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Thread: Private home resales spring back to life

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    Default Private home resales spring back to life

    Private home resales spring back to life
    Startling turnaround in March on the heels of high prices at new home launches
    By
    Kalpana Rashiwala



    [SINGAPORE] After going into deep freeze since the additional buyer's stamp duty (ABSD) was introduced on Dec 8, resale transactions of completed private homes snapped back to life in March. The recovery was partly disguised amid the first quarter figures, weighed down by dismal volumes in January and February.
    In fact, Savills Singapore's analysis shows that resale volumes for March have recovered to levels seen before the ABSD kicked in. The turnaround was sudden, as the resale market had remained jittery even while buyers were returning to property launches in the first two months of the year.
    However, since March, agents say that some of the eye-popping per square foot (psf) prices achieved at new launches have helped to jumpstart interest in the secondary market for completed properties, where prices look more attractive.
    Savills' analysis of URA Realis caveats data shows 1,142 resale deals for private homes (excluding ECs and en bloc sales) done in March - double the 565 caveats for February and more than three times January's volume of 314 transactions. The March number also exceeds December's volume of 776 and November's 981.

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    SINGAPORE] After going into deep freeze since the additional buyer's stamp
    duty (ABSD) was introduced on Dec 8, resale transactions of completed
    private homes snapped back to life in March. The recovery was partly
    disguised amid the first quarter figures, weighed down by dismal volumes in
    January and February.



    In fact, Savills Singapore's analysis shows that resale volumes for March
    have recovered to levels seen before the ABSD kicked in. The turnaround was
    sudden, as the resale market had remained jittery even while buyers were
    returning to property launches in the first two months of the year.



    However, since March, agents say that some of the eye-popping per square
    foot (psf) prices achieved at new launches have helped to jumpstart interest
    in the secondary market for completed properties, where prices look more
    attractive.



    Savills' analysis of URA Realis caveats data shows 1,142 resale deals for
    private homes (excluding ECs and en bloc sales) done in March - double the
    565 caveats for February and more than three times January's volume of 314
    transactions. The March number also exceeds December's volume of 776 and
    November's 981.



    "Given that the average monthly resale volume for 2011 was 1,166
    transactions, the March numbers show that resale volumes have recovered back
    to pre-ABSD levels," said Savills Singapore research head Alan Cheong.



    The March 2012 resale volume is still 23 per cent below the 1,480 caveats
    lodged in March 2011.



    The final tally for March 2012 could rise as more caveats stream in over the
    next few weeks. Savills' analysis, based on caveats captured by URA Realis
    as at April 24, also showed 332 resale transactions being done so far this
    month.



    Savills commented: "The pace of resales in April is still healthy. Agents
    are still conducting frequent viewings and enquiries. Barring any new
    property cooling measures or external shocks, resales should remain robust
    for the next few months - given the current low interest rate environment,
    liquidity and increasing population scenario, among other factors."



    The weak performance in the first two months dragged down the volume of
    resale deals of private homes for Q1 this year to 2,021, a decline of nearly
    25 per cent from 2,688 in the preceding quarter and a year-on-year drop of
    42.3 per cent from 3,503 units in Q1 2011.



    "When the ABSD was imposed on Dec 8, 2011, new home sales practically froze
    in the following weeks. Subsequent to the successful launch of Watertown and
    Parc Rosewood in January, resale buyers took a while to fully absorb the
    fact that the property market still has legs. Only in March did they put pen
    to paper," said Mr Cheong.



    Agents report that high prices achieved for 99-year leasehold suburban
    launches like Watertown in Punggol (with median prices of about $1,340 psf
    in February and March) and Sky Habitat in Bishan, which marked a new record
    for the suburban condo market based on an average price said to be about
    $1,650 psf after taking into account the initial 3 per cent discount given
    to all buyers - have helped to stir interest in the resale market and in
    projects launched earlier that are still being marketed by developers.



    Archipelago, a five-storey, 99-year condo facing Bedok Reservoir Park, is
    going at about $1,000 psf on average.



