Tag Archives: Outside Central Region (OCR)

Six projects that pushed up Q1 home sales

Close to 75 percent of all private homes launched in the first quarter of 2013 came from six popular 99-year leasehold condominium projects in the Outside Central Region (OCR) or 67.9 percent of all units sold, said Colliers International.

They include the 630-unit Q Bay Residences which sold 463 of the 520 units released in Q1 at prices ranging from S$823 to S$1,277 psf, and the 582-unit Urban Vista where 348 units were sold out of the 420 launched with prices ranging between S$1,193 and $1,692 psf.

The 912-unit D’Nest sold 699 of the 800 units launched at prices ranging from S$737 to S$1,299 psf, while Hillion Residences – a 546-unit mixed development in Bukit Panjang sold 191 units out of the 250 released at prices from S$1,225 to S$1,698 psf.

The 755-unit Trilinq sold 106 out of the 200 units released in March at prices that ranged from S$1,193 to S$1,843 psf, while the 810-unit La Fiesta sold 476 out of the 500 units launched at prices between S$956 and S$1,440 psf.

Factors which contributed to the success of these projects included location, competitive pricing and proximity to public transportation networks like MRT stations, noted the consultancy.

Sales were also bolstered by incentives such as rebates, early-bird prices and developers absorbing part of the additional buyer’s stamp duty (ABSD).

Moving forward, demand for private homes in the long term remains steady despite the slew of cooling measures implemented by the government in Q1 2013. This bullish outlook is supported by the new high-speed rail link between Singapore and KL, in addition to the upcoming Cross Island Line (CRL) and Jurong Region Line (JRL) by 2030.

Source : PropGuru – 25 Apr 2013

Singapore price index falls for the first time since Q2 2008

After five rounds of cooling measures by the government, the private residential market finally eased 0.1 per cent in the first quarter to reach 206.0 percentage points, according to data from the Urban Redevelopment Authority (URA).

Properties in the Core Central Region (CCR) and Rest of Central Region (RCR) led in the price fall, both declining by 0.6 per cent, as the Additional Buyers’ Stamp Duty (ABSD) caused foreign investors to retreat from prime areas.

CBRE said the lack of new launches and softer prices of resale properties in these two market segments caused both price index to fall.

Meanwhile, those in the Outside Central Region (OCR) rose by 1.1 per cent – a sign that mass market condos are leading demand for this quarter.

“The OCR index was supported by a 1.4 per cent increase in uncompleted homes and a 0.6 per cent increase in completed homes,” said Petra Blazkova, head of research, Singapore and South East Asia, Asia Pacific Research, CBRE.

Less demand in the rental market
The rental index showed a marginal increase of 0.3 per cent quarter-on-quarter, following a 0.4 per cent rise in the fourth quarter.

While rents for apartments/condominiums and terrace houses rose marginally by 0.5 per cent and 0.8 per cent respectively, detached houses declined by 2.5 per cent.

The quarter also witnessed 7,092 tenancy deals contracted – some 31 per cent fewer than the 10, 249 leases done in the fourth quarter.

“This is also the lowest number of deals done in a quarter since Q1 08, signalling a weaker expatriate market in the beginning of the year,” said Blazkova.

Strong new home sales
The primary market continued to drive home sales with a strong buying momentum recorded.

This has resulted in the highest number of 6,526 new private homes ever sold in the first quarter of 2012.

Likewise, the 1, 557 Executive Condos (ECs) sold in the first quarter was also the highest since the return of ECs in the fourth quarter of 2010.

“The record sales volume could be attributed to high liquidity and low mortgage interest rates as well as the record number of projects launched in the first quarter of 2012,” said Blazkova.

A record supply was also recorded this quarter with 6. 903 private homes and 1,864 ECs launched in the quarter.

“Most of the projects were from the Government Land Sales programme in 2011, and developers have shortened the turnaround time to launch them,” said Blazkova.

Mass market takes the lead
The mass market segment saw the highest take-up of 5, 275 units (81 per cent) of the 6,526 new homes sold.

Meanwhile, 1,113 units (17 per cent) were from RCR and 138 units (2 per cent) were from CCR.

“Going forward, we expect home prices to continue to ease under the pressure of the property measures. Developers will continue to focus on selling mass-market homes and ECs,” said Blazkova.

According to CBRE, new mass-market launches taking place in the second quarter include One Canberra EC, Water Colours EC, Seahill and Sea Esta.

Source: PropertyReport – 15 May 2012