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Post Info TOPIC: Private Residential Property
KK


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Private Residential Property - BT
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28-Apr-07

Property subsale activity higher than estimated

URA data points to speculative activity in 12% of Q4 sales in high-end residential sector

(SINGAPORE) The subsale market of the private residential sector - often seen as reflecting speculative activity - has been more active than previously thought, the latest official data show. Subsales accounted for 6.4 per cent of total private housing deals on the island in the final three months of last year, one percentage point higher than estimated figures released by the Urban Redevelopment Authority in January.

In the sizzling high-end sector as reflected in URA's core central region - which includes districts 9, 10, 11, Downtown Core (including Marina Bay) and Sentosa - the Q4 2006 subsale share of total private housing transactions was 12.1 per cent, instead of the 9.7 per cent in the earlier figures.

The private housing market in the core central region is still buoyant, with developers chalking up a big increase in sales in this location in the first three months of this year. The region continued to record the biggest price gains.

The Q1 price index for all non-landed homes in this region was up 5.5 per cent from the final three months of last year. The highest increases - of 7.3 per cent - were for uncompleted homes, compared with 3.1 per cent for completed ones.

Prices of all non-landed homes (covering both completed and uncompleted projects) in the rest of the central region - which includes places like Bukit Merah, Geylang and Toa Payoh - rose 3.7 per cent in the first quarter.

Outside the central region, which covers typical suburban mass market locations such as Woodlands, Clementi, Jurong, Hougang, Tampines and Bedok, the increase was 2 per cent.

URA's overall private home price index posted a 4.8 per cent rise in the first three months of this year.

The leasing market also sparkled, with the rental index for non-landed homes increasing 8.1 per cent in Q1 this year over the previous quarter, higher than the 5.8 per cent gain in Q4 2006. Rents are expected to continue rising as supply shrinks because of collective-sale sites being redeveloped, says CB Richard Ellis executive director Li Hiaw Ho.

Yesterday's figures show that developers launched 2,259 uncompleted homes in the core central region in Q1, which was 59 per cent more than in the preceding quarter and more than eight times the 265 units released in Q1 last year.

But there appears to be no glut, as developers also managed to sell 2,055 homes in this region, almost as many as they launched in the period, although some of the sales could have involved projects launched earlier. The figure of 2,055 for uncompleted homes in the core central region sold by developers between January and March is 17 per cent up on the previous quarter and over five times the 385 homes they sold in this area in Q1 2006. For the whole of Singapore, developers sold 4,565 uncompleted homes in Q1 2007, nearly 10 per cent up on the previous quarter - and a new quarterly record.

URA's latest numbers show that there were 581 subsale deals in Q4 last year and 1,156 for the whole of last year, an increase from the 426 and 989 respectively in the estimated figures. For Q1 this year, there were also 581 subsale deals according to yesterday's data, but market watchers expect URA to revise upwards this figure next quarter as more caveats are lodged.

The URA has said that statistics on secondary market transactions (comprising subsales and resales) will be updated each quarter as more caveats are lodged.
 
Subsales involve projects that have yet to receive a Certificate of Statutory Completion, while resales cover completed developments.

The URA captures primary market or developers' sales from returns of a comprehensive quarterly survey of licensed developers. These showed that four units at the 428-unit Marina Bay Residences were unsold as at March 31, and at The Orchard Residences, just eight of the 98 units released in the 175-unit condo were unsold by that date. Over at the 341-unit One Shenton project, 91 units were unsold as at March 31. But that was almost a month ago, and City Developments, the developer of One Shenton, said yesterday that it has 'about 50 units (excluding the 11 penthouses) available for sale to-date'.

Colliers International predicts that the overall private home price index could grow 17 to 20 per cent for the whole of this year, with the biggest gain of 20-25 per cent coming from the core central region, followed by the rest of the central region (15 to 18 per cent) and outside central region (12 to 15 per cent).

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KK


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Private Residential Property
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BT_6122375_27_04_2007.jpg

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S'pore properties draw new group of foreign buyers
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BT, Published September 4, 2006

S'pore properties draw new group of foreign buyers

Mid-East, Europe, Japan, Scandinavia among new markets

(SINGAPORE) The share of the top five nationalities (Malaysia, Indonesia, United Kingdom, India and China) as a percentage of the total number of foreigners buying private homes here has declined over the past few years, according to a caveats analysis by DTZ Debenham Tie Leung. This has happened because the island's real estate market has been attracting foreigners from other places - the Middle East, Sweden, Belgium, Greece and Japan - reflecting Singapore's growing appeal as a global city.

Market watchers also note that the introduction of new products over the past few years - like waterfront condos and bungalows at Sentosa Cove and high-rise city condos facing Marina Bay (The Sail @ Marina Bay) - has raised the appeal of investing in Singapore property among foreign buyers once unacquainted with the local residential market. Another factor that has put Singapore on the radar screens of international property investors is the government's decision to have two integrated resorts with casinos here.

