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Property News16 May 2018

Private home sales down 53.5% year-on-year

ST 20180516 BIZKRNEW 3987635

Developers sold 729 private homes last month, up slightly from the 716 units in March but down 53.5 per cent from the 1,567 units moved in April last year.

The figures exclude executive condominiums (ECs).

As for EC units, 596 were sold last month, well up on the 72 in March and the 371 sold in April last year, according to Urban Redevelopment Authority data yesterday.

The strong EC sales were on the back of the launch of Rivercove Residences in Sengkang.

"This is the only EC launch for this year, soaking up pent-up demand after the sell-out launch of Hundred Palms Residences EC last year," said Colliers International research head for Singapore Tricia Song.

ZACD Group executive director Nicholas Mak noted that the total number of unsold EC units dropped to just 193 last month, with no more on sale until the EC development in Sumang Walk in Punggol is launched next year.

JLL national director of research and consultancy Ong Teck Hui said the upward pressure on EC prices will continue.

Huttons Asia research head Lee Sze Teck, who expects the 193 unsold EC units to be gone within three to six months, said: "More EC sites need to be launched."

The top-selling project last month was Rivercove Residences. The developer, a Hoi Hup Realty-Sunway Developments joint venture, moved 512 units at a median price of $970 per sq ft.

Meanwhile, a joint venture between Lendlease and Abu Dhabi Investment Authority sold 166 units at Park Place Residences at PLQ, a private development in Paya Lebar Road, at a median price of $2,060 psf in the second-phase launch of the 429-unit development.

The median price is about 14 per cent higher than the $1,805 psf median price for the 217 units sold during the first phase of the project's launch in March last year.

Oxley Holdings sold 141 units at The Verandah Residences in Pasir Panjang Road at a median price of $1,846 psf. Roxy-Pacific Holdings moved 52 units at Harbour View Gardens, also in Pasir Panjang Road, at $1,763 psf median price. City Developments sold 51 units last month at The Tapestry in Tampines at $1,391 psf median price.

JLL noted that only 654 new private homes were launched last month, just 40 per cent of the 1,616 units launched in April last year.

About 1,575 private homes were released from January to April - down 56 per cent from the 3,565 launched in the same period last year. And the number of private homes sold in the first four months of 2018 - about 2,310 units - was only about half of the 4,529 units moved in the same period last year.

Ms Song noted that the sales momentum for new private homes last month "was perhaps not as pacey as the market had expected".

"We think the relatively small project sizes of the new launches in April - coupled with raised prices in the limited unsold stock - could have resulted in the slower pace of sales growth in April," she added.

Analysts expect developer sales of private homes to rise this month, given that a few projects have already been released and sold well - including Twin VEW in West Coast Vale, and Amber45.

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Property News 23 May
HDB puts on sale 3,970 BTO flats in Sengkang, Yishun, Toa Payoh and Tampines

THE Housing Board (HDB) launched 3,970 Build-To-Order (BTO) flats across four projects in Sengkang, Yishun, Toa Payoh and Tampines on Tuesday, in the second such exercise this year.

Prices without grants range from S$76,000 for a two-room Flexi flat in non-mature estate Yishun, to more than S$422,000 for a five-room flat in mature estate Tampines.

About 17,000 BTO flats are expected this year.

Property News 21 May
Buyers snap up 70 units at Le Quest Phase Two launch on Saturday
SINGAPORE - Le Quest, a Qingjian Realty (South Pacific) Group mixed development project in Bukit Batok, sold 70 units on the first day of its Phase Two sales. Qingjian Realty has offered just 115 units for sale on Saturday (May 19), just a week after it opened up the development for Phase Two preview.
Property News 21 May
Chinatown Plaza sells en bloc for $260m

Chinatown Plaza has been sold for $260 million to a property unit affiliated to Singapore-based RGE (Royal Golden Eagle), the pulp and paper and palm oil giant founded by Sukanto Tanoto.

The price translates to a land rate of $1,915 per sq ft per plot ratio (psf ppr), said Edmund Tie & Company, which handled the collective sale.

Located in Craig Road, Chinatown Plaza has a land area of 33,953 sq ft and is zoned for commercial and residential use. The site has the potential to be redeveloped up to its existing gross floor area of 135,742 sq ft.

Property News 18 May
SRX launches home loan platform


Real-estate services provider SRX has launched a home loan platform that promises to help borrowers ease the task of filling up forms.

SRX said yesterday that its myHome Finance service can do that by tapping MyInfo, a service by the Singapore Government that allows users to manage personal data when transacting online with government agencies and commercial entities.

The use of MyInfo will allow myHome Finance to automatically complete most of the fields required in loan applications, SRX said.

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