    Compared to Sky Habitat, resale prices for some completed freehold
    properties in the prime districts would appear attractive to some buyers,
    say agents. For example, a 990 sq ft ground floor unit at One Jervois
    changed hands for $1,515 psf (reflecting an absolute price of $1.5 million)
    in March, while a 947 sq ft unit on the third floor of Jervois Regency sold
    for $1,361 psf (about $1.29 million) in April.



    A 12th floor unit of 2,250 sq ft at Residences@ Evelyn changed hands at
    $1,609 psf in March, while a 2,508-sq ft fourth floor unit at Chelsea
    Gardens at Walshe Road sold for $3.8 million, which works out to $1,515 psf.



    David Neubronner, director of residential project sales, Jones Lang LaSalle,
    said: "Completed freehold properties at Meyer Road and in Districts 10 and
    11 priced at $1,500-1,600 psf represent good values for owner occupiers."



    Although psf prices are higher for new launches, absolute price quantums are
    generally bigger for older completed projects as units are mostly larger.



    "Buyers of resale properties may be a different group than those buying in
    the primary market; they could be better heeled," suggests an agent.



    Credo Real Estate executive director (residential) Manjit Gill says the
    company has seen an increase in enquiries and requests for viewings of
    completed properties in the resale market, particularly those in the
    vicinity of new launches.



    "While psf prices are lower in the resale market, buyers would have to make
    full payment of the purchase price upon completion of sale (usually in three
    months) whereas if they buy a unit from a developer in a newly launched
    project, progress payments can stretch over the three years or more that it
    takes to complete the project," he adds. Lower psf prices in the resale
    market may also be due to the age of the project and its facilities.

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    CMCMCMCMCMCMCMCM

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    Mmmmm, isn't that what I mentioned before?

    Quote Originally Posted by Leeds
    SINGAPORE] After going into deep freeze since the additional buyer's stamp
    duty (ABSD) was introduced on Dec 8, resale transactions of completed
    private homes snapped back to life in March. The recovery was partly
    disguised amid the first quarter figures, weighed down by dismal volumes in
    January and February.



    In fact, Savills Singapore's analysis shows that resale volumes for March
    have recovered to levels seen before the ABSD kicked in. The turnaround was
    sudden, as the resale market had remained jittery even while buyers were
    returning to property launches in the first two months of the year.



    However, since March, agents say that some of the eye-popping per square
    foot (psf) prices achieved at new launches have helped to jumpstart interest
    in the secondary market for completed properties, where prices look more
    attractive.



    Savills' analysis of URA Realis caveats data shows 1,142 resale deals for
    private homes (excluding ECs and en bloc sales) done in March - double the
    565 caveats for February and more than three times January's volume of 314
    transactions. The March number also exceeds December's volume of 776 and
    November's 981.



    "Given that the average monthly resale volume for 2011 was 1,166
    transactions, the March numbers show that resale volumes have recovered back
    to pre-ABSD levels," said Savills Singapore research head Alan Cheong.



    The March 2012 resale volume is still 23 per cent below the 1,480 caveats
    lodged in March 2011.



    The final tally for March 2012 could rise as more caveats stream in over the
    next few weeks. Savills' analysis, based on caveats captured by URA Realis
    as at April 24, also showed 332 resale transactions being done so far this
    month.



    Savills commented: "The pace of resales in April is still healthy. Agents
    are still conducting frequent viewings and enquiries. Barring any new
    property cooling measures or external shocks, resales should remain robust
    for the next few months - given the current low interest rate environment,
    liquidity and increasing population scenario, among other factors."



    The weak performance in the first two months dragged down the volume of
    resale deals of private homes for Q1 this year to 2,021, a decline of nearly
    25 per cent from 2,688 in the preceding quarter and a year-on-year drop of
    42.3 per cent from 3,503 units in Q1 2011.



