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Home | Real Estate Blog | Articles | Video | Forum | Success Goal | 中文
Singapore Real Estate Market Review March 2008
real estate market review march 2008 Download this article
Synopsis of the Market Report
The global situation is far from certain. As I was preparing this Quarter Review for publication, the Straits Times Index (STI) – the barometer of Singapore’s stock market performance – dropped 80-over points in a day in what appeared to be the beginning of another massive correction phase. Unless and until the US economy stops the blood-letting, energy prices goes back to sanity level, and prices of foodstuff come off from the shelf and back to floor level again, property investors will continue to adopt the ‘safety first’ strategy with compulsion.
In this Quarter Review, I have identified the following topics for some detailed analysis and they include:
-
The dismal showing of new launch/showroom sales – my advice to agents is to stay away from there unless you have five novels to finish from now to end of the year or you are bored with your marriage life. [ Statistics are at table 3 ]
-
Landed property performance in the first quarter where Districts 10 and 15 were examined in detail in the following categories – house types [from bungalow to terrace house], transaction figures of each house type, price range and median prices. Landed property is definitely an area of potential and steady growth, even though superficially it appears to be dragged down by the same horror stories in the larger market. However, whether or not a landed property is sellable or not still depends on the same fundamental factors such as location, frontage, orientation etc. Agents are advised to stay close to basics real estate investment 101. [ Statistics are at table 6 ]
-
Collective sale performance is analysed with the perspective to forecast the supply side situation. As collective sale involves huge funds, the availability of war chest or sudden withdrawal of resources may serve as a telltale sign of things to come. [ Analysis on the Kuwaiti episode ]
-
Foreign interest in Singapore property market remains comparatively strong though the absolute number of transactions had declined. [ Statistics are at table 14 ]
-
Government land sale (GLS) programme appears to be on the wane as the number of bidders has significantly reduced for land parcels in outlaying areas and the bid prices tend to be more conservative in general in the first three months.
-
The HDB market remains upbeat with sellers asking for ‘future prices’ that reflect optimism of the larger economy and Singapore’s success story. It appears that the heartlanders are the jolly lot and they are generally expecting greater things to endow Singapore. Interest on larger flats remains strong and it shows that confidence level is high among HDB upgraders.
Last but not least, this Quarter Review contains a case study to ascertain the ‘Most Sellable Projects’ in the Central Core Region (CCR). It uncovers that many District 9 projects attracted only single digit transactions over the past six months. The surprised outcome of the case study is that the lists of statistics can now act as a ‘Sellability Checklist’ for agents who have listings in CCR. As such, more projects will be included in the next report. So, stay tuned.
Other things that
may occupy real estate agents for some months would be
the introduction of a new HDB Resale Checklist,
purportedly to ensure the professional standards of real
estate agents. The details are in Annex A. Another new
initiative by HDB was the introduction of a higher-tier
Single Housing Grant to reward filial piety. See details
in Annex B. With HDB resale transactions gaining on,
real estate agents specialising in HDB resale will have
more busy days ahead.
(A) Global Situation and the Larger Market
(A.1) The worst is not over for US housing woes
Industry data released on 6 March 2008 showed that January’s pending home sales in the United States were at the second-lowest reading since 2001.
The National Association of Realtors (NAR) said its seasonally adjusted index of pending sales for existing homes held at 85.9, the same reading as December and just short of a revised record low of 85.8 in August 2007, when the sub-prime mortgage crisis first reared its ugly head.
Meanwhile, the Mortgage Bankers Association said that US home foreclosures and the rate of homes entering the foreclosure process rose to record highs in the fourth quarter led by increasing personal insolvencies. According to NAR’s delinquency and foreclosure survey, the rate of failing loans swelled across most mortgage types but was led by a growing wave of sub-prime borrowers unable to make payments.
(A.2) Home ownership rates fell as buyers are waiting for the crisis to end
Equity
Residential, one of the largest US apartment landlords
noticed that more people are opting to remain in rental
apartments while they wait out the current housing
slump. In fact, fewer tenants are moving out of its
apartments. The departure rate was 63.3%, lower than the
64.9% recorded in 2006.
And population projections by the National Association
of Realtors (NAR) suggest hundreds of thousands of young
Americans are sitting out the housing market entirely -
neither buying nor renting.
Recent reports show that the average price of an existing single-family home in US metropolitan areas fell 6% in the fourth quarter, while foreclosure rates in the top 100 metropolitan areas soared 78% last year. Indeed, home ownership rates have fallen to 67.8% of households at the end of last year from 69.2% in 2004.
(A.3) US commercial real estate value will also be affected
JP Morgan analysts expect the US commercial real estate values to fall by 20% from the peak of 2007 price height and losses to reach about US$120 billion, or 4% (as compared to the 15% in housing loans) of the US$3.2 trillion outstanding commercial real estate loans.
Commercial Mortgage Backed Securities (CMBS) would account for about US$30 billion of the losses and collateralised debt obligations (CDOs) would account for about US$40 billion of the losses.
CMBS, including CDOs, accounted for 23.6% of lending at the end of the third quarter of 2007. Problems in the CMBS market will become apparent between 2010 and 2012 when many five-year mortgages mature.
This would lead the commercial property market into a more gradual decline than the housing market, which has been slammed by losses related to sub-prime mortgages. Those losses are expected to reach US$200 billion, or 15% of the US$1.25 trillion of outstanding loans.
|
(B) Performance of Private Property Segment
(B.1) Private home prices up but at slower rate and pathetic volume
The URA has announced the flash estimate of the real estate market performance in the first quarter of 2008. The advanced price index for private homes in Singapore rose a meek 4.2% over the preceding quarter – 2.6% lower than the 6.8% quarter-on-quarter rise registered in the final quarter of 2007. In other words, price growth has slowed down for the first quarter of 2008. As for the three individual geographical regions, the price growth was as follows:
Table [1] – Price growth in the first quarter of 2008 – by regions
Regions |
Price growth of non-landed private homes Q-on-Q |
Core Central Region (CCR) |
4.4% (previous quarter growth 7.5%) |
Rest of Central Region (RCR) |
3.9% (previous quarter growth 7.7%) |
Outside Central Region (OCR) |
4.8% (previous quarter growth 7.0%) |
About 64,900 private residential units are in the pipeline, of which about 56,100 new private housing units are expected to be completed between 2008 and 2011. Out of the 56,100 new homes, about 38,300 units or 59% have not been sold by developers yet. This may impact the price if demand remains weak over the next few months.
(B.2) Performance of primary home sale in February and March 2008
Only 188 new home units were sold in February 2008 and 319 units in March 2008. The total new home sale figure for the first quarter was 791 units – lower than the 894 units sold in the fourth quarter of 1997 when the Asian currency crisis reached its height. In other words, the first quarter primary home sale figure had plunged to a crisis proportion. Here are the details:
Table [2] – New homes launched and Sold in the February 2008 – by regions
Regions |
No. of units sold in February |
No. of units launched in February 2008 |
Core Central Region (CCR) |
27 |
32 |
Rest of Central Region (RCR) |
47 |
107 |
Outside Central Region (OCR) |
45 |
179 |
Total |
119 (37.42%) |
318 |
Another 69 new home units were sold in other projects launched earlier, boosting the total number of new transactions to 188. Below shows the detailed breakdown of the units sold in March 2008.
Table [2A] – New homes launched and Sold in the March 2008 – by regions
Regions |
No. of units sold in March |
No. of units launched in March 2008 |
Core Central Region (CCR) |
13 |
108 |
Rest of Central Region (RCR) |
57 |
136 |
Outside Central Region (OCR) |
73 |
394 |
Total |
143 (22.41%) |
635 |
Besides those units sold at the new projects launched in March 2008, 176 other new units were sold in projects that had been launched earlier, bringing the total new home sale in March 2008 to 319.
-
High unsold inventory
While the aggregate sale figure in March 2008 may be higher at 319 (143 units from projects launched in March and 176 units from projects launched earlier), it is far cry from the unsold inventory. For example, in February 2008, 119 units were sold but 199 remained unsold after being launched; and in March 2008, 143 units were sold but 492 units remained unsold after being launched that month.
-
Longer marketing time
As the number of unsold units mounts, the salespersons at the show-flats have to endure longer waiting time; while buyers take their time to ‘pick and choose’ the best ‘discount package’ that the developers are showering them with.
Table [3] Performance of Primary Projects launched in February 2008 in Central Core Region (CCR)
Project Name |
Total Units |
Units Launch so far |
Units Launch in Feb |
Units Sold in Feb |
Median Price |
Lowest Price (psf) |
Highest Price
|
Cliveden at Grange |
110 |
100 |
1 |
1 |
3,914 |
3,914 |
3,914 |
Martin Place Residences |
302 |
50 |
20 |
11 |
1,723 |
1,641 |
1,997 |
Mount Sophia Suites |
50 |
16 |
1 |
5 |
1,709 |
1,647 |
1,726 |
Scotts Square |
338 |
228 |
2 |
2 |
3,649 |
3,641 |
3,656 |
The Ritz-Carlton Residences |
58 |
6 |
1 |
1 |
4,140 |
4,140 |
4,140 |
Wilkie Studio |
40 |
25 |
6 |
2 |
1,724 |
1,723 |
1,726 |
Mount Sophia Suites |
50 |
16 |
1 |
5 |
1,709 |
1,647 |
1,726 |
Total |
32 |
27 |
|
|
|
Table [3A] Performance of Primary Projects launched in March 2008 in Central Core Region (CCR)
Project Name |
Total Units |
Units Launch so far |
Units Launch in March |
Units Sold in March |
Median Price |
Lowest Price (psf) |
Highest Price
|
8 Rodyk |
50 |
48 |
50 |
2 |
1,800 |
1,750 |
1,850 |
Mount Sophia Suites |
50 |
1 |
4 |
3 |
1,621 |
1,617 |
1,784 |
Scotts Square |
338 |
0 |
5 |
5 |
3,868 |
3,621 |
4,612 |
Shelford Suites |
77 |
13 |
15 |
2 |
1,887 |
1,869 |
1,905 |
The Tresor |
62 |
33 |
34 |
1 |
1,646 |
1,646 |
1,646 |
Total |
108 |
13 |
|
|
|
Note: Out of the 108 units launched, only 13 units or 12.03% were sold.
