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Singapore new private home sales rose in Apr from Mar

Posted on 16 May 2012 | Comments Off

New private home sales in Singapore stayed strong for the fourth consecutive month, rising nearly four percent in April from March, data from the Urban Redevelopment Authority (URA) showed.

Developers in Singapore sold 2,487 residential units last month, up from 2,393 in March, URA said on Tuesday.

Including executive condominiums, a category of apartments reserved mainly for Singaporeans, April sales totalled 2,660 units, down from 3,032 in March.

The volume of property transactions in Singapore have strengthened since December 2011 when developers only managed to sell 632 units amid new government measures to cool the housing market.

Private home prices have eased slightly, however, with URA data showing they dipped 0.1 percent during the first three months of 2012.

Singapore’s housing minister said on Monday the government continues to have concerns about the residential property market, in particular small-sized “shoebox” apartments, and will not hesitate to take more action if needed.

Source: TheEdge – 15 MAY 2012

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Tagged new private home sales, Singapore Property, Singapore Property Market, Singapore Residential Property, URA, Urban Redevelopmemt Board

Property shares fall on policy concerns

Posted on 16 May 2012 | Comments Off

Shares in Singapore developers such as CapitaLand fell after persistently strong property data added to worries that the government may introduce more measures to cool the housing market.

CapitaLand, Southeast Asia’s largest property developer, lost as much as 2.2% at $2.63, while smaller rival City Developments dropped 2.1% to $10.04.

New private home sales in Singapore stayed strong for the fourth consecutive month, rising nearly four% in April from March, data from the Urban Redevelopment Authority (URA) showed.

“Demand stays unabated even as the government continues to flood the system with supply, most recently releasing five sites yielding 2,100 units,” said CIMB Research in a report.

The broker noted that April’s new private home sales of 2,487 units was the highest since July 2009. It is underweight residential developers and has an underperform rating on CityDev but an outperform on CapitaLand.

“We believe the strong volumes and increasingly speculative trend, in our opinion, will not sit well with policy makers,” said CIMB.

Another broker Maybank Kim Eng said while the secondary market and the high-end segment in the primary market remain subdued, exuberance persists in the mass market

It believes policy risks are still elevated and expects property prices to correct by 10% by the end of 2013.

Kim Eng advised investors to avoid Singapore-focused residential developers and said its top picks are retail property stocks such as CapitaMall Trust and CapitaMalls Asia , followed by diversifed companies including CapitaLand and Keppel Land.

Source: TheEdge – 16 May 2012