    "When the ABSD was imposed on Dec 8, 2011, new home sales practically froze
    in the following weeks. Subsequent to the successful launch of Watertown and
    Parc Rosewood in January, resale buyers took a while to fully absorb the
    fact that the property market still has legs. Only in March did they put pen
    to paper," said Mr Cheong.



    Agents report that high prices achieved for 99-year leasehold suburban
    launches like Watertown in Punggol (with median prices of about $1,340 psf
    in February and March) and Sky Habitat in Bishan, which marked a new record
    for the suburban condo market based on an average price said to be about
    $1,650 psf after taking into account the initial 3 per cent discount given
    to all buyers - have helped to stir interest in the resale market and in
    projects launched earlier that are still being marketed by developers.



    Archipelago, a five-storey, 99-year condo facing Bedok Reservoir Park, is
    going at about $1,000 psf on average.



    Compared to Sky Habitat, resale prices for some completed freehold
    properties in the prime districts would appear attractive to some buyers,
    say agents. For example, a 990 sq ft ground floor unit at One Jervois
    changed hands for $1,515 psf (reflecting an absolute price of $1.5 million)
    in March, while a 947 sq ft unit on the third floor of Jervois Regency sold
    for $1,361 psf (about $1.29 million) in April.



    A 12th floor unit of 2,250 sq ft at Residences@ Evelyn changed hands at
    $1,609 psf in March, while a 2,508-sq ft fourth floor unit at Chelsea
    Gardens at Walshe Road sold for $3.8 million, which works out to $1,515 psf.



    David Neubronner, director of residential project sales, Jones Lang LaSalle,
    said: "Completed freehold properties at Meyer Road and in Districts 10 and
    11 priced at $1,500-1,600 psf represent good values for owner occupiers."



    Although psf prices are higher for new launches, absolute price quantums are
    generally bigger for older completed projects as units are mostly larger.



    "Buyers of resale properties may be a different group than those buying in
    the primary market; they could be better heeled," suggests an agent.



    Credo Real Estate executive director (residential) Manjit Gill says the
    company has seen an increase in enquiries and requests for viewings of
    completed properties in the resale market, particularly those in the
    vicinity of new launches.



    "While psf prices are lower in the resale market, buyers would have to make
    full payment of the purchase price upon completion of sale (usually in three
    months) whereas if they buy a unit from a developer in a newly launched
    project, progress payments can stretch over the three years or more that it
    takes to complete the project," he adds
    . Lower psf prices in the resale
    market may also be due to the age of the project and its facilities.

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    Quote Originally Posted by teddybear
    Mmmmm, isn't that what I mentioned before?
    I beginning to suspect, all the wise observations you gurus make here are all sort of made use in the reporting since this forum owned by SPH and Mediacorp....

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    Quote Originally Posted by carbuncle
    I beginning to suspect, all the wise observations you gurus make here are all sort of made use in the reporting since this forum owned by SPH and Mediacorp....
    ha ha ... I think many young journo do their "research" and "surveys" on the net ... forums, blog, tweets, etc. CNA even "reports" tweets during GE11. LOL.

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    I think is just a spike in resales activity during Mar.. Looking at the stats I have on hand for resales in April, it will likely be 30+% lower in terms of volume for this month

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    Quote Originally Posted by carbuncle
    I beginning to suspect, all the wise observations you gurus make here are all sort of made use in the reporting since this forum owned by SPH and Mediacorp....

    this forum own by SPH? sure or not?

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    Quote Originally Posted by dtrax
    I think is just a spike in resales activity during Mar.. Looking at the stats I have on hand for resales in April, it will likely be 30+% lower in terms of volume for this month
    u mean u counting all transactions in april

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    Quote Originally Posted by dtrax
    I think is just a spike in resales activity during Mar.. Looking at the stats I have on hand for resales in April, it will likely be 30+% lower in terms of volume for this month
    I think resale transactions is on uptrend. April's numbers should not be 30% lower than March. But then, its anyone's guess. I just based it on the number of viewers I see at resale viewings so far this month.