Table [4] Performance of Primary Projects launched in February 2008 Rest of Core Region (RCR)
Project Name |
Total Units |
Units Launch so far |
Units Launch in Feb |
Units Sold in Feb |
Median Price |
Lowest Price (psf) |
Highest Price
|
Aalto |
196 |
196 |
35 |
2 |
2,619 |
2,336 |
2,902 |
Cosmo |
45 |
45 |
45 |
41 |
1,098 |
1,048 |
1,152 |
The Adara |
16 |
16 |
16 |
2 |
1,106 |
1,038 |
1,173 |
Tropics @ Haigsville |
11 |
11 |
11 |
2 |
874 |
858 |
890 |
Total |
107 |
47 |
|
|
|
Table [4A] Performance of Primary Projects launched in March 2008 Rest of Core Region (RCR)
Project Name |
Total Units |
Units Launch so far |
Units Launch in March |
Units Sold in March |
Median Price |
Lowest Price (psf) |
Highest Price
|
St Michael Regency |
49 |
49 |
49 |
0 |
- |
- |
- |
Suites @ Owen |
20 |
0 |
20 |
20 |
1,052 |
900 |
1,243 |
Sunflower Regency |
14 |
13 |
14 |
1 |
537 |
537 |
537 |
The Verve |
106 |
17 |
53 |
36 |
1,187 |
969 |
1,298 |
Total |
136 |
57 |
|
|
|
Note: out of the 136 new units launched in RCR in March 2008, only 57 or 41.91% were sold. However, 31 new homes were sold at projects which were launched earlier, bringing the total sale of new homes at RCR to 88.
Table [5] Performance of Primary Projects launched in February 2008 Outside Core Region (OCR)
Project Name |
Total Units |
Units Launch so far |
Units Launch in Feb |
Units Sold in Feb |
Median Price |
Lowest Price (psf) |
Highest Price
|
Blu Coral |
79 |
45 |
45 |
9 |
872 |
846 |
905 |
East Coast Residences |
59 |
34 |
31 |
2 |
1,214 |
1,185 |
1,244 |
Harmony @ 1A |
12 |
12 |
12 |
5 |
902 |
858 |
1,059 |
Inova 100 |
9 |
9 |
9 |
1 |
890 |
890 |
890 |
Residential apartments |
35 |
35 |
35 |
2 |
825 |
805 |
844 |
The Azzuro |
15 |
15 |
15 |
0 |
- |
- |
- |
Waterfront Waves |
405 |
180 |
32 |
26 |
808 |
694 |
920 |
Total |
179 |
45 |
|
|
|
Note: Only 45 units or 25% of the 179 units launched found buyers.
Table [5A] Performance of Primary Projects launched in March 2008 Outside Core Region (OCR)
Project Name |
Total Units |
Units Launch so far |
Units Launch in March |
Units Sold in March |
Median Price |
Lowest Price (psf) |
Highest Price
|
Blu Coral |
79 |
20 |
11 |
28 |
802 |
520 |
909 |
D'Casita |
39 |
32 |
39 |
7 |
712 |
711 |
862 |
Lange 28 |
5 |
4 |
5 |
1 |
611 |
611 |
611 |
The Ambrosia |
39 |
14 |
39 |
25 |
915 |
800 |
1,071 |
The Florentine |
34 |
32 |
34 |
2 |
648 |
648 |
648 |
The Quartz |
625 |
276 |
265 |
9 |
742 |
485 |
796 |
The Top Residence |
13 |
0 |
1 |
1 |
582 |
582 |
582 |
Total |
394 |
73 |
|
|
|
Though the number of new home units sold in OCR in March 2008 was the highest, the number of units launched was much higher at 394 units. In terms of percentage, the sale only 18.52% (lower than the 25% in the previous month) of the total units launched in March was sold.
(B.3) Residential rental growth to ease later part of the year
The constraint in demand-supply of residential properties may push residential rents up by 5% to 15% this year until higher supply of new units materialises from late 2008 onwards. This is against a backdrop of a robust rental growth of 40% year-on-year in 2007.
In other words, while demand to rent residential properties may continue to be strong, the rent amount may not increase by much due to supply of ready units.
Resistance from tenants and companies to higher rents has been evident recently with landlords taking longer time to find tenants. Moreover, housing allowances for many foreign tenants have been capped and as such the frenzy seen last year in the rental market is unlikely to repeat itself.
About 8,400 new private homes will be completed this year. But the number will expand dramatically in the three years from 2009 to 2011, with an estimated 16,000 to 17,000 units completed each year.
(B.4) Landed property transactions went down but prices stay firm
As of last year, there were only 650 units of new landed homes released into the primary market. This is the prime reason why despite all the quietness in the private resale market, landed homes are still selling well and sale prices generally held firm.
Another important reason is because most landed home buyers are owner-occupiers. Below shows the detail transaction records of landed property in the first quarter of the year.
There were 474 landed property transactions between Jan 2008 and March 2008. Out of which 57 were bungalows; 121 semi-detached houses; and 296 Terrace houses.
Table [6] Performance of Secondary Landed home sale in 1st Quarter of 2008
Month |
Detached |
Semi-detached |
Terrace houses |
Total Sale |
January |
30 |
57 |
126 |
213 |
February |
17 |
39 |
92 |
148 |
March |
10 |
25 |
78 |
113 |
Q1 2008 Total |
57 |
121 |
296 |
474 |
Q4 2007 Total |
115 |
210 |
589 |
914 |
Source of data: URA website
Compared with the 4th quarter of 2007, there was a 48% drop in the landed property transaction in the first quarter of 2008 over the last quarter. Buyer’s sentiments have definitely been dented by the lingering global financial market worries. However, a closer look at the transacted prices and median prices show that the underlying demands are still strong, pending a clearer picture of the market situation.
Analysis of Detached houses transactions in Q1
Table [7] Across the whole island – Detached house sale price analysis
Q1 |
Detached houses Sold |
Price |
Unit price (psf) |
||||
|
|
Lowest |
Highest |
Median |
Lowest |
Highest |
Median |
January |
30 |
$850k |
$13.25m |
$3.81m |
$141 |
$1,193 |
$576 |
February |
17 |
$2.11m |
$18.0m |
$6.6m |
$390 |
$1,194 |
$646 |
March |
10 |
$2.28m |
$19.7m |
$3.3m |
$407 |
$1,190 |
$650 |
From the above table, it is not difficult to see that the median psf land price for detached houses [across the whole island] actually rose despite the thinner sale volume recently. It could mean that underlying demand is still strong amidst strong economic fundamentals. The demand/supply situation continues to favours landed property sellers.
Table [8] District 10 - Detached house sale price analysis
Q1 |
Detached houses Sold |
Price |
Unit price (psf) |
||||
|
|
Lowest |
Highest |
Median |
Lowest |
Highest |
Median |
January |
7 |
$3.7m |
$13.25m |
$7.8m |
$714 |
$1,193 |
$1,011 |
February |
4 |
$5.2m |
$18.0m |
$13.1m |
$774 |
$1,120 |
$998 |
March |
1 |
$19.7m |
$19.7m |
- |
$743 |
$743 |
- |
Though the detached house transactions in District 10 have gradually declined over the last three months, the sale prices are holding up well. Unit land prices are likewise stable. Let’s look at detached houses in District 15 which is the second most popular location for home buyers.
Table [9] District 15 - Detached house sale price analysis
Q1 |
Detached houses Sold |
Price |
Unit price (psf) |
||||
|
|
Lowest |
Highest |
Median |
Lowest |
Highest |
Median |
January |
7 |
$1.8m |
$6.2m |
$3.8m |
$386 |
$1,168 |
$618 |
February |
3 |
$3.65m |
$9.3m |
$6.1m |
$576 |
$844 |
$665 |
March |
1 |
$2.8m |
$2.8m |
- |
$407 |
$407 |
- |
It’s the same story over at District 15 with the steady price trend and reduced sale volume.
Table [10] Across the whole island – Semi-detached house sale price analysis
Q1 |
Semi-D Sold |
Price |
Unit price (psf) |
||||
|
|
Lowest |
Highest |
Median |
Lowest |
Highest |
Median |
January |
57 |
$700k |
$6.7m |
$1.97m |
$176 |
$1,434 |
$650 |
February |
39 |
$1.0m |
$6.25m |
$2.18m |
$233 |
$1,324 |
$631 |
March |
25 |
$1.48m |
$7.11m |
$2.25m |
$302 |
$1,323 |
$586 |
For semi-detached houses, the median sale price has inched up throughout the island from $1.97m to $2.25m, though the median unit land price has dropped from $650 psf to $586 psf. This could be due to more semi-detached house transactions in Districts 10 and 15 (five houses in each district) and more transactions involving houses above 3,500 sq ft (16 of them) and fewer smaller semi-detached houses. [Larger land size tends to produce a lower unit land price].
Table [11] District 10 – Semi-detached house sale price analysis
Q1 |
Semi-D Sold |
Price |
Unit price (psf) |
||||
|
|
Lowest |
Highest |
Median |
Lowest |
Highest |
Median |
January |
7 |
$2.65m |
$6.70m |
$4.35m |
$844 |
$1,422 |
$1,151 |
February |
6 |
$2.80m |
$6.25m |
$4.20m |
$858 |
$1,229 |
$1,057 |
March |
5 |
$2.25m |
$7.11m |
$4.16m |
$586 |
$1,323 |
$1,088 |
The number of
transactions of semi-detached houses declined over the
first three months of the year. However, in general,
prices remained strong with the median prices hovering
above $4 million a house and median land price at above
$1,000 psf.
Table [12] District 15 – Semi-detached house sale price analysis
Q1 |
Semi-D Sold |
Price |
Unit price (psf) |
||||
|
|
Lowest |
Highest |
Median |
Lowest |
Highest |
Median |
January |
7 |
$1.78m |
$3.12m |
$1.78m |
$682 |
$1,117 |
$1,117 |
February |
1 |
$3.30m |
$3.30m |
- |
$682 |
$682 |
- |
March |
5 |
$2.18m |
$4.30m |
$3.30m |
$707 |
$996 |
$903 |
Likewise, the price trend in District 15 mirrors that of District 10.
Table [13] Across the whole island – Terrace house sale price analysis
Q1 |
Terrace house Sold |
Price |
Unit price (psf) |
||||
|
|
Lowest |
Highest |
Median |
Lowest |
Highest |
Median |
January |
126 |
$130k |
$5.10m |
$1.37m |
$152 |
$1,993 |
$669 |
February |
92 |
$145k |
$3.00m |
$1.40m |
$170 |
$1,227 |
$684 |
March |
79 |
$700k |
$6.41m |
$1.35m |
$409 |
$2,906 |
$704 |
The price trend for terrace houses across the island is consistent with those of detached houses and semi-detached houses. While the transaction volume has declined over the three months, the prices remain stable with median prices hovering above $1.3m for a terrace house and median land price progressing from $669 psf to $704 psf.
|
(C) Collective Sale Activities
(C.1) Reality check signals beginning of sliding price trend for all
The collective sale market has been so quiet in the first quarter that one could hear a pin drop. Only one en bloc sale project was sold and it was an obscured mixed development comprising nine apartments and nine shops off Holland Road. A jog in the memory would bring us back to the same period last year where the en bloc sale market was frantic with 25 transactions and prices were moving with the vertigo sensation of the maiden test flight of Airbus A380.
