Sales in the Outside Central Region (OCR) made the greatest contribution to new home sales in August, according to an OrangeTee report.
Sales in the OCR totalled 223 units making up 51.6 percent, while sales in Core Central Region (CCR) went down to 44 units and the Rest of Central Region (RCR) also dipped to 165 units, translating to 10.2 percent and 38.2 percent respectively.
“In August, the aggregate number of sales eased 42.9 percent, compared with the same period of last year.”
The report also noted the bestselling project in August was The Panorama , which sold 40 units out of 54 units launched at a median price of $ 1,249 psf.
Located at Ang Mo Kio, the 698-unit residential project is developed by Wheelock Properties Singapore and will be ready in 2019. The project is near CHIJ St Nicholas’ Girls School and is a short walk away from the upcoming Mayflower MRT station on