    DKSG

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    Quote Originally Posted by Ringo33
    this forum own by SPH? sure or not?
    how u think can survive so long with all the 2 comments...

    big brother support

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    Quote Originally Posted by radha08
    u mean u counting all transactions in april
    up till 13th apr confirmed based on ura and av out monthly

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    Quote Originally Posted by dtrax
    up till 13th apr confirmed based on ura and av out monthly
    oh ok...lets c what happens by month end

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    Quote Originally Posted by radha08
    oh ok...lets c what happens by month end
    if i BUY then can add 1 more NUMBER to the data....

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    Quote Originally Posted by radha08
    oh ok...lets c what happens by month end

    yup.. wad u hooting?

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    Quote Originally Posted by dtrax
    yup.. wad u hooting?
    one minute landed one minute condo one minute apartment one minute d15 one minute d16.......life is so FUN...

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    dtrax, do you have any no of rental transactions data according to price bands of rental (e.g. <$3k, $3k-4k, $4k-5k, $5k-6k, $6k-7k, $8k-10k, >$10k) and their average in each band for condos. Do you have the data and can provide to share? Thanks.

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    Quote Originally Posted by teddybear
    dtrax, do you have any no of rental transactions data according to price bands of rental (e.g. <$3k, $3k-4k, $4k-5k, $5k-6k, $6k-7k, $8k-10k, >$10k) and their average in each band for condos. Do you have the data and can provide to share? Thanks.
    ya that would be useful...but generally i feel rental still strong

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    Quote Originally Posted by radha08
    ya that would be useful...but generally i feel rental still strong
    I would have thought that looking at psf rental price will give you a better indication of the rental market.

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    Quote Originally Posted by teddybear
    dtrax, do you have any no of rental transactions data according to price bands of rental (e.g. <$3k, $3k-4k, $4k-5k, $5k-6k, $6k-7k, $8k-10k, >$10k) and their average in each band for condos. Do you have the data and can provide to share? Thanks.
    can be done but have yet to do that yet coz it will be too painful for manual compilation unless i have got this in my system

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    Doesn't say anything about resale prices since the last CM. Prices went up? went down? went down then up?

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    Quote Originally Posted by sh
    Doesn't say anything about resale prices since the last CM. Prices went up? went down? went down then up?
    exactly, resales volume goes up could also mean price coming down. however rental market will give us a clue about the direction forward. If tenants are still willing to pay decent price for rental then I would expect price to remain strong.

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    Quote Originally Posted by sh
    Doesn't say anything about resale prices since the last CM. Prices went up? went down? went down then up?
    wait lah... tomorrow both URA-2012Q1 and NUS-SRPI Mar-2012 indices available...

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    Quote Originally Posted by radha08
    one minute landed one minute condo one minute apartment one minute d15 one minute d16.......life is so FUN...
    So sexcitingggggggggg

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    Quote Originally Posted by Ringo33
    this forum own by SPH? sure or not?
    u make a new post n observe the top portion lor. actually no need. just look up there now...

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    SO this confirms what we have been hearing from agents that resales are creeping up and more people are viewing since early March.

    Dec resales down is a knee jerk reaction but vol may still not match pre ABSD.
    Prices are likely to be project specific and dependent on facing and condition but if we monitor the more popular projects from Mar to May, will have a better idea.

    Whatever it is looks like the "rebound" is even faster than in end 2008/early 2009. Barring external shocks and CM, prices will likely to remain close to 2011 prices. Not so good news for those who have sold and waiting for prices to drop.

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    Enjoy:


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    Quote Originally Posted by dtrax
    Enjoy:

    Driven mostly by MMs and ECs. Buying momentum will likely be maintained to around end of Q2 this year.

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    Wow! all time high Q1 transaction for new launch. New CM is coming soon. Thank you, dtrax Can do same one for secondary market?

    Quote Originally Posted by dtrax
    Enjoy:


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    Excluding ECs la

    Quote Originally Posted by hyenergix
    Driven mostly by MMs and ECs. Buying momentum will likely be maintained to around end of Q2 this year.

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