However, when it comes to the delivery of the final product, the en bloc market also resembled the Airbus episode – not all the A380 planes were delivered on time and the scheduled handing-over was repeatedly frustrated for one reason or another.
Coincidentally, a number of en bloc sale projects were either rejected by the authorities or repudiated by the buyer in the end. In fact, the Strata Titles Board (STB) cancelled the en bloc sale of Finland Garden in Siglap area and then Regent Gardens in West Coast in quick succession in January 2008. In late March 2008, the Supreme Court upheld the STB’s early rejection of the en bloc sale of Airview Towers in River Valley area.
It would not be
too far-fetched to surmise that the authorities had been
keeping a close watch on the details of collective sale
applications and was ready to scrutinise every
application and, if need be, give the decisive chop in
anticipation of a possible ‘next wave’ of en bloc sale
projects more desperate to meet deadlines (and therefore
more vulnerable to hasty decisions) before their
respective Collective Sale Agreement (CSA) lapses under
the new collective sale law.
(C.2) Aspiring developer showed sign of financial stress after buying spree last year
Besides the above, there is another appalling dimension to the en bloc sale scene – the foreign funds promised to the buyers may not materialise after all. In the context of foreign funds’ perception of the high-end residential market in Singapore, the island city’s upside potential dwarfs in comparison with Shanghai, Mumbai and even Ho Chi Min city as the former are all starting from a very low base and are relatively young markets with very different demography. This perspective is not unrelated to the Kuwaiti episode mentioned earlier.
At least one aspiring developer, Bravo Building Construction, which went on a buying spree in the en bloc sale market last year armed with promises of foreign money, had on 1 April 2008 rescinded a $162.8 million collective sale of Makeway View in the Newton area, and eight days later, rescinded the en bloc purchase of District 10 Tulip Garden, losing $25 million in deposit. However, the fledgling developer claimed that it would honour the en bloc deal of Pender Court, off Pasir Panjang Road which it purchased at $80million.
(C.3) Implications on funding – the ‘runaway bride’ starring Kuwait (instead of Juliet Roberts)
In the same context of the ‘runaway bride’, the frustrations seen in the en bloc scene cannot be disassociated with the recent lapsing of Option by a Kuwaiti fund company to purchase 97 units of freehold Goodwood Residence in Singapore. In both cases, the promised marriage did not materialise despite the dowries being paid.
The implications of the ‘no-show’ by the cash-rich Middle Eastern fund may be far reaching. First of all, it may open the floodgate for more such ‘walk outs’; and secondly it serves as a cold blanket for all home sellers who are still fantasising about an IR boom – a perceived wisdom that may turn out to be like an overcooked steak – hard to swallow but still get everybody saying ‘well done’ before the bad dish (or bad deed) is served.
It’s now time for property sellers to align their asking prices to the market equilibrium, because as far as foreign investors are concerned, property prices may have reached an altitude that requires breathing apparatus and a huge courage or stupidity to venture further.
With 8,400 new condo units expected to receive their TOP this year and the increasing number of unsold new home units (statistics from page 5 to 7), a supply glut will soon become apparent. What investors should look out for is fundamental value of the real estate and not the supposed attractiveness of historic low interest rates.
|
(D) Foreign Interest in Singapore Real Estate
The study seeks to ascertain whether there are any changes in foreign interest on the Singapore property market. The findings are inconclusive due to very low transactions in the first quarter. However, the percentage seems to suggest that foreign investors are still ‘very keen’ on sharing a slice of Singapore’s success stories. With the various ‘prestige projects’ such as the Integrated Resorts, the F1 event, Youth Olympic, the Singapore real estate scene is not without glamour and glitter to attract a continuous inflow of funds into the global city. However, how much more can the ‘glamour factor’ contribute to serious financial investments such as the real estate remains to be seen.
At the home front, more foreigners here opted to owning instead of renting homes in Singapore, if the statistics for 2007 is anything to go by.
Foreigners bought a record 6,536 non-landed homes from the secondary market in 2007 - the largest number since 1995 and it accounted for more than 50% of the secondary market transactions in 2007. The number includes the 6,000 en bloc sale units.
In terms of percentage, purchases by foreigners on the secondary market increased by 105% in transaction volume compared to 2006.
For new homes, the percentage of foreigners buying non-landed property was lower at 25.4%, or 2,314 transactions out of a total of 9,089. This shows that the foreigners are buying for immediate occupation.
In terms of buyer’s profile, Indonesians remain the top foreign buyers in Singapore, taking up the lion’s share of 23% of the 20,000-old transactions featuring foreign buyers. Malaysians came in a close second with 17% of all foreigners in 2007. The other nationalities ranked in as follows: Indians (12%), British (8%), PRC Chinese (7%) and Koreans (7%).
Below shows a comparative study done on foreign ownership of condominiums and apartment between Q1 2007 and Q1 2008
Table [14] Comparative sales figures between Q1 2007 and Q1 2008 in selected districts
District |
Q1 2008 Sale volume |
Foreigner |
% of foreigner to Total |
Q1 2007 Sale volume |
Foreigner |
% of foreigner to Total |
01 |
51 |
7 |
13.72% |
406 |
41 |
10.09% |
02 |
61 |
23 |
37.70% |
163 |
8 |
5.0% |
03 |
74 |
18 |
24.32% |
224 |
39 |
17.41% |
04 |
68 |
19 |
27.94% |
147 |
27 |
18.36% |
05 |
168 |
26 |
15.48% |
452 |
32 |
7.0% |
09 |
191 |
55 |
28.79% |
879 |
222 |
25.25% |
10 |
212 |
51 |
24.05% |
1,093 |
219 |
20.03% |
11 |
130 |
31 |
23.84% |
627 |
101 |
16.10% |
15 |
370 |
52 |
14.05% |
1,072 |
115 |
10.72% |
16 |
191 |
21 |
10.99% |
370 |
49 |
13.24% |
19 |
160 |
18 |
11.25% |
325 |
10 |
3.0% |
20 |
66 |
4 |
6.06% |
122 |
5 |
4% |
21 |
127 |
23 |
18.11% |
287 |
37 |
12.89% |
23 |
142 |
15 |
10.56% |
306 |
13 |
4.24% |
Table [15] Total figure of foreign ownership of condo/apt in Q1 2007 and Q1 2008
|
Sale volume |
Foreigner |
% of Total |
First Quarter 2007 |
7,937 |
1,038 |
13.07% |
First Quarter 2008 |
2,668 |
450 |
16.86% |
% drop in Total sale volume compared with Q1 2007 |
% drop in Foreigners’ purchase volume compared with Q1 2007 |
% increase in foreign ownership compared with Q1 2007 |
-66.39% |
-56.65% |
3.79% |
|
*Explanation of Liquidity Risk is at Annex D
(E) Government Land Sale (GLS) Programme
(E.1) Poor showing at landed housing plot tender
The HDB which put up a landed housing parcel in Westwood Avenue at Jurong West for public tender decided not to award the site to the top bidder citing low bid price. The state tender drew only two bids, and a dismal top bid of $11.8 million - or just $77.80 per square foot (psf) – not even half of the $200-$250 partners had earlier estimated.
The response was a far cry from the URA land auction held in October last year where 12 sub-divided landed housing plots called Sembawang Greenvale near Sembawang Beach were snapped up at $37.09 million or about $285 psf of land area on average.
Phase Two comprising 11 land parcels for a total of 90 terrace houses has been launched recently.
The poor showing at the Westwood site could be due to the obscure location of the Westwood housing estate and the lack of natural attraction such as a beach, a lake or lagoon etc. Moreover, major developers have been sitting on the fence - waiting for clearer sign of recovery in the global economy.
(E.2) Yishun 99-year condo site attracted lukewarm four bids
A state tender for a 99-year condominium site at Yishun fronting Lower Seletar Reservoir and close to Singapore Orchid Country Club/Golf Course attracted four bids. The top bid was $213 million or $350 psf per plot ratio (ppr) from MCL Land which is almost 70% more than its closest rival at $127 million or $208 psf ppr by a development company controlled by the Wee family.
Frasers Centrepoint, Sim Lian Land and Cheung Kong Holdings unit Billion Rise all tried their luck with very low bid prices.
(E.3) West Coast condo site attracted 12 tenders
A seafront site at West Coast area, next to Blue Horizon condo, attracted 12 bids – the best showing at the GLS programme so far in the first quarter. The winning bid of $110.44 million or $305 per square foot per plot ratio (psf ppr) was put in by Billion Rise, a company linked to Hong Kong based Cheung Kong Holdings.
For $305 psf ppr, the site is a good bargain. However, the generally low bids in this tender exercise betrayed the sense of cautiousness and restraint.
Nonetheless, the quality of the site on offer did the trick of pulling in the many usual suspects. Besides a high plot ratio of 2.8 and its expansive sea views and the greenery of the West Coast Park, the site is also a short drive from the VivoCity shopping and entertainment complex.
|
(F) Performance of HDB Resale Market
(F.1) HDB Resale Volume
In March 2008, the HDB resale volume rose by 106 units or 5.2% from the previous month to reach 2,150 transactions. It was an encouraging sign as the HDB resale volume has maintained at a healthy level of over 2,000 transactions per month. The larger heartland estates continue to take the lion share of the transactions with Woodlands enjoying the highest transactions volume since December 2007.
The demand for larger flats such as 5-room flats remains robust with 5-room flat taking up 26.47% of the total transactions as compared with 24.22% a month earlier.
(F.2) HDB Resale Prices
In terms of HDB resale prices, the price index for public flats rose 3.4% in the first quarter of 2008 over the preceding quarter. In the final quarter of last year, prices of HDB resale flats grew 5.7% quarter-on-quarter.
The market valuations for resale flats have generally risen and as such even if the cash-over-valuations are slightly lower than late last year, the total resale price will still be steady or higher.
Another reason contributing to strong price trend is the phenomenon of savvy en bloc sellers who, having cashed out of their old condos, are shying from the saturated high-end property segment, fearing the uncertain global financial market. Many of them are finding alternative, or perhaps temporary, housing in larger HDB flats so as to preserve cash in the interim before bargain hunting again after the expected correction in the high-end property segment.
While this group
may not be big, they do help to ‘sprinkle some gold
dust’ on the rosy picture of the HDB resale market.
