First-Timer Buying Attitude Index - Q2 2014

[richwang]

Assuming you are a first-time buyer for Singapore condominium, is it a good time to buy?

[richwang]

For general Singapore residential buying attitude index, you can visit the thread:
http://forums.condosingapore.com/showthread.php?t=21004

...or, simply type in "buying attitude index" in www.google.com.sg,
it is among the top search results. Thanks a lot for voting.

[richwang]

How does it work?
Everyone is entitled for one vote, the index is calculated by
the percentage of bulls - percentage of bears
(Please vote even if you are neutral because it will change the overall percentage scores).

Historical Data

Time Frame, First Timer Index, General Index
Q1 2014, -16, -34
Q2 2014, ??, -43

Your votes will tell us whether First Timer Index is a leading index to the General Index.

Thanks for voting - even when you are neutral, it will affect the overall index.

[richwang]

Number of Votes: 7
Index: 86 - 14 = 72

We need more votes to get meaningful statistics.

Thanks,
Richard

[richwang]

Number of Votes: 11
Index: 82 - 18 = 64

Amazing, it means a BUY for first timer!
But normally we need 30 to 50 votes to confirm this.

Thanks,
Richard

[hyenergix]

Some demand for new private homes
Melissa Tan
The Straits Times
Monday, May 05, 2014 (mistake in the date)

SINGAPORE - Sales were brisk at the launch of a 99-year leasehold condominium near Queenstown MRT station yesterday, while another project near Clementi which opened for preview also drew a crowd, signalling that there may still be some demand for new private homes.

The 845-unit Commonwealth Towers moved 175 homes as at 8pm yesterday, its developer Hong Leong Holdings said. It is jointly developing the project at Commonwealth Avenue with City Developments (CDL) and Hong Realty.

There were nearly 1,000 buyers at the project's showflat at Margaret Drive when The Straits Times visited in the early afternoon yesterday.

Most of the units sold were two-bedders and one-bedders.

Analysts said the sales at Commonwealth Towers were encouraging, and indicated that there was still underlying demand for private homes.

But the fact that most of the units moved were smaller ones also reflected that the total price most buyers can afford has dropped, noted CBRE research head Desmond Sim.

Prices at the project range from $721,000 for a one-bedroom unit to $2.2 million for a four-bedroom apartment.

Buyers told The Straits Times yesterday that they were drawn to the project for its prime location near Queenstown MRT station.

Ms Kim Ong, a 55-year-old Malaysian, said she flew in yesterday morning from Kuala Lumpur in hopes of snagging a unit.

"The location and the developer's branding caught my eye," she said, adding that she intended to rent it out. She said she paid about $969,300 for a 689 sq ft two-bedder, or about $1,407 per sq ft (psf).

Mr Alan Wong, 34, who works in finance, said: "The price was attractive for the location." He paid about $1,577 psf for a 753 sq ft two-bedder yesterday.

Dr Sam Chan, 29, also said the project's location was its main draw, adding that he and his wife plan to live there. He bought a two-bedder of 753 sq ft for about $1,567 psf.

These prices were after a 2 per cent early-bird discount, which will be applicable until Sunday.

Commonwealth Towers will receive its temporary occupation permit in December 2017.

Over in Clementi, a smaller project also drew a crowd when it opened for preview yesterday.

The showflat for the 210-unit Waterfront@Faber at Faber Walk was packed when The Straits Times visited the site in the late afternoon.

Average prices for the 99-year leasehold development by World Class Land are expected to hover in the region of more than $1,100 to around $1,250 psf, according to marketing agents.

Unit sizes were also said to start from 721 sq ft for a two-bedder and go up to 1,292 sq ft for a four-bedder. It has no one-bedroom units.

The project consists of 199 apartment units and 11 strata-landed homes, which have two storeys and a basement level. Each of the strata-landed homes also comes with a lift. The total price for the landed homes starts from $2.48 million.

After the launch of Commonwealth Towers, all eyes are now on CDL's Coco Palms project at Pasir Ris Grove, which is expected to open its doors for preview tomorrow.

The massive project near Pasir Ris MRT station will have 944 units, and prices are expected to begin from around $950 psf.

Other developments that could launch soon are the 469-unit The Crest at Prince Charles Crescent and the 109-unit Amber Skye at Amber Road.

This article was published on May 2 in The Straits Times.

Get a copy of The Straits Times or go to straitstimes.com for more stories.

- See more at: http://business.asiaone.com/news/som....oj0csdm7.dpuf

[richwang]

Number of Votes: 24
Index: 63 - 21 = 42

So it is still a BUY for first timers.

[richwang]

Some interesting observation:
With the recent developers dropping launch price by 10% to 20%, the first timer buying attitude index has jumped

from -16
to +42

If this is any indication for the general property market, it means a price drop of 20% will be big enough to change buyers' attitude towards BUY.

In other words: Property price will not be able to drop more than 20%!

- the forumers voters have told us, money sitting on the sideline is ready to come back if price dips by 20%.

Thanks,
Richard

[Amber Woods]

Some interesting observation:
With the recent developers dropping launch price by 10% to 20%, the first timer buying attitude index has jumped

from -16
to +42

If this is any indication for the general property market, it means a price drop of 20% will be big enough to change buyers' attitude towards BUY.

In other words: Property price will not be able to drop more than 20%!

- the forumers voters have told us, money sitting on the sideline is ready to come back if price dips by 20%.

Thanks,
Richard

I must compliment you for your efforts.

However, the sample size is only 25 and that is too small to represent the buying population. Besides, people who voted on this forum are mostly interested in buying and/or could be agents voting to distort the statistics. Hence, the data is not representative.

Nevertheless, good efforts.

[richwang]

points taken.
So we need bigger sample: thank you for those who have voted.

I have made the voters public, so you can see agents are busy meeting their customers rather than voting here. Plus the relative CHANGES of the scores give you the information. So we need longer history.

Thanks, Richard

[richwang]

Number of Votes: 27
Index: 63 - 19 = 44