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April home sales dive 62%; May unlikely to see improvement
14 May 2020
Data from Realis as at May 12 shows 277 new sales transactions, excluding ECs; virtual showflats fail to drum up sales...
April home sales dive 62%; May unlikely to see improvement
14 May 2020
nz housing 140520
Sales volumes for new private homes appear to have tumbled sharply in April as developers were forced to shutter sales galleries and prospective buyers stayed home, while the extended circuit breaker could spell a poorer performance in May. PHOTO: ST FILE

SALES volumes for new private homes appear to have tumbled sharply in April as developers were forced to shutter sales galleries and prospective buyers stayed home, while the extended circuit breaker could spell a poorer performance in May.


As at May 12, data from the Urban Redevelopment Authority's (URA) Realis showed there were 277 new sales transactions of private homes, excluding executive condominiums (ECs), slumping 62 per cent year-on-year. Including ECs, which are a private-public hybrid, there were 293 new homes sold in April.


The URA is due to release the total number of new private homes sold in April on Friday, which incorporates the option-to-purchase (OTP) issued by developers to buyers and makes adjustments for lapsed OTPs. Thus, the official data released Friday could differ from volumes as at May 12.


According to Huttons Asia's director of research Lee Sze Teck, around two thirds of the transactions in April took place before the circuit breaker kicked in on April 7. "It could be due to buyers holding back for the circuit breaker to be lifted in May - which did not happen - or their preference to see the physical units before committing," he said.


Nicholas Mak, head of research & consultancy for ERA Realty, added: "Moreover, economic headwinds from the Covid-19 outbreak also dampened housing demand."


Tricia Song, head of research for Singapore at Colliers International, noted that over 90 units were sold after April 7 as there is a two-week grace period for options to be exercised. She added: "Some transactions could also have happened after the circuit breaker kicked in as buyers have seen the showflats before the circuit breaker and made the decision after April 7." 


While developers have been increasingly turning to technology to market their projects to prospective buyers during the circuit breaker, analysts say that buyers are likely to adopt a wait-and-see approach when it comes to hefty purchases such as property.


"While virtual showflats have seen increased interest from potential buyers, not many actual sales have materialised as local buyers still prefer to see and feel the actual size, layout and finishes of the unit," Ms Song went on to say.


But while the transaction volume was low in April, it is still higher than some months during the 2008/2009 Global Financial Crisis where new home sales plunged well below 200 units, pointed out Ong Teck Hui, senior director (research & consultancy) at JLL.


The best selling projects in April were Kopar at Newton (83 units), Treasure at Tampines (28 units), Riverfront Residences (17 units) and JadeScape (12 units).


According to some analysts, 15 Holland Hill was the only launch last month before the circuit breaker commenced. Data from Realis shows that one unit from the project was purchased on April 2.


Drilling down by region, OrangeTee & Tie's head of research & consultancy Christine Sun noted there was a higher proportion of new homes sold in the Core Central Region (CCR) in April at 36.8 per cent, vis-a-vis March where the proportion stood at 6.8 per cent.


By absolute figures, the number of units sold in the CCR in April climbed to 102 units, more than doubling from 45 units in March, Ms Sun went on to highlight, with demand largely stemming from projects Kopar at Newton and The M.


"It is encouraging to see sales still going strong for luxury homes," she said. "This may indicate that despite the pandemic, Singapore remains an attractive investment destination to wealthy investors."


Meanwhile, with the circuit breaker extended until June 1, May could bring another month of sluggish sales for new private homes, especially considering that the bulk of April's transactions took place even before the circuit breaker kicked in.


Looking ahead, there are unlikely to be any new project launches in June, reckons Mr Lee, adding however that developers could be encouraged to launch in July ahead of the lunar seventh month in August should June bring firm demand.


JLL's Mr Ong expects developers may take a cautious stance when it comes to launching new projects, while the government's recent move to extend the additional buyer's stamp duty (ABSD) deadline by six months takes some of the heat off them.


Mr Ong said: "The continuation of sales in April, albeit at a low volume, suggests that there are still buyers in the market despite the current crisis. If Covid-19 is under better control and show flats reopen, we can expect monthly sales of new private homes to improve, although the recession is likely to impact sales performance."


Still, JLL projects that total transaction volumes of private homes this year could slump by 40-50 per cent from 2019's tally of 9,912 units.


Mr Mak reckons projects which could launch in June or July include Cairnhill 16, Forett@Bukit Timah, Hyll on Holland and Verdale.