Table [16] March 2008 HDB Resale Transactions
|
3-room |
4-room |
5-room |
E-Flats |
Total |
Ang Mo Kio |
72 |
26 |
7 |
- |
105 |
Bedok |
49 |
35 |
25 |
4 |
113 |
Bishan |
3 |
23 |
15 |
7 |
48 |
Bt Batok |
42 |
48 |
14 |
6 |
110 |
Bt Merah |
33 |
26 |
17 |
- |
76 |
Bt Panjang |
9 |
43 |
24 |
9 |
85 |
Bt Timah |
1 |
1 |
1 |
2 |
5 |
Central Area |
16 |
2 |
1 |
- |
19 |
Choa Chu Kang |
6 |
43 |
32 |
16 |
97 |
Clementi |
27 |
16 |
7 |
2 |
52 |
Geylang/Aljunied |
27 |
15 |
5 |
2 |
49 |
Hougang |
23 |
58 |
32 |
18 |
131 |
Jurong East |
29 |
24 |
12 |
7 |
72 |
Jurong West |
36 |
71 |
49 |
6 |
162 |
Kallang Whampoa |
19 |
24 |
16 |
1 |
60 |
Marine Parade |
8 |
6 |
3 |
- |
17 |
Pasir Ris |
- |
27 |
27 |
19 |
73 |
Punggol |
- |
15 |
36 |
2 |
53 |
Queenstown |
54 |
19 |
15 |
5 |
93 |
Sembawang |
- |
22 |
25 |
4 |
51 |
Sengkang |
- |
31 |
64 |
5 |
100 |
Serangoon |
18 |
19 |
8 |
7 |
52 |
Tampines |
31 |
54 |
36 |
12 |
133 |
Toa Payoh |
41 |
19 |
15 |
2 |
77 |
Woodlands |
20 |
92 |
64 |
21 |
197 |
Yishun |
49 |
47 |
19 |
5 |
120 |
Total |
613 |
806 |
569 |
162 |
2150 |
|
28.51% |
37.49% |
26.47% |
7.53% |
|
Table [17] February 2008 HDB Resale Transactions
|
3-room |
4-room |
5-room |
E-Flats |
Total |
Ang Mo Kio |
62 |
26 |
9 |
1 |
98 |
Bedok |
59 |
27 |
25 |
7 |
118 |
Bishan |
4 |
25 |
10 |
5 |
44 |
Bt Batok |
38 |
46 |
19 |
7 |
110 |
Bt Merah |
39 |
26 |
14 |
0 |
79 |
Bt Panjang |
15 |
28 |
25 |
5 |
73 |
Bt Timah |
1 |
4 |
5 |
0 |
10 |
Central Area |
10 |
6 |
0 |
0 |
16 |
Choa Chu Kang |
1 |
40 |
28 |
9 |
78 |
Clementi |
38 |
15 |
5 |
0 |
58 |
Geylang Aljunied |
38 |
18 |
6 |
1 |
63 |
Hougang |
20 |
43 |
20 |
13 |
96 |
Jurong East |
21 |
10 |
9 |
4 |
44 |
Jurong West |
27 |
70 |
43 |
11 |
151 |
Kallang Whampoa |
42 |
18 |
10 |
1 |
71 |
Marine Parade |
6 |
6 |
7 |
0 |
19 |
Pasir Ris |
1 |
18 |
14 |
15 |
48 |
Punggol |
0 |
13 |
31 |
5 |
49 |
Queenstown |
54 |
11 |
8 |
1 |
74 |
Sembawang |
0 |
17 |
25 |
3 |
45 |
Sengkang |
0 |
35 |
47 |
9 |
91 |
Serangoon |
11 |
25 |
7 |
5 |
48 |
Tampines |
46 |
70 |
35 |
12 |
163 |
Toa Payoh |
42 |
17 |
13 |
4 |
76 |
Woodlands |
20 |
103 |
68 |
22 |
213 |
Yishun |
40 |
51 |
12 |
6 |
109 |
Total |
635 |
768 |
495 |
146 |
2044 |
Table [18] January 2008 HDB Resale Transactions
|
3-room |
4-room |
5-room |
E-Flats |
Total |
Ang Mo Kio |
61 |
29 |
12 |
3 |
105 |
Bedok |
58 |
26 |
25 |
7 |
116 |
Bishan |
8 |
34 |
10 |
5 |
57 |
Bt Batok |
39 |
53 |
12 |
13 |
117 |
Bt Merah |
40 |
33 |
27 |
0 |
100 |
Bt Panjang |
8 |
33 |
25 |
5 |
71 |
Bt Timah |
1 |
3 |
0 |
1 |
5 |
Central Area |
13 |
2 |
1 |
0 |
16 |
Choa Chu Kang |
5 |
50 |
37 |
17 |
109 |
Clementi |
27 |
17 |
10 |
3 |
57 |
Geylang Aljunied |
35 |
19 |
6 |
4 |
64 |
Hougang |
27 |
59 |
33 |
13 |
132 |
Jurong East |
18 |
16 |
19 |
7 |
60 |
Jurong West |
43 |
61 |
38 |
19 |
161 |
Kallang Whampoa |
27 |
22 |
12 |
0 |
61 |
Marine Parade |
13 |
9 |
9 |
0 |
31 |
Pasir Ris |
0 |
21 |
28 |
27 |
76 |
Punggol |
0 |
14 |
35 |
0 |
49 |
Queenstown |
56 |
16 |
16 |
0 |
88 |
Sembawang |
0 |
26 |
36 |
7 |
69 |
Sengkang |
0 |
34 |
46 |
8 |
88 |
Serangoon |
22 |
27 |
14 |
8 |
71 |
Tampines |
37 |
58 |
48 |
17 |
160 |
Toa Payoh |
51 |
21 |
13 |
3 |
88 |
Woodlands |
30 |
87 |
67 |
16 |
200 |
Yishun |
61 |
67 |
18 |
9 |
155 |
Total |
680 |
837 |
597 |
192 |
2,306 |
Annex A
HDB imposes checklists on resale flats
From 1 May 2008, it will become mandatory for all housing agents handling HDB resale flat transactions to fill up the resale checklist before the transaction can be submitted to HDB for approval.
The checklists cover key policies and procedures that housing agents will need to advise resale flat buyers and sellers on before they commit to a transaction.
The objective of the checklist is to ensure that buyers and sellers are aware of the relevant HDB purchase and financing policies when buying/selling an HDB flat.
Under HDB's new initiative, housing agents will have to submit a completed resale checklist to HDB with a resale application. Resale applications that do not comply with this requirement will be rejected and there will be 'serious penalties' for false declarations.
Housing agents engaged by both sellers and buyers will have to go through a resale checklist with clients before an option to purchase (OTP) is granted or exercised.
Buyers and sellers who do not engage the services of housing agents need not submit a checklist.
The new resale checklist for housing agents engaged by buyers, for example, will ensure that buyers are aware of their rights as well as of financing matters. It will also highlight to them the fact that any form of ‘cash back’ arrangement, such as over or under declaration, is punishable by law.
Similarly, the checklist for sellers' housing agents will ensure prospective sellers understand the various eligibility rules.
Annex B
New HDB grant for singles living with parents
The government has announced a special grant package of $20,000 for single Singaporeans who buy a HDB resale flat and live there with their parents. As it is, regardless of who they live with, single citizens are entitled to only $11,000 in CPF housing grant, subject to eligibility criteria.
The objectives of the housing subsidy are to help Singaporeans cope with effect of inflation and encourage them to look after their parents. The new single grant is called the higher-tier Singles Grant, like the original single grant, it comes with strings attached as follows:
-
must be aged 35 and above;
-
must be first-time HDB buyers;
-
must live in the flat with their parents for at least five years;
-
must not earn more than $3,000 a month if they are buying alone.
Likewise, the parents cannot buy or own another HDB flat or invest in private property within this period. They will have to dispose of any property they own before they can qualify as co-occupiers in the subsidy application. The $20,000 grant is also subject to other HDB policies such as resale levy liability, but it can be used by singles buying flats under the Design, Build and Sell Scheme.
Like the other grants packages, the new grant can only be used for down payment on the flat or to reduce the loan quantum.
For individuals taking the Joint Singles Grant, which must have at least two singles or maximum of four singles, they must all share the property and may also share with sets of parents subject to a monthly household income ceiling of $8,000. They can get up to one singles grant and one higher-tier singles grant, or up to two singles grants or two higher-tier singles grants, subject to maximum of $40,000 in grant (no details were given yet).
Annex C
Bankruptcies sneak back despite good times
The root of bankruptcies can often be traced back to an economic boom. While the number of delinquencies may be relatively small, the number will suddenly expand when the economy slows down and job losses increase. At this moment, the delinquency rate for credit card holders has started to go up. The delinquents tend to be younger men or parents who acted as guarantors for their children.
The Singapore economy expanded 7.7% in 2007; the unemployment rate was at a decade’s low of 2.1% and job layoffs were at a 14-year-low with unionised firms paying out the fattest bonuses in 18 years. This is hardly a picture of gloom, but the problem is, people are living beyond their means.
According to the statistics from the Insolvency & Public Trustee's Office, in January this year, there were 292 petitions for bankruptcy and 215 bankruptcy orders were passed. In 2007, the average monthly bankruptcy petitions stood at 268 and the orders at 230.
This means that despite a much better harvest, the number of personal financial insolvency stays high. Creditors can petition for a person to be made bankrupt once the debt exceeds $10,000.
Deeper down the iceberg, the high absolute number of credit card delinquencies shows that many of them might have got carried away with the liberal and easily accessible credits. In fact, according to data from the Credit Bureau (Singapore) Pte Ltd (CBS), the number of delinquent credit card holders began rising steadily from July last year.
In December, there were 14,379 delinquent credit card holders representing a delinquency rate of 1.42% against 11,346 or 1.16% in July. CBS’ record also shows that a majority of those having payment problems are between 21 and 44 years old, and men make up almost 70%. Some 80% have credit cards with at least two banks. In most cases, the delinquent owes less than $5,000.
Annex D
Explaining liquidity risk
Liquidity is the ability to convert an asset to cash while preserving capital; or simply put, speed in capital recovery.
Liquidity risk arises from situations in which a property seller very keen in disposing of his property cannot do it because no buyers in the market are willing to buy at the current asking price. Since the market situation is uncertain, liquidity risk becomes particularly important to buyers who are about to make a purchase and to property sellers who are currently hold on to their properties.
In substance, liquidity risk is financial risk due to uncertain liquidity. During the 2007 property boom, real estate investments could turn out to be very liquid when investors are able to ‘flip’ properties within a matter of days the purchase for up to a few hundred thousand dollars more. As such, a ‘wealth effect’ was created that lured more speculators into the market to repeat the success of others.
However, buyers who bought over properties this way are now holding on to ‘overpriced’ items. With the depleting of the real estate bubble following the revelation of the US subprime crisis and the ensuing uncertainties in the global financial market, such liquidity is virtually gone, hence the liquidity risk in today’s market.
