S'pore new home sales plunge

[vboy]

S'pore new home sales plunge
Aug 15, 2013 - PropertyGuru.com.sg



Sales of private homes launched by developers plummeted 73 percent from 1,806 units sold in June to just 481 in the month of July - the lowest recorded transaction volume in recent years, revealed data from the Urban Redevelopment Authority (URA).

Including executive condominiums, 593 homes were sold reflecting a decline of 72 percent from June’s figure of 2,119 units.

For the first seven months of 2013, developers moved a total of 10,631 units, or a monthly average of 1,518 units. This figure is 25 percent lower than the 14,181 units registered during the same period last year.

Property experts explained that the slowdown was due to the cumulative impact of successive curbs taking effect in the market.

Mohamed Ismail, CEO of PropNex Realty, said: “We believe the slowdown is largely due to the knee-jerk reaction following the rollout of the Total Debt Servicing Ratio (TDSR) framework as a more rigorous checklist which will take 10 to 14 days for banks to approve property loans.”

“At the same time, tighter loan-to-value (LTV) limits on second and subsequent housing loans and longer-tenure loans were also plugged. It will take some more time for people to digest not just the loan curbs, but the cumulative impact of all the earlier rounds.”

Another factor was the lack of major project launches in July, adding on to the lowest number of new private homes sold, noted Ismail.

Despite this, the top three best-selling projects in the month were Forestville, Vue 8 Residence and Bartley Ridge.

Forestville in Woodlands sold 78 units at a median price of S$734 psf, Vue 8 Residence moved 63 units at S$1,004 psf, while Bartley Ridge found buyers for 25 units at S$1,216 psf.

[JuzMe]

No surprise. So many new launches, cooling meassures, new TOP, economy slowing, companies down sizing, etc.

All these add to risks to buying these days. Best to exit and wait.

[princess_morbucks]

The report says new home sales plunge, and not price plunge.
If there is lack of major project launches in July, of course less new homes are sold.

[walkthetiger]

The report says new home sales plunge, and not price plunge.
If there is lack of major project launches in July, of course less new homes are sold.

There are still many very major projects with many unsold units around.

[princess_morbucks]

There are still many very major projects with many unsold units around.

Can you please name a few?
Sky habitat?
No. of units sold up to July 2013.
67.2% of the launched units sold.

[mcmlxxvi]

Very simple. Tdsr ruling result in loan approval and application taking many times longer. So sales speed slow down. Demand kena bottleneck. Just like FT in surge. Kena bottleneck gatekeeper oso.

Pressures building up behind the bottleneck may result in a BOOoooooMMM once gates are loosen a bit only. Men should understand this phenomenon very well.

[radha08]

after tom 18th august mkt will crash further

[chestnut]

after tom 18th august mkt will crash further

Wah, buy AHHHHHHHHHHHHHHHHHHHHHH

you think if pay hard cash, got discount or not??????

Cheongggggggggg ahhhhhhhhhhhhhhh

[onglai]

Wah, buy AHHHHHHHHHHHHHHHHHHHHHH

you think if pay hard cash, got discount or not??????

Cheongggggggggg ahhhhhhhhhhhhhhh

u have 2-3 properties under ur name right? absd 10% u will still buy?

[rymccondo77]

Can you please name a few?
Sky habitat?
No. of units sold up to July 2013.
67.2% of the launched units sold.

Another is the Trilinq - only 100+ units sold out of 755 units as at end July.

[DC33_2008]

It will be more on HDB flats.

after tom 18th august mkt will crash further

[invigorated]

It will be more on HDB flats.

which has an indirect effect on the private market, no?

[DC33_2008]

He will probably annouce the release of concept plan that was long overdue soon.

which has an indirect effect on the private market, no?

[newbie11]

It will be more on HDB flats.

Think many buy new launches and expect to sell hdb when private top

[chestnut]

u have 2-3 properties under ur name right? absd 10% u will still buy?

I have more than that....

Hahahahahahaha

[chestnut]

Think many buy new launches and expect to sell hdb when private top

Don't think so.... Their hdb they bot so cheap.... The rental from the hdb will pay for their private and their cpf pay for balance (vice versa).

They sell their hdb, no more chance t buy Liao...

[Simi]

u have 2-3 properties under ur name right? absd 10% u will still buy?

When you ask a person how many property he has
and if he starts of with "LIM PEH" has


It will be more than 2 or 3

[Mu]

Singapore is an island....there is only so much land to go around...

Whatever happens, prices will still inch up in the long term, no 2 ways about it..

But for short term, is could be anyones guess...

[3centsworth]

Singapore is an island....there is only so much land to go around...

Whatever happens, prices will still inch up in the long term, no 2 ways about it..

But for short term, is could be anyones guess...

More than that , our government is elevating Singapore to become a global city in 2020. We want to be recognised as the New York or London of the East. In order to attain the status, we need to bring in leading technologies, critical industries, key financial services and global talents from all parts of the developed world to live, work and play here. To attract global talents and industries to root here and grow our economy, we need to build the infrastructure and arts and culture. The whole scheme needs a lot of planning, packaging, communication and engagement not just with the foreign agencies and industries , internal agencies on land use, transportation, housing, environment, etc but also our own people who needs persuasion to come alongside with the government to build the vision. There will be trade off and challenges. In the long run, as we pull together as one united people, we will be able to build a society of the future with everyone , Singaporeans and non Singaporeans living in this island playing a part to develop and sustain the vision.

The prospect for property in Singapore is good when we embrace the vision of Singapore becoming a first world global city.

[hyenergix]

Singapore is an island....there is only so much land to go around...

Whatever happens, prices will still inch up in the long term, no 2 ways about it..

But for short term, is could be anyones guess...

The lull in property market is temporary. It is likely to resume more activity next year.

6.9 mil from 5.3 mil is a 30% increase in population. It is difficult to see where these additional people can be housed cheaply. If they are given subsidised HDB, then someone have to pay for the subsidies indirectly. It is you and me. Taxes are likely to go up. GST could be the target.

[aunhyunty]

More than that , our government is elevating Singapore to become a global city in 2020. We want to be recognised as the New York or London of the East. In order to attain the status, we need to bring in leading technologies, critical industries, key financial services and global talents from all parts of the developed world to live, work and play here. To attract global talents and industries to root here and grow our economy, we need to build the infrastructure and arts and culture. The whole scheme needs a lot of planning, packaging, communication and engagement not just with the foreign agencies and industries , internal agencies on land use, transportation, housing, environment, etc but also our own people who needs persuasion to come alongside with the government to build the vision. There will be trade off and challenges. In the long run, as we pull together as one united people, we will be able to build a society of the future with everyone , Singaporeans and non Singaporeans living in this island playing a part to develop and sustain the vision.

The prospect for property in Singapore is good when we embrace the vision of Singapore becoming a first world global city.

Talking about 2020. They/We dun even know what will happen in 2016.

[Antz621]

Talking about 2020. They/We dun even know what will happen in 2016.

They will still stay in power; albeit losing further percentile in support or even a few more seats probably.

[3centsworth]

Talking about 2020. They/We dun even know what will happen in 2016.

It is so wise for the government not to introduce further policy changes to dampen the already afflicted property market.

In fact, I applaud them for their inclusive approach to introduce more affordable BTO flat at subsidized level to help the low income group so that this group can also, in time to come own their homes and grow their assets.

Having a more inclusive society where all get to share the prosperity of the nation will create the right platform to build Singapore into a first world global city ( ie. the New York of the East ) and yet without the deep social economic divide like other global cities in the developed world.