He added: "Some developers will keep their options open. They will want to gauge demand for their project first before deciding. It is hard to do that during the circuit breaker." 


Even when the circuit breaker is eventually lifted, safe distancing measures will likely remain in place - which will temper crowds at showflats - while the economic environment could affect buyer sentiment.


For the year as a whole, Ms Song projects that the sale of new homes could drop by 20 per cent to 8,000 units, and expects developers may trim prices by 3-5 per cent. She said: "With about 2,300 units sold year-to-end April, we assume there will be some pent-up demand and more developer launches before the year ends."


Ms Sun said: "Due to increasing market uncertainties, buyers seem to be more selective and price sensitive." She also projects prices of new homes may come down by 3-5 per cent this year. "We observe that projects that are well-located and attractively priced continue to attract buyers." OrangeTee & Tie expects that developers will sell 6,500 to 7,500 new homes this year.


Meanwhile, Huttons expects the total sales for new units this year could fall to 7,000-8,000 units, while ERA Realty puts this year's tally at between 6,000 and 8,000 units.

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The Perfect M(atch)
03 Mar 2020
Whenever we’re searching for a place to call home, we’re always after a perfect fit. You know that gut feel – when you step into a place or read...
The Perfect M(atch)
03 Mar 2020
Whenever we’re searching for a place to call home, we’re always after a perfect fit. You know that gut feel – when you step into a place or read a brochure about a new launch? Somehow you just know that this is just the right home for yourself and your family.

Being connected is key – whether it’s to this place you’re about to call home, to F&B and shopping options around the place, or in a location that allows you to easy access other parts of Singapore. If you’re looking for that unparalleled connectivity, you’ll most definitely want to consider The M as your future home.

The M 01
 
The M is a mixed-use development in District 9, with a total of 522 units across three 20-storey towers and a 6-storey, with numerous retail and F&B options on the ground floor of the residence. At the M, you can choose from Studio and 1-to-3-bedroom units – whichever is the perfect match for your lifestyle.

With working remotely gaining more traction in recent years and especially now with the COVID-19 outbreak, won’t you want to have a home that’s fully equipped to support working from home so you can conveniently do so instead of wrestling for a spot at Starbucks with students? At The M, developer Wing Tai
Asia has introduced a new concept HOME/WORK, which provides a conducive environment for you to work from the comfort of your home. With innovative features that maximise spaces, such as dual-use kitchen counter-tops, configurable workstations and a smart work storage system, you won’t want to ever go back to an office set-up.

Besides being connected to your future home emotionally, you can now do so physically and enjoy a smarter lifestyle with pioneering technology that’s available in every unit in The M. It starts right from your lift lobby, where a touchless wave scanner that’s supported with a face recognition feature that allows for seamless access.

It gets way smarter in your home, where there’s a smart lock that allows for keyless entry with the ability to unlock your door remotely. You know that annoying feeling of stepping into a shower and the water still hasn’t been heated? Well you won’t have to worry about that with the Water Heater Control in your unit, which allows you to enjoy hot water anytime you need, with automatic schedules to turn your water heaters on and off, to suit your lifestyle and also save electricity.

Other plus points include a QR Reader for Visitor Management System where your visitors simply access when you share a unique QR code with them to scan, and a Smart Parcel system so you never miss a delivery as you get notified of your parcel delivery and can collect it at your convenience even if no one is at home.

Esplanade 01

And then there’s being connected to the rest of Singapore and The M is right in the middle of it all at. Like, literally. It’s at Middle Road. At M, you’re close to not one, not two, but THREE MRT stations, namely Bugis, City Hall and Esplanade, where you’re served by four lines (North-South, East-West, Downtown and Circle Line). And if you drive, you’re just a few minutes’ drive to the ECP, KPE, PIE and MCE – you don’t get much better connected than that! And being right in the heart of Bugis means you can enjoy the very best food, shopping, lifestyle and cultural activities.

So, what are you waiting for? Find your perfect match at The M today!
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The Condominium Upgrade: Should You?
20 Feb 2020
The question that might typically loom over one’s head, especially when the have stayed in their HDB home past...
The Condominium Upgrade: Should You?
20 Feb 2020
The question that might typically loom over one’s head, especially when the have stayed in their HDB home past the Minimum Occupancy Period (MOP) is ‘Should I upgrade to a condominium?’