Case Study
Ascertaining “Most Sellable Projects”
A case study has been done to ascertain the ‘Most Sellable’ projects in Singapore. In this month’s report, all the projects in the Core Central Region which were active with sales are laid out in comparison. See the tables below:
Secondary Sale Market Performance (From July 2007 to March 2008) based on caveats lodged
District |
Project |
Unit Sold |
Price range |
Psf range |
||
1 |
Emerald Garden |
15 |
$1.2m |
$2.18m |
1,400 |
1,737 |
1 |
Marina Bay Residences |
45 |
$1.1m |
$16.1m |
1,458 |
3,600 |
1 |
The Clift |
31 |
- |
- |
- |
- |
1 |
The Riverside Piazza |
5 |
- |
- |
- |
- |
1 |
The Sail at Marina Bay |
149 |
$463K |
$6.33m |
769 |
3,001 |
District |
Project |
Unit Sold |
Price range |
Psf range |
||
2 |
Craig Place |
8 |
$555k |
$886k |
$829 |
$1,268 |
2 |
International Plaza |
18 |
$750k |
$1,840m |
$829 |
$1,366 |
2 |
Lumiere |
6 |
$917k |
$1,829m |
$1,550 |
$1,931 |
2 |
Icon |
201 |
|
|
|
|
2 |
Spottiswoode Park |
17 |
$515k |
$925k |
$364 |
$676 |
2 |
The Arris |
4 |
$1.00m |
$1.29m |
$1,262 |
$1,427 |
2 |
The Beacon |
16 |
$518k |
$1.16m |
- |
- |
District |
Project |
Unit Sold |
Price range |
Psf range |
||
4 |
Faber Lodge |
1 |
$1.2m |
- |
$ 1,093 |
- |
4 |
Harbourside Apt |
1 |
$828K |
- |
$ 625 |
- |
4 |
Caribbean |
105 |
$1.13m |
$4m |
$854 |
$1,724 |
4 |
Harbour View Tower |
12 |
$750K |
$1.55m |
$ 288 |
$1,133 |
4 |
Harbourlights |
4 |
$980K |
$1.48m |
$1,144 |
$ 1,265 |
4 |
Marina Collection |
10 |
$4.9m |
$12.67m |
- |
- |
4 |
Mt Faber Lodge |
3 |
$1.48m |
$3.42m |
$894 |
$1,261 |
4 |
Pender Court (en bloc) |
14 |
$80m |
- |
$45,878 |
$48,576 |
4 |
Reflections |
48 |
$1.12m |
$10.36m |
$1,345 |
$2,489 |
4 |
Telok Blangah House |
8 |
$2.04m |
$4.67m |
$706 |
$1,200 |
4 |
Teresa Ville |
3 |
$1.25m |
$2.22m |
$922 |
$1,152 |
4 |
The Azure |
20 |
$1.6m |
$7.2m |
$906 |
$2,400 |
4 |
The Berth by the Cove |
24 |
$2.05m |
$5.55m |
$1,300 |
$2,200 |
4 |
The Coast |
20 |
$3.8m |
$11.46m |
$1,639 |
$2,600 |
4 |
The Oceanfront |
74 |
$1.42m |
$8.16m |
$1,168 |
$2,799 |
4 |
The Pearl at Mount Faber |
23 |
$1.18m |
$2.4m |
$807 |
$1,115 |
District |
Project |
Unit Sold |
Price range |
Psf range |
||
9 |
35 Kim Yam Rd |
1 |
$650K |
- |
$1,184 |
- |
9 |
28 Oxley Garden |
1 |
$1.9m |
- |
$1,110 |
- |
9 |
154A Emerald Hill Rd |
1 |
$1.53m |
- |
$1,304 |
- |
9 |
88 Sophia Rd |
1 |
$670K |
- |
$943 |
- |
9 |
2C Mt Emily Rd |
1 |
$1.9m |
- |
$1,534 |
- |
9 |
2RVG |
4 |
$1.08m |
$1.5m |
$1,575 |
$1,695 |
9 |
8 @ Mt Sophia (recently launched) |
60 |
$583K |
$3.3m |
$562 |
$1,583 |
9 |
Aspen Height |
37 |
$1.02m |
$2.46m |
$1,136 |
$1,555 |
9 |
Astoria Apt |
1 |
$1.9m |
- |
$1,090 |
- |
9 |
Cairnhill Circle |
1 |
2.41m |
- |
$2,001 |
- |
9 | Cairnhill Crest | 18 | $1.63m | $5.51m | $2,000 | $2,802 |
9 | Cairnhill Plaza | 2 | $3.95m | $4.6m | $1,631 | $1,723 |
9 | Cairnhill Residences | 6 | $2.17m | $3.05m | $1,757 | $2,464 |
9 | Casa Cairnhill | 1 | $2.3m | - | $1,464 | - |
9 | Casa Sophia | 1 | $630K | - | $547 | - |
9 | Cavenagh Court | 1 | $2.35m | - | $1,292 | - |
9 | Cavenagh Gdn | 2 | $1.68m | $1.78m | $1,084 | $1,148 |
9 | Cavenagh Hse | 1 | $1.8m | - | $1,122 | - |
9 | Centrepoint Apt | 7 | $1m | $1.6m | $1,302 | $1,755 |
9 | Casa Novacrest | 4 | $1.7m | $1.95m | $1,087 | $1,232 |
9 | Cityvale | 1 | $790K | - | $953 | - |
9 | Cityvista Residences | 4 | $5.11m | $7.94m | $2,413 | $2,828 |
9 | Claremont | 5 | $1.53m | $2.7m | $1,019 | $1,349 |
9 | Claymore Plaza | 2 | $1.73m | $1.88m | $2,172 | $2,360 |
9 | Dynasty Gdn | 1 | $80m | - | $33,179 | - |
9 | Emerald Mans | 1 | $148m | - | $2,015 | - |
9 | Estilo | 1 | $909K | - | $1,594 | - |
9 | Euro-Asia Court | 3 | $1.3m | $2.5m | $1,194 | $1,508 |
9 | Gambier Court | 1 | $1.31m | - | $1,127 | - |
9 | Grangeford Apt | 1 | $2.9m | - | $1,653 | - |
9 | Helios Residences | 10 | $3.67m | $6.16m | $2,870 | $3,219 |
9 | High Point | 2 | $5.5m | $5.7m | $1,879 | $1,947 |
9 | Hilltops | 1 | $6.94m | - | $3,818 | - |
9 | Hock Mans | 1 | $1.27m | - | $790 | - |
9 | Kim Yam Ht | 4 | $1.4m | $1.78m | $1,148 | $1,332 |
9 | La Crystal | 6 | $930K | $1.7m | $1,250 | $1,463 |
9 | Langston Ville | 7 | $418K | $1.1m | $466 | $1,175 |
9 | Le Wilkie | 2 | $1.18m | $1.38m | $1,145 | $1,179 |
9 | Leonie Gdn | 7 | $2m | $4.5m | $1,140 | $1,754 |
9 | Leonie Studio | 16 | $671K | $1.84m | $974 | $2,090 |
9 | Leonie Tower | 1 | $9.8m | - | $1,570 | - |
9 | Lloyd Mans | 1 | $1.38m | - | - | - |
9 | Lucky Plaza | 4 | $1.5m | $3.58m | $1,720 | $2,310 |
9 | Mackenzie 138 | 1 | $615K | - | $1,270 | - |
9 | Mackenzie 88 | 23 | $566K | $1.02m | $1,207 | $1,438 |
9 | Mackenzie Mans | 5 | $972K | $995K | $798 | $884 |
9 | Martin Edge | 3 | $600K | $603K | $1,032 | $1,077 |
9 | Mirage Tower | 14 | $765K | $2.18m | $1,250 | $1,595 |
9 | Mt Sophia Suites | 6 | $632K | $855K | $1,647 | $1,738 |
9 | Nomu | 1 | $2.17m | - | - | - |
9 | One Oxley Rise | 6 | $1.26m | $1.51m | $1,293 | $1,971 |
9 | Orchard Scotts | 1 | $5.75m | - | $2,520 | - |
9 | Orchard Tower | 1 | $3.23m | - | $1,640 | - |
9 | Pacific Mans | 2 | $1.8m | $2.02m | $1,178 | $1,322 |
9 | Parc Emily | 33 | $501K | $1.9m | $764 | $1,459 |
9 | Paterson Residence | 11 | $1.7m | 12.03m | $2,050 | $2,500 |
9 | Paterson Suites | 1 | $5.51m | - | $3,204 | - |
9 | Peace Mans | 1 | $1.4m | - | $565 | - |
9 | Residences at 338A | 3 | $1.58m | $1.76m | $1,376 | $1,579 |
9 | Rhapsody on Mt E | 3 | $1.88m | $3.87m | $1,771 | $2,324 |
9 | Richmond Park | 4 | $2.7m | $3.48m | $2,620 | $2,763 |
9 | Rio Gdn | 1 | $620K | - | $655 | - |
9 | Ritz Residences | 1 | $3.02m | - | - | - |
9 | River Valley Court | 1 | $1.52m | - | $1,349 | - |
9 | Rivergate | 43 | $1.12m | $7.65m | $1,063 | $2,560 |
9 | Riveria Point | 4 | $1.38m | $1.58m | $1,171 | $1,257 |
9 | Robertson 100 | 17 | $960K | $1.8m | $1,153 | $1,475 |
9 | Robertson Blue | 4 | $2.1m | $3.1m | $1,579 | $1,882 |
9 | Sam Kiang Mans | 1 | $1.65m | - | $1,369 | - |
9 | Scotts 28 | 2 | $1.82m | $3.56m | $1,053 | $2,150 |
9 | Scotts Highpark | 7 | $5.81m | $9.97m | $1,795 | $2,400 |
9 | Scotts SQ | 35 | $2.37m | $5.87m | $3,638 | $4,701 |
9 | Skypark | 5 | $1.64m | $6.5m | $1,584 | $3,001 |
9 | St Thomas Court | 1 | $1.7m | - | $1,519 | - |
9 | St Thomas Mans | 1 | $1.1m | - | $1,584 | - |
9 | St Thomas Suites | 6 | $3.28m | $8.38m | $1,632 | $2,231 |
9 | The Abode at Devonshire | 1 | $1.85m | - | $1,653 | - |
9 | The Beaumont | 3 | $2.3m | $2.45m | $1,661 | $2,323 |
9 | Casa Novacrest | 4 | $1.7m | $1.95m | $1,087 | $1,232 |
9 | The Claymore | 1 | $8.55m | - | $3,190 | - |
9 | The Cosmopolitan | 65 | $1.13m | $3.99m | $972 | $2,380 |
9 | The Edge on Carnhill | 5 | $4.05m | $4.88m | $1,891 | $2,280 |
9 | The Grangeford (en bloc) | 147 | $625m | $356,220 | $532,696 | |