The top five nationalities' share had been consistently above 70 per cent since 2000, and even hovered at 80 per cent or more for every quarter in 2001 and 2002. It slipped to 68 per cent in Q2 this year, from 70 per cent in both Q1 this year and Q2 last year.

'This is due partly to the laggard performance of the Singapore private residential market compared to other cities in the region and the growing attraction of Singapore as a global city,' DTZ said. 'With developers' concerted efforts to introduce various quality projects to newer markets such as the Middle East, the profile of foreign buyers is also likely to become increasingly international,' the report said.

One developer which has been tapping strong foreign interest in its projects is City Developments Ltd (CDL). Its group general manager Chia Ngiang Hong says: 'Beyond the traditional countries like Malaysia, Indonesia and Hong Kong, there's growing interest from buyers in newer markets like the Middle East, Japan, UK and the US keen on investing in Singapore property because of its potential.' 'Some of these new buyers are only just starting to be exposed to investment opportunities in the region, and others are seizing the potential as Singapore transforms itself into a global city.' Two recent high-end launches by CDL - St Regis Residences in the Tomlinson/Cuscaden roads area, and The Oceanfront @ Sentosa Cove - also drew buyers from European countries like UK, France, Belgium, Finland, Greece and Denmark. Savvy foreign buyers familiar with the concept of branded residences were drawn to St Regis Residences, Mr Chia noted.

DTZ's analysis showed that within the five major nationalities, Malaysians and Indonesians continued to be the biggest foreign home buyers here in Q2, each accounting for 20 per cent of overall purchases by foreigners. The number of private homes bought by Malaysians in Q2 totalled 236, while Indonesians purchased 233 homes. UK nationals bought 121 homes, placing them in third position, followed by Indians (116 deals) and mainland Chinese (75 deals or 7 per cent share of the total foreign buying pie in Q2).



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Foreign buying of S'pore homes at 10-year high
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BT, Published September 4, 2006

Foreign buying of S'pore homes at 10-year high

(SINGAPORE) The number of private homes in Singapore bought by foreigners (including permanent residents) in the second quarter of this year surged 35 per cent from the first quarter to reach 1,152. This is the highest number of foreign purchases within a quarter in a decade, according to DTZ Debenham Tie Leung's latest analysis of caveats captured by the URA Realis system.






The total number of private homes bought by foreigners jumped from 852 in Q1 this year to 1,152 in Q2. The latter surpassed the last peak of 1,129 in Q2 1999 during the last property market recovery after the Asian crisis.

However, the latest Q2 number is still 25 per cent shy of the 1,535 purchases by foreigners in Q4 1995. Back then, there was a surge in foreign buying culminating in the introduction of the anti-speculation measures in May 1996.

DTZ executive director Ong Choon Fah reckons the increase in foreign buying in the April-June quarter this year was largely driven by releases of new projects which appealed to foreigners. URA Realis database does not reveal what projects foreigners have been buying, but it does show the districts they bought into. Based on this, DTZ infers that St Regis Residences at Cuscaden/Tomlinson Road, One Amber in Katong, Newton One and Residences @ Evelyn were among the projects that could have received strong foreign interest in Q2.

Market watchers say other projects that sold well to foreigners in Q2 include One Tree Hill Residences, and Ritz Residences at Devonshire Road. Both are said to have been marketed in Indonesia and Hong Kong.

Foreigners are also said to have been active buyers in the resale market in Q2. Among the developments they bought into were The Botanic on Lloyd and Imperial, according to industry sources. Buyers are said to include UK, Australian and Indian nationals.

DTZ's analysis showed that the most popular location among foreigners who bought apartments directly from developers in the primary market in Q2 was District 9, followed by Districts 15, 10 and 11. More than a quarter (29 per cent) of these foreign purchases in District 9 were made by Indonesians.

Looking ahead, DTZ's Mrs Ong expects the strong foreign buying trend to continue in the coming quarters as developers release lifestyle-driven projects which should appeal to foreigners. These include the apartments at the Business & Financial Centre, Keppel Bay (Phase 2), Ho Bee's projects (a condo and luxury villas) at Sentosa Cove and Wheelock Properties (Singapore)'s Ardmore II.

DTZ's analysis showed that the number of apartments and condos foreigners (including PRs) bought rose from 811 in Q1 this year to 1,077 in Q2. The number of landed homes purchased by foreigners increased from 41 to 75 over the same period. Mrs Ong says that Singapore will remain attractive because of new tourism attractions such as the two integrated resorts and developments on Orchard Road.



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Property Bid News
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Thursday November 17, 8:27 AM

Singapore URA Releases Bids For Tiong Bahru Site
(This story was first published at 0937 GMT Wednesday)

SINGAPORE (Dow Jones)--Singapore's Urban Redevelopment Authority said Wednesday the highest tender it received for a residential parcel of land earmarked for development was equivalent to S$3,770.50 per square meter.