If you’ve had that thought, you’re not alone. After all, most Singaporeans are after the 5Cs, of which 1C is for Condominium. It is expected that as one’s household income increases over the years, they will look to upgrade them homes to – be it whether it’s to a bigger HDB flat, a condominium or even a landed property.

Condo

Upgrading your home is a huge commitment and one you’ll need to be very sure of, especially on the financial front. While HDB flats typically range from around $300k for a 3-room unit to approximately $600k for a 5-room unit, a condominium will set you back a minimum of $1million, and that’s just for a two-room condominium in the Outside
Central Region. Expect to pay at least $2million if you’re looking for a place in a more central spot in Singapore.

Other things you’ll need to consider are your Total Debt Servicing Ratio, which can’t exceed 60%, and also your Buyer Stamp Duty. While you also had to pay BSD for your HDB flat, it was likely at be at a cap of 3% of your remaining $640k as your flat is unlikely to cost you more than $1million. So even if you purchased a 5-room flat at $700k, your BSD will be $15,600 (1% of $180k, 2% of $180k, 3% of $340k) However for a condominium that will definitely cost more and is likely to set you back a minimum of $1.5million, your BSD will be include a 4% fee on the remaining amount for a whooping total of $44,600 (1% of $180k, 2% of $180k, 3% of $640k, 4% of $500k)!!!

So, you have to be sure you have your financials sorted. You won’t want the case where you’re after that more extravagant lifestyle, only to be set back huge debts as you weren’t able to afford the upgrade in the first place.

Calcuation

Once you’ve decided what you’re able to afford and the size of the apartment you’re after (do remember it’s likely a lot smaller than a HDB flat of the same number of rooms), you’ll need to choose if you’d like to go with a brand-new condo or the resale option. While we’d all prefer to be in a new place where no one has stayed at before, purchasing a new condominium will mean having to wait around 3 to 4 years before it’s up and ready for you to move in. If you’re going for a resale option, it will be easier on you planning wise as you can move in right away.

Now that everything has been said and you’ve made up your mind, simply head on over to SRX to get your dream condominium today.

Do visit SRX’s New Launches to get options if you’re looking for newly-launched condominiums. Here, you can refer to the New Project Insights to reference the percentage of units sold and launched, the average price, and average price per square foot (PSF), of various new and upcoming condominiums, all at a glance.

Alternatively, simply head on over to SRX’s Singapore Condo Directory for multiple resale condominium options for your consideration!
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Parc Canberra sells 64% of its 496 units
17 Feb 2020
Parc Canberra has sold at least 64 per cent or 316 apartments at an average price of S$1,085 per square foot (psf) at the launch over the weekend...
Parc Canberra sells 64% of its 496 units
17 Feb 2020

ParcCanberra artistsimpression website
The development along Canberra Link will house 496 units across 10 blocks, comprising 3, 4 and 5-bedroom apartments. PHOTO: PARC CANBERRA WEBSITE


THE 496-unit executive condominium project Parc Canberra has sold at least 64 per cent or 316 apartments at an average price of S$1,085 per square foot (psf) at the launch over the weekend.

Hoi Hup Sunway Canberra said in a media statement on Sunday that it launched all the units of Parc Canberra for sale at 9am on Saturday, after an online balloting exercise was conducted the previous day.

As of 4.30pm on Sunday, it has moved 316 units at an average price of S$1,085 psf.

The remaining units in the development - within a five-minute walk from the upcoming Canberra MRT station - are a mix of two-, three-, four- and five-bedroom apartments.

Its showflat, located along Sembawang Vista (next to Sembawang MRT Station), is open daily from 11am to 7pm.

The executive condominium was launched amid the ongoing deadly coronavirus outbreak.

Precautionary measures Hoi Hup Sunway Canberra has put in place at the showflat include mandatory temperature checks, hand sanitising, recording of contact information of all visitors as well as checking their travel history. Those who had travelled to mainland China in the last two weeks were requested not to visit the showflat. In addition, the developers ramped up the frequency of cleaning at the premises.

Hoi Hup Sunway Canberra has also adopted online balloting.

In order to spread out the crowds, the company told applicants to drop off their ballot tickets in person over two days - instead of one - at the sales gallery in the presence of an auditor.

On Feb 14, the balloting exercise was broadcast live on Parc Canberra's Facebook page. Successful applications were then asked to visit the sales gallery during alloted time slots on Feb 15 to book their preferred unit.

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