9 | The Imperial | 8 | $2m | $4.1m | $1,418 | $2,050 |
9 | The Inspira | 11 | $1.01m | $1.72m | $1,079 | $1,431 |
9 | The Light at Cairnhill | 2 | $3m | $3.64m | $2,382 | $2,400 |
9 | The Lumos | 6 | $2.78m | $8.43m | $3,207 | $3,984 |
9 | The Marq | 6 | $10.86m | $26.96m | $3,773 | $4,379 |
9 | The Metz | 39 | $770K | $3.81m | $1,226 | $2,600 |
9 | The Morningside | 1 | $3.28m | - | $1,360 | - |
9 | The Paterson | 11 | $2.35m | $5.05m | $1,916 | $2,295 |
9 | The Paterson Edge | 2 | $2.1m | $2.42m | $2,400 | $2,501 |
9 | The Pier at Robertson | 26 | $1.05m | $3.75m | $1,548 | $2,151 |
9 | The Quayside | 8 | $1.38m | $2.25m | $1,148 | $1,463 |
9 | The Regalia | 5 | $1.68m | 1.92m | $1,323 | $1,538 |
9 | The Ritz-Carlton Res. | 1 | $12.78m | - | - | - |
9 | The Suites at Central | 11 | $1.15m | $3.98m | $1,346 | $2,426 |
9 | The Tate Residences | 12 | $4.3m | $11.30m | $1,762 | $3,500 |
9 | The Trillium | 15 | $2.45m | $5.3m | $1,530 | $2,218 |
9 | T'HSE Apt | 5 | $1.7m | $2m | $718 | $845 |
9 | Tiara | 9 | $1.34m | $2.7m | $1,500 | $1,742 |
9 | Tribeca | 8 | $1.72m | $3.48m | $1,497 | $1,974 |
9 | UE SQ | 25 | $650K | $3.12m | $641 | $1,501 |
9 | Urbana | 18 | $970K | $5.55m | $959 | $2,410 |
9 | Vida | 3 | $986K | $1.94m | $2,098 | $2,260 |
9 | Visioncrest | 51 | $1.03m | $5.42m | $1,133 | $2,700 |
9 | Waterford Residence | 4 | $1.22m | $1.9m | $1,255 | $1,400 |
9 | Watermark Robertson C | 41 | $742K | $3.58m | $812 | $1,780 |
9 | Welkin Mans | 15 | $120.31m | - | $63,509 | - |
9 | Wharton Vale | 3 | $750K | $780K | $1,201 | $1,249 |
9 | Wilkie 48 | 2 | $880K | $915K | $985 | $1,076 |
9 | Wilkie 80 | 25 | $631K | $1.38m | $1,376 | $1,630 |
9 | Wilkie 87 | 1 | $1.65m | - | $1,288 | - |
9 | Wilkie Mans | 1 | $853K | - | $1,723 | - |
9 | Wilkie Regency | 2 | $965K | $988K | $1,135 | $ 1,162 |
9 | Wilkie Studio | 4 | $1.28m | $2.36m | $1,456 | $1,861 |
9 | Wilkie Vale | 1 | $1.05m | - | $912 | - |
9 | Yong Ann Park | 5 | $3.15m | $5.35m | $1,491 | $1,734 |
9 | T'HSE Apt | 5 | $1.7m | $2m | $718 | $845 |
District | Project | Unit Sold | Price range | Psf range | ||
10 | 48 Shanghai Rd | 5 | $2.5m | - | 1,624 | 1,659 |
10 | 423B River Valley Rd | 1 | $898K | - | - | - |
10 | 107 Jervois Rd | 1 | $1.09m | - | 1,069 | - |
10 | 38 Draycott Dr | 3 | $2m | $3.2m | 1,753 | 2,219 |
10 | 35 Jln Lim Tai See | 1 | $3.63m | - | 975 | - |
10 | 415A River Valley Rd | 1 | $785K | - | - | - |
10 | 429B River Valley Rd | 1 | $950K | - | - | - |
10 | 7 Draycott Dr | 2 | $3.76m | $7m | 2,266 | 2,500 |
10 | 8 Napier | 17 | $2.48m | $7.4m | - | - |
10 | 9 Holland Hill | 4 | $1.58m | $1.83 | 1,067 | 1,203 |
10 | Allsworth Park | 7 | $1.14m | $2.6m | 1,103 | 1,335 |
10 | Alocassia Apt | 1 | $13.288m | - | 984 | - |
10 | Anderson Green | 2 | $106.52m | - | 2,892 | 2,889 |
10 | Ardmore II | 33 | $4.14m | $7.28m | 2,049 | 3,599 |
10 | Ardmore Park | 16 | $7.1m | $20.5m | 2,345 | 3,501 |
10 | Astrid Meadows | 5 | $1.8m | $4.3m | 1,306 | 1,631 |
10 | Astridville | 2 | $2m | $2.53m | 819 | 1,040 |
10 | Avalon | 7 | $1.94m | $3.82m | 1,671 | 1,762 |
10 | Balmoral 8 | 3 | $2.9m | $3.43m | 1,522 | 1,800 |
10 | Balmoral Gate | 3 | $850K | $1.7m | 541 | 1,338 |
10 | Balmoral Green | 1 | $1.92m | - | 1,802 | - |
10 | Balmoral Hills | 5 | $1.81m | $3.86m | 1,308 | 1,900 |
10 | Balmoral HT | 2 | $1.07m | $3.08m | 1,396 | 1,949 |
10 | Balmoral Plaza | 2 | $2.3m | $2.37m | 1,042 | 1,200 |
10 | Balmoral Point | 1 | $3.78m | - | 1,494 | - |
10 | Balmoral Residences | 5 | $3m | $3.2m | 1,345 | 1,793 |
10 | Ban Guan Park | 8 | $1.6m | $2.2m | 1,327 | 2,246 |
10 | Beaverton Court | 1 | $4.3m | - | 1,378 | - |
10 | Belmond Green | 10 | $1.52m | $3m | 1,222 | 1,903 |
10 | Beverly Hill | 3 | $7.95m | $8.62m | 2,104 | 2,282 |
10 | Botanic Garden Mans | 2 | $1.92m | $2.32m | 1,372 | 1,849 |
10 | Botanic Garden View | 2 | $2.03m | $2.32m | 1,440 | 1,849 |
10 | Casa Jervois | 5 | $1.43m | $2.02m | 1,165 | 1,377 |
10 | Casabella | 5 | $1.55m | $1.95m | 1,333 | 1,440 |
10 | Casabella @ Duchess | 1 | $1.711m | - | 1,370 | - |
10 | Charleston | 2 | $1.25m | $1.54m | 1,041 | 1,280 |
10 | Charming Garden | 1 | $2.45m | - | 1,363 | - |
10 | Chateau Le Fame | 1 | $1.8m | - | 862 | - |
10 | Chatelet | 2 | $1.26m | $1.8m | 1,138 | 1,295 |
10 | Chatsworth Court | 1 | $7m | - | 2,118 | - |
10 | Chelsea Garden | 2 | $4.65m | $5.81m | 1,854 | 2,071 |
10 | Chiverton | 2 | $1.48m | $1.86m | 868 | 1,146 |
10 | Cliften | 4 | $1.42m | $1.6m | 1,309 | 1,436 |
10 | Corona Ville | 3 | $1.27m | $1.4m | 831 | 1,436 |
10 | Crystal Court | 1 | $1.1m | - | 992 | - |
10 | Crystal Tower | 1 | $3.36m | - | 1,242 | - |
10 | Cuscaden Residences | 9 | $2.5m | $5.19m | 2,020 | 2,716 |
10 | Cuscaden Royale | 5 | $1.79m | $4.25m | 1,914 | 2,182 |
10 | D'Dalvey | 1 | $1.9m | - | 929 | - |
10 | De Lente | 1 | $920K | - | 1,239 | - |
10 | D'Grove Villas | 1 | $5.3m | - | 1,962 | - |
10 | DLV | 3 | $1.18m | $2.16m | 1,236 | 1,418 |
10 | Draycott Eight | 8 | $3.1m | $8.5m | 2,176 | 2,752 |
10 | Duchess Crest | 68 | $720K | $3.01m | 345 | 1,323 |
10 | Duchess Manor | 9 | $1.03m | $2.02m | 722 | 1,482 |
10 | Duchess Residences | 2 | $2.66m | $5.77m | 1,823 | 1,930 |
10 | Duet | 2 | $2.3m | $2.7m | 1,319 | 1,548 |
10 | Dynasty Court Two | 1 | $1.18m | - | 1,034 | - |
10 | Dynasty Garden | 18 | $80m | - | 31,228 | 40,613 |
10 | Ewe Boon Regent | 1 | $1.4m | - | 1,341 | - |
10 | Fairlodge | 1 | $1.61m | - | 850 | - |
10 | Fifth Ave CDO | 2 | $3.3m | $3.33m | 1,488 | 1,510 |
10 | Four Seasons Park | 6 | $6.1m | $$8.65m | 2,699 | 3,010 |
10 | Gallop Gables | 3 | $1.78m | $3.4m | 1,320 | 1,654 |
10 | Gardenville | 5 | $3.44m | $3.9m | 1,954 | 2,144 |
10 | Gisborne Light | 1 | $1.42m | - | 1,147 | - |
10 | Glentrees | 7 | $1.5m | $2.7m | 1,115 | 1,456 |
10 | Grange Court | 2 | $72.8m | - | 13,608 | 19,834 |
10 | Grange Residences | 12 | $6m | $$7.9m | 2,323 | 2,791 |
10 | Holland Hill Park | 6 | $1.8m | $2.1m | 1,051 | 1,299 |
10 | Holland Mews | 1 | $2.75m | - | 1,092 | - |
10 | Holland Peak | 11 | $650K | $3.18m | 1,023 | 1,334 |
10 | Hollandswood Court | 2 | $1.38m | - | 648 | - |
10 | Holt Residences | 6 | $2.75m | $4.15m | 1,403 | 1,605 |
10 | Hoot Kiam Mans | 1 | $750K | - | 617 | - |
10 | Jervois Grove | 2 | $1.03m | $1.63m | 1,171 | 1,236 |
10 | Jervois Jade | 3 | $1.18m | $1.38m | 789 | 928 |
10 | Jervois Lodge | 6 | $1.58m | $1.8m | 1,145 | 1,446 |
10 | Jervois Regency | 7 | $1.38m | $1.92m | 757 | 1,600 |
10 | Jewel of Balmoral | 2 | $2.22m | $2.28m | 1,651 | 1,701 |
10 | Kasturina Lodge | 5 | $880K | $1.35m | 1,167 | 1,274 |
10 | Kellock Lodge | 4 | $888K | $950K | 994 | 1,063 |
10 | Kim Lin Mans | 3 | $7.14m | $8.36m | 3,319 | 3,886 |
