high high still? Only happening in CCR lah.. just the report mentioned!

Dont know leh. Are you in the market? if you are not, dont think can
feel and no need to feel lah. Yea, many sellers asking high. But
whether they are testing the market or serious about selling or not, only they themselves know.

Seller, if got holding power, nothing wrong ask for high high.
But if got another commitment and want to sell, LL have to
lower asking price alittle lol.

Only can see new launch ones are moving.. Maybe because developers are giving out some cherries..

[Naruto]

270 units sold at Ripple Bay condo



Mar 30, 2012 - PropertyGuru.com.sg
By Romesh Navaratnarajah

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Property developer MCL Land has seen strong interest for its Ripple Bay condo (pictured) in Pasir Ris, with 270 units sold at the 679-unit project as of 8pm yesterday.

According to a Business Times report, buyers were mostly Singaporeans with a good spread of one- to three-room units snapped up.

Koh Teck Chuan, Chief Executive of MCL Land, said that when sales started in the morning, the average price was approximately S$855 psf. However, when the day progressed and strong interest was seen, the developer decided to increase prices to an average of S$870 psf.

“But we have not done a final tally on our average price,” said Koh.

Located within walking distance to Pasir Ris Beach, Ripple Bay condo is in front of Far East Organization's Seastrand development, where units are being offered at S$905 psf on average. Far East launched the 473-unit project in June 2011 and around 100 units are still available.

“There's no plan to lower the price and there isn't any special promotion for Seastrand. However, buyers receive a reimbursement for the standard three percent buyer's stamp duty and a furniture voucher equivalent to two percent of the sale price, as is the case for other Far East projects as well,” said the developer.

Meanwhile, 58 of 120 units released at Frasers Centrepoint’s 429-unit Palm Isles condo have been sold thus far. The average selling price for each unit is S$830 psf, lower than the S$870 psf average price of the nearby 501-unit Hedges Park Condominium, which was launched in April 2011 and still has more than 100 units available.

“We currently have no change in plans with respect to pricing and additional incentives at Hedges Park. But we will continue to monitor market trends there,” said a spokesman for Tripartite Developers, the firm behind the project.

[Naruto]

Located within walking distance to Pasir Ris Beach, Ripple Bay condo is in front of Far East Organization's Seastrand development, where units are being offered at S$905 psf on average. Far East launched the 473-unit project in June 2011 and around 100 units are still available.

“There's no plan to lower the price and there isn't any special promotion for Seastrand. However, buyers receive a reimbursement for the standard three percent buyer's stamp duty and a furniture voucher equivalent to two percent of the sale price, as is the case for other Far East projects as well,” said the developer.

Basis the above project. Let say average S$830 psf. (as property ad)
for a 1195sqft X S$830 = $992,000 round up (S$991,850)
3% SD off + 2% additonal cherry off. = WOW S$49,600 in cash leh..
Is this so call cashback?

[ekl2ekl2]

So the latest bumper crop will send prices further south? How come still cannot feel it? Everywhere sellers asking high high still? Only happening in CCR lah.. just the report mentioned!

Agree, while prices are softening, buyers still do not feel it.
For ccr resale, only the bigger ones are more negotiable, and this is bec quantum is big and not many locals can afford.

But for MM and 2 roomers, sellers still asking for sky high/historic high prices. Go property guru, pick any of the popular CCR condos, and the answer is obvious. Go view and make some offers, the answer is even more obvious. You have to be very lucky to get a unit below valuation.

[ysyap]

If Ripple B continue to cause ripples the way WaterTown stirred water current in the property market, there will be no rest. Bartley R said to do pretty well too. Sky Habitat waiting to launch next month in the midst of much hype and interest although asking might be the biggest deterrent. What then can we expect? KBW should start selling private condos liao! Sure make money!

[DC33_2008]

Most of the units at WaterTown were bought by HDB dwellers. How about this?Price rather steep. Can't be helped with renowed designer.

If Ripple B continue to cause ripples the way WaterTown stirred water current in the property market, there will be no rest. Bartley R said to do pretty well too. Sky Habitat waiting to launch next month in the midst of much hype and interest although asking might be the biggest deterrent. What then can we expect? KBW should start selling private condos liao! Sure make money!

[devilplate]

If Ripple B continue to cause ripples the way WaterTown stirred water current in the property market, there will be no rest. Bartley R said to do pretty well too. Sky Habitat waiting to launch next month in the midst of much hype and interest although asking might be the biggest deterrent. What then can we expect? KBW should start selling private condos liao! Sure make money!

bartley how many sold? Read smwhr 200units sold after 3-4wks since launch?

[devilplate]

U guys read too much headline news.....

The market actually not hot as compared to 2010 liao.....scala was like sold out within 1mth rite? Bartley res just slight more ex and only sold 200 out of 700units after 3–4wks?

seletar park res also vy bad sales......

Palm isles also vy bad......

Only ripplebay doing reasonably well and tats bcoz they r selling below the resale ppty there along jlb and seastrand.

Looks like only integrated project r hot now....demand also softening in ocr and buyers r getting selective

[DC33_2008]

Not bad with so many CMs as compared to launch time of Scala.

U guys read too much headline news.....

The market actually not hot as compared to 2010 liao.....scala was like sold out within 1mth rite? Bartley res just slight more ex and only sold 200 out of 700units after 3–4wks?

seletar park res also vy bad sales......

Palm isles also vy bad......

Only ripplebay doing reasonably well and tats bcoz they r selling below the resale ppty there along jlb and seastrand.

Looks like only integrated project r hot now....demand also softening in ocr and buyers r getting selective

[price]

U guys read too much headline news.....

The market actually not hot as compared to 2010 liao.....scala was like sold out within 1mth rite? Bartley res just slight more ex and only sold 200 out of 700units after 3–4wks?

seletar park res also vy bad sales......

Palm isles also vy bad......

Only ripplebay doing reasonably well and tats bcoz they r selling below the resale ppty there along jlb and seastrand.

Looks like only integrated project r hot now....demand also softening in ocr and buyers r getting selective

Ya, now buyers only still buying due to Quantum or Integrated/ Very near MRT projects.

It's gonna be a quantum game liao. HoiHup can sellout if they change into MM style, price 399k at 400sqft maybe few weeks all sell finish liao

[devilplate]

Ya, now buyers only still buying due to Quantum or Integrated/ Very near MRT projects.

It's gonna be a quantum game liao. HoiHup can sellout if they change into MM style, price 399k at 400sqft maybe few weeks all sell finish liao

I hope not.....tats the best plot of land....pls dun turn it into MM wonderland

[rymccondo77]

I hope not.....tats the best plot of land....pls dun turn it into MM wonderland

Agree. Building just MM units is not the best use of that piece of land.

[price]

Agree. Building just MM units is not the best use of that piece of land.

Yea, but building MM is the best for making profit $$

[hyenergix]

U guys read too much headline news.....

The market actually not hot as compared to 2010 liao.....scala was like sold out within 1mth rite? Bartley res just slight more ex and only sold 200 out of 700units after 3–4wks?

seletar park res also vy bad sales......

Palm isles also vy bad......

Only ripplebay doing reasonably well and tats bcoz they r selling below the resale ppty there along jlb and seastrand.

Looks like only integrated project r hot now....demand also softening in ocr and buyers r getting selective

It's the large number of EC launches and increase of qualifying family income to $12k.

[Naruto]

Yea, but building MM is the best for making profit $$

Yea, but too many, over flooded, may not be good lah.. some project..
50% are MM...