The highest bid, from CRL Realty Ltd. - a unit of CapitaLand Ltd. (C31.SG) and Lippo Group International Ltd., values the land adjacent to Alexandra and Tiong Bahru Roads at about S$180 million, the authority said in a statement.

The URA has still to decide who the 99-year lease for the land will be awarded to.

The minimum bid price was set at S$102.8 million and all 12 bids were higher than the minimum

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KK


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DBS Vickers Report
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Extracts fm DBS Vickers Report,


The Urban Redevelopment Authority (URA) has just released the flash estimates of the 3Q05 Residential Property Price Index. The Index rose 3.2% y-o-y and 1.1% q-o-q, the highest quarterly rise since the market upswing began in 2Q04. Due to the lag effect of property prices, we believe the full impact of the relaxation of home financing rules in July was not fully reflected in the 3Q05 flash estimates. We expect growth to strengthen in 4Q05 and beyond. While there could be near-term weakness in property stocks, we are bullish on the long-term prospects for the Property sector and recommend to Buy on weakness. Maintain Overweight on the Property sector.



  • 3Q05 Residential prices. URA’s Residential Property Price Index rose from 115.2 to 116.5, increasing 1.1% q-o-q and 3.2% y-o-y. This 3Q05 q-o-q increase is the highest since the market bottomed-out in 2Q04. We believe the positive uptrend will continue to strengthen.
  • Lagged impact of change in home financing rules. We expected the rise in residential prices to be stronger for 3Q05 due to the spark in demand sentiment owing to the relaxation of home financing rules in Jul 2005. But the positive impact could lag due to the lengthy negotiation period for property transactions. We expect prices to continue to improve in 4Q05 and in 2006. This reinforces our earlier call for the Singapore residential sector for 2005 – that rising demand will be met with a large supply pipeline that would result in higher sales and 5-10% overall price increases.
  • Sales volumes up, Hi-end sector moving ahead Based on feedback from our meetings with developers (Allgreen, CDL, Wheelock, Wing Tai) and visits to various showflats in Singapore, we concluded that overall sales volumes have risen and hi-end sector prices are moving ahead of the overall market. Various high end projects have indicated a 5-15% increase in prices post-announcement. Mass market prices remain flat as demand is still highly pricesensitive although sales volumes have risen.
  • Catalysts and valuations. In 4Q05, major price catalysts should come in the form of two large-scale multi-billion dollar projects, the proposed Integrated Resort (Casino) and the Orchard Turn site (Dec 8 tender). Recently, we found that property developers have traded up or exceeded their fair valuations and are beginning to impute 10%-20% price increases for 2006 - we expect prices in 2006 to rise by 10%. Our top picks are Capitaland, Allgreen and Wheelock.


-- Edited by KK at 14:11, 2005-10-04

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KK


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S'pore Q3 estimate private residential property up 1.1%
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SINGAPORE (XFN-ASIA) - Property stocks CapitaLand and Keppel Land were higher on positive sentiment aided by the 1.1 pct quarter-on-quarter rise in prices of private residential properties in the third quarter based on the initial estimates of the Urban Redevelopment Authority (URA), dealers said.

CapitaLand rose 0.02 sgd or 0.63 pct to 3.18 with 9.51 mln shares traded while Keppel Land added 0.06 sgd or 1.65 pct to 3.70 with 229,000 shares traded.

"This is the highest quarterly rise since the second quarter of 2000," OCBC Investment Research analyst Winston Liew said in a note to clients. "We believe it came from the luxury segment as demand remains very price- sensitive at the mid-to-low end segments," he said.

OCBC forecasts a 5-7 pct increase in home prices for the full year.

Another positive angle is the scrapping of the public auction for the Azure, a luxury condominium at Sentosa Cove of Centrepoint Properties as a result of strong demand, according to a Straits Times report. The decision to forego public launch could be an indication that the high-end private home market is picking up, it said. The newspaper added that intense demand has pushed prices above 1,000 sgd per square foot on average from around 930-950 per sq foot two weeks ago. About 70 pct of the Azure units were believed to be taken up by locals, it said.


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Private Residential Property
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October 3, 2005, 1.00 pm (Singapore time) - BT

S'pore Q3 estimate private residential property up 1.1%


SINGAPORE - The estimated price index of private residential property rose 1.1 per cent in the third quarter of 2005, the Urban Redevelopment Authority announced on Monday. Prices rose to 116.5 points, or 1.1 per cent, in the third quarter from 115.2 points, or 0.5 per cent rise in the second quarter. The estimate is compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units booked. The statistics will be updated four weeks later in the third quarter 2005 real estate statistics when more data on the caveats is lodged and the take-up of new projects are captured.



-- Edited by KK at 00:37, 2006-09-05

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