10 | King's 8 | 1 | $4.9m | - | 910 | - |
10 | Kum Hing Court | 1 | $3.5m | - | 2,153 | - |
10 | Latitude | 2 | $3.33m | $5.40m | 2,515 | - |
10 | Leedon 2 | 2 | $1.4m | $1.5m | 1,263 | 1,353 |
10 | Lien Tower | 1 | $5.8m | - | 1,149 | - |
10 | Lutheran Tower | 1 | $1.27m | - | 663 | - |
10 | Manhattan Mans | 2 | $3.6m | $4.28m | 1,639 | 1,949 |
10 | Martina Mans | 1 | $3.17m | - | 1,300 | - |
10 | Melrose Park | 5 | $1.95m | $6.15m | 1,284 | 1,611 |
10 | Mill Point | 8 | $700K | $1.47m | 1,327 | 1,593 |
10 | Montview | 19 | $1.04m | $2.26m | 720 | 1,330 |
10 | Mutiara Crest | 2 | $1.5m | $1.6m | 1,124 | 1,199 |
10 | Mutiara View | 7 | $1.3m | $1.52m | 1,118 | 1,308 |
10 | Nassim 9 | 1 | $6.8m | - | 2,537 | - |
10 | Nassim Jade | 1 | $6.6m | - | 2,198 | - |
10 | Nassim Mans | 2 | $7m | $8.28m | 2,051 | 2,382 |
10 | Nathan Place | 2 | $1.2m | $1.76m | 1,467 | 1,639 |
10 | Olina Lodge | 1 | $1.71m | - | 1,052 | - |
10 | One Jervois | 31 | $795K | $3.91m | 973 | 1,625 |
10 | One Tree Hill Mans | 1 | $1.78m | - | 1,102 | - |
10 | One Tree Hill Residences | 13 | $1.63m | $4.72m | 209 | 2,350 |
10 | Orange Grove Residences | 1 | $7.38m | - | 2,350 | - |
10 | Orchard Bel-Air | 1 | $3.35m | - | 1,044 | - |
10 | Orion | 10 | $2.19m | $14.2m | 1,335 | 3,218 |
10 | Palm Spring | 13 | $1.3m | $3.8m | 1,175 | 1,530 |
10 | Parc Stevens | 2 | $3.2m | $4.29m | 1,591 | 1,858 |
10 | Parkview Eclat | 4 | $9.04m | $11.70m | 3,360 | 3,600 |
10 | Pine Tree CDO | 2 | $1.73m | $1.82m | 1,404 | 1,500 |
10 | Pinewood Garden | 2 | $1.78m | $2.75m | 1,430 | 1,670 |
10 | Portofino | 2 | $1.13m | $42.78m | 1,450 | 1,450 |
10 | Promises Garden | 27 | $71.20m | - | 54,218 | 88,195 |
10 | Proximo | 4 | $1.42m | $1.61m | 1,276 | 1,443 |
10 | Queensberry Lodge | 1 | $1.98m | - | 1,069 | - |
10 | Quinterra | 1 | $1.01m | - | 860 | - |
10 | Regency Lodge | 2 | $1.42m | $1.65 | 1,109 | 1,299 |
10 | Regency Park | 9 | $3.88m | $6.5m | 1,606 | 1,968 |
10 | Rich Mans | 2 | $1.9m | $1.98m | 1,076 | 1,260 |
10 | Ridgewood | 3 | $2m | $2.2m | 1,239 | 1,363 |
10 | Rising Suites | 2 | $1.03m | $2.16m | 1,428 | 1,514 |
10 | Robin Regalia | 3 | $1.1m | $1.17m | 929 | 1,277 |
10 | Sarkies Court | 1 | $34m | - | 2,189 | - |
10 |
Shanghai One |
6 |
$1.06m |
$1.49m |
1,207 |
1,400 |
10 |
Sheares Ville |
7 |
$1.8m |
$5.05 |
1,074 |
1,439 |
10 |
Sixth Ave Ville |
3 |
$1.5m |
$2.85m |
1,086 |
1,183 |
10 |
Sommerville Grandeur |
1 |
$2.47m |
- |
1,350 |
- |
10 |
Sommerville Park |
18 |
$936K |
$3.28m |
1,129 |
1,684 |
10 |
Spanish Village |
1 |
$2.57m |
- |
1,683 |
- |
10 |
Spring Grove |
18 |
$1.4m |
$2.92m |
839 |
1,792 |
10 |
St Martin Residences |
6 |
$1.48m |
$4.75m |
1,651 |
2,500 |
10 |
St Martin's Apt |
2 |
$1.6m |
$19.5m |
1,733 |
2,080 |
10 |
St Regis Residences |
14 |
$4.91m |
$12.99m |
2,299 |
3,654 |
10 |
Stevens Loft |
1 |
$1.1m |
- |
1,597 |
- |
10 |
Studio 3 |
10 |
$732K |
$1.58m |
1,149 |
1,803 |
10 |
Sui Generis |
8 |
$3.41m |
$5.47m |
2,171 |
2,583 |
10 |
Sylvan Lodge |
4 |
$866k |
$1.8m |
391 |
1,308 |
10 |
Tanglin Park |
11 |
$900K |
$3.23m |
565 |
2,285 |
10 |
Tanglin Regency |
21 |
$670K |
$1.45m |
853 |
1,075 |
10 |
Tanglin Residences |
3 |
$2.3m |
$5.4m |
2,035 |
2,736 |
10 |
The Arc at Draycott |
10 |
$1.76m |
$5.57m |
1,552 |
3,000 |
10 |
The Aspine (en bloc) |
22 |
$138m |
- |
66,428 |
84,345 |
10 |
The Aston |
11 |
$775K |
$1.26m |
1,040 |
1,601 |
10 |
The Balmoral |
1 |
$4.4m |
- |
1,603 |
- |
10 |
The Balmoral Spring |
2 |
1.68m |
$1.82m |
1,509 |
1,630 |
10 |
The Boulevard Residences |
3 |
$6.45m |
$8m |
3,170 |
3,932 |
10 |
The Capri |
2 |
$1.08m |
$1.2m |
1,056 |
1,247 |
10 |
The Cornwall |
11 |
$1.13m |
$3.3m |
1,248 |
1,713 |
10 |
The Draycott |
3 |
$4.66m |
$6m |
1,774 |
2,275 |
10 |
The Element@ Stevens |
1 |
$2.43m |
- |
1,525 |
- |
10 |
The Equatorial |
7 |
$2m |
$3.2m |
1,166 |
1,680 |
10 |
The Fernhill |
4 |
$1.5m |
$3.66m |
1,410 |
2,284 |
10 |
The Ford @ Holland |
11 |
$622K |
$2.22m |
1,231 |
1,601 |
10 |
The Grange |
24 |
$2.71m |
$6.42m |
1,541 |
2,750 |
10 |
The Hermitage |
1 |
$965K |
- |
1,135 |
- |
10 |
The Horizon |
1 |
$2m |
- |
1,281 |
- |
10 |
The Legacy |
5 |
$1.15m |
$3.38m |
975 |
1,299 |
10 |
The Legend |
14 |
$1m |
$3.7m |
1,216 |
1,616 |
10 |
The Levelz |
7 |
$800K |
$1.49m |
1,077 |
1,548 |
10 |
The Loft |
3 |
$1.62m |
$4.2m |
1,132 |
2,300 |
10 |
The Marbella |
10 |
$1.3m |
$4m |
1,215 |
1,630 |
10 |
The Merasaga |
5 |
$1.2m |
$1.82m |
1,267 |
1,357 |
10 |
The Montana |
2 |
$1.32m |
$1.38m |
1,191 |
1,474 |
10 |
The Orange Grove |
1 |
$15.52m |
- |
2,828 |
- |
10 |
The Orchard Residences |
9 |
$5.37m |
$12.99m |
2,922 |
3,904 |
10 |
The Princeton |
2 |
$1.2m |
$1.27m |
1,104 |
1,168 |
10 |
The Serenade @ Holland |
11 |
$1.03m |
$2.25m |
845 |
1,181 |
10 |
The Sierra |
2 |
$625K |
$750K |
880 |
1,124 |
10 |
The Sixth Ave Residences |
23 |
$1.23m |
$17.628m |
883 |
12,997 |
10 |
The Solitaire |
3 |
$2.22m |
$3.26m |
1,796 |
2,343 |
10 |
The Tessarina |
41 |
$1.13m |
$4.95m |
987 |
1,360 |
10 |
The Tresor |
7 |
$861K |
$3.46m |
870 |
879 |
10 |
The Twins |
1 |
$3.2m |
- |
1,429 |
- |
10 |
The Wilshire |
1 |
$2.75m |
- |
1,252 |
- |
10 |
Three Three Robin |
3 |
$3m |
$3.48m |
1,771 |
2,195 |
10 |
Tulip Garden (en bloc) |
97 |
$516m |
- |
151,223 |
303,402 |
10 |
Urban Edge @ Holland V |
6 |
$908K |
$2.83m |
1,055 |
1,246 |
10 |
Valley Park |
41 |
$900K |
$5m |
1,112 |
1,600 |
10 |
Ventuno Balmoral |
1 |
$2.29m |
- |
- |
- |
10 |
Villa Azura |
6 |
$1.31m |
$1.9m |
959 |
1,034 |
10 |
Village Tower |
1 |
$3.6m |
- |
1,376 |
- |
10 |
Viz at Holland |
10 |
$437K |
$1.58m |
739 |
1,268 |
10 |
Warner Court |
2 |
$1.6m |
$1.6m |
1,260 |
1,339 |
10 |
Waterfall Garden |
10 |
$1.6m |
$4.06m |
1,187 |
1,850 |
10 |
Westwood Apt (en bloc) |
70 |
$435M |
- |
65,605 |
153,660 |
10 |
Woollerton Park |
2 |
$3.7m |
- |
1,570 |
- |
10 |
Yee Fu Building |
1 |
$902K |
- |
655 |
- |
10 |
Zenith |
13 |
$756K |
$1.89m |
1,605 |
1,751 |
District |
Project |
Unit Sold |
Price range |
Psf range |
||
11 |
165E Moulmein Rd |
1 |
$1.05m |
- |
- |
- |
11 |
28 Shelford Rd |
1 |
$1m |
- |
1,191 |
- |
11 |
42C Eng Neo Ave |
1 |
$1.08m |
- |
772 |
- |
11 |
108 Shrewsbury Rd |
2 |
$800k |
- |
576 |
- |
11 |
1 Moulmein Rise |
10 |
$1.56m |
$1.85m |
1,260 |
1,482 |
11 |
Adam Park |
7 |
$980K |
$2.26m |
808 |
1,173 |
11 |
Adam Place |
1 |
$755K |
- |
825 |
- |
11 |
Akyab Apt |
1 |
$480K |
- |
203 |
- |
11 |
Alegria |
1 |
$2.03m |
- |
1,109 |
- |
11 |
Amaninda |
7 |
$680K |
$1.59m |
1,108 |
1,273 |
11 |
Amaryllis Ville |
17 |
$838K |
$3mj |
1,112 |
1,514 |
11 |
Apleton View |
6 |
$1.2m |
$1.5m |
1,059 |
1,310 |
11 |
Bassein Court |
1 |
$1.13m |
- |
808 |
|
11 |
Birmingham Mans |
4 |
$576K |
$1.63m |
541 |
1,032 |
11 |
Buckley 18 |
1 |
$2.04m |
- |
- |
- |
11 |
Chancery Esquire |
2 |
$1.52m |
$2.38m |
1,177 |
1,382 |
11 |
Chancery Ville (en bloc) |
3 |
$27.33m |
- |
14,848 |
15,869 |
11 |
City Edge |
5 |
$1.1m |
$1.68m |
1,285 |
1,475 |
11 |
Derbyshire Ht |
2 |
$1m |
$1.23m |
755 |
935 |
11 |
D'Evelyn |
2 |
$1.38m |
$1.6m |
1,269 |
1,472 |
11 |
Dunearn Court |
1 |
$1.35m |
- |
922 |
- |
11 |
Dunearn Garden |
1 |
$1.8m |
- |
1,079 |
- |
11 |
Dunearn Lodge |
4 |
$698K |
$850K |
721 |
877 |
11 |
Eng Aun Mans |
3 |
$560K |
$700K |
642 |
985 |
11 |
Euro-Asia View |
5 |
$705K |
$1.9m |
900 |
1,117 |
11 |
Gilstead 38 |
2 |
$1.3m |
$2.26m |
1,327 |
890 |
11 |
Gilstead Mans |
1 |
$1.81m |
- |
1,124 |
- |
11 |
Gloucester Mans |
4 |
$850K |
$1.23m |
1,042 |
1,475 |
11 |
Grand Tower |
1 |
$1.8m |
- |
961 |
- |
11 |
Greendale Court |
2 |
$1.4m |
$1.45m |
747 |
821 |
11 |
Hill Park |
21 |
$90m |
- |
46,711 |
47,778 |
11 |
Hillcrest Ardadia |
13 |
$620K |
$2.85m |
823 |
1,038 |
11 |
Hillcrest Park |
1 |
$1.91m |
- |
718 |
- |
11 |
Hillcrest Villa (recently launched) |
113 |
$2.48m |
$3.08m |
798 |
999 |
11 |
Iridium |
7 |
$983K |
$3.1m |
761 |
1,370 |
11 |
Kellett Court |
4 |
$1.2m |
$1.31m |
885 |
989 |
11 |
Kheam Hock Garden |
1 |
$1.52m |
- |
1,121 |
- |
11 |
La Maison |
1 |
$1.34m |
- |
1,055 |
- |
11 |
La Suisse |
5 |
$1.45m |
$2m |
669 |
953 |
11 |
La Suisse II |
3 |
$1.37m |
$2.09m |
815 |
981 |
11 |
Lornie 18 |
2 |
$5.34m |
$5.42m |
1,150 |
1,150 |
11 |
Lucida |
3 |
$1.01m |
$1.05m |
1,632 |
1,698 |
11 |
M21 |
10 |
$994K |
$4.18m |
1,369 |
1,414 |
11 |
Mandalay HT |
3 |
$720K |
$1.28m |
880 |
1,062 |
11 |
Mandalay Tower |
3 |
$1.78m |
$1.88m |
710 |
750 |
11 |
Mandale HT |
11 |
$605K |
$1.98m |
764 |
1,051 |
11 |
Medge |
16 |
$341K |
$896K |
618 |
1,296 |
11 |
Monarchy Apt |
1 |
$860K |
- |
707 |
- |
11 |
Montebleu |
16 |
$534K |
$1.62m |
882 |
1,253 |
11 |
Moulmein Court |
1 |
$760K |
- |
461 |
- |
11 |
Newton 18 |
7 |
$810K |
$1.48m |
1,320 |
1,635 |
11 |
Newton Euro-Asia |
2 |
$1.5m |
$2.39m |
1,267 |
1,553 |
11 |
Newton One |
12 |
$1.82m |
$4.46m |
931 |
2,000 |
11 |
Newton Suites |
25 |
$759K |
$2.41m |
953 |
1,981 |
11 |
Nineteen Shelford Rd |
15 |
$480K |
$1.82m |
978 |
1,204 |
11 |
Novelis |
3 |
$1.25m |
$1.82m |
- |
- |
11 |
Novena Court |
7 |
$650K |
$790K |
839 |
1,045 |
11 |
Novena Lodge |
4 |
$870K |
$1m |
918 |
1,044 |
11 |
Novena Suites |
7 |
$888K |
$1.23m |
1,267 |
1,551 |
11 |
Orchid Apt |
2 |
$1.32m |
$1.35m |
965 |
973 |
11 |
Park Infinia at Wee Nam |
34 |
$856K |
$3.4m |
820 |
1,700 |
11 |
Pasadena |
2 |
$1.25m |
$1.85m |
685 |
867 |
11 |
Pavilion 11 |
20 |
$884K |
$5m |
801 |
1,280 |
11 |
Peppermint Grove |
2 |
$760K |
$950K |
959 |
1,441 |
11 |
Residences @ Evelyn |
25 |
$1.6m |
$6.22m |
1,257 |
2,049 |
11 |
Rosevale |
4 |
$1.82m |
$1.93m |
1,262 |
1,338 |
11 |
Setia Residences |
1 |
$7.85m |
- |
2,345 |
- |
11 |
Shelford Green |
1 |
$1.85m |
- |
1,017 |
- |
11 |
Shelford Regency |
2 |
$1.1m |
$1.48m |
1,032 |
1,083 |
11 |
Shelford View |
1 |
$3.5m |
- |
1,301 |
- |
11 |
Sky @ Eleven |
44 |
$1.81m |
$8.32 |
826 |
1,604 |
11 |
Soleil @ Sinaran |
28 |
$658K |
$3mj |
1,132 |
1,742 |
11 |
Strata |
4 |
$650K |
$1.21m |
1,285 |
1,621 |
11 |
Suffolk Premier |
8 |
$795K |
$1.35m |
777 |
1,274 |
11 |
Suites @ Surrey |
2 |
$778K |
$1.25m |
872 |
1,350 |
11 |
Tan Tong Meng Tower |
1 |
$2.7m |
- |
833 |
- |
11 |
Ten @ Suffolk |
2 |
$700K |
$1.38m |
625 |
1,269 |
11 |
The Ansley |
18 |
$1.03m |
$1.63m |
956 |
1,262 |
11 |
The Arcadia |
12 |
$3.4m |
$7.5m |
900 |
1,158 |
11 |
The Armadale |
2 |
$880K |
$1.19m |
1,298 |
1,365 |
11 |
The Axis |
8 |
$404K |
$1m |
794 |
2,084 |
11 |
The Hillpark |
5 |
$90m |
- |
46,711 |
47,778 |
11 |
The Huntington |
2 |
$1.1m |
$1.25m |
1,135 |
1,197 |
11 |
The Linc |
4 |
$1.31m |
$1.6m |
1,148 |
1,249 |
11 |
The Lincoln Modern |
4 |
$1.21m |
$2.3m |
1,100 |
1,631 |
11 |
The Shelford |
7 |
$600K |
$4.15m |
413 |
1,721 |
11 |
The Spinnaker |
2 |
$1.35m |
$1.48m |
1,037 |
1,074 |
11 |
The Springs |
7 |
$1m |
$1.4m |
1,010 |
1,414 |
11 |
The Trevose |
22 |
$930K |
$3.5m |
617 |
1,190 |
11 |
Thomson 800 |
20 |
$1.36m |
$3m |
518 |
1,292 |
11 |
Thomson Euro-Asia |
12 |
$1.25m |
$1.9m |
1,200 |
1,471 |
11 |
Thomson Vale |
1 |
$1.01m |
- |
977 |
- |
11 |
Trevose park |
4 |
$1.5m |
$2.44m |
1,143 |
1,435 |
11 |
Ultra Mans |
1 |
$1.75m |
- |
1,091 |
- |
11 |
Villa Chancerita |
1 |
$2.2m |
- |
1,239 |
- |
11 |
Villa Chancery |
1 |
$3.6m |
- |
1,354 |
- |
Source of statistics: SISVRealin
The above
transaction statistics are based on caveats lodge with
the Singapore Land Authority (SLA). However, caution is
needed while interpreting the data as caveat lodgement
is not compulsory. As such, some property owners may not
lodge caveats until they take a mortgage loan [and the
mortgagees would lodge caveats to protect their
interests on the mortgages].
The context of this study is important. While it was
done initially in an attempt to ascertain the ‘Most
Sellable’ projects in town, it turns out that the lists
can be used to ascertain the ‘Not Sellable’ projects and
‘Difficult to Sell’ project.
-
Sellability Checklist
In other words, the above information can indeed act as a ‘Sellability Checklist’ for listing agents in general. For example, if the name of the project in which an agent’s listing is located is not in this list, it belongs to the ‘Not Sellable’ category. If the name of the project is in this list but not being highlight, the agent’s listing may be ‘Difficult to Sell’, for one reason or another.
The study uncovered 23 most sellable projects in the Core Central Region in the past six months and they may remain ‘sellable’ for some time. However, having said that, readers should approach the data with caution because the ‘quantity’ of transactions is just one of the few critical success factors which include location, supply/demand situation in the specific location which has a direct impact on the asking price. The project may sell due to the novelty factor for the time being or because the particular market segment has many ‘flipping’ going on; but the unique factors may change over time due to extrinsic factors such market volatility or change in buyer’s taste or perception. Therefore, agents must continue to keep their pulse very close to the ground and continue to update on the basics of real estate.
Though the
findings are at best inconclusive, one thing is for sure
- if a project has ‘less than 10 transactions’ in half a
year, it must definitely belong to the category of
‘difficult to sell’.
|
Buy, Sell, Rent, Invest, In Singapore
Billy Chen
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com
KF Property Network Pte Ltd
CEA Licence Number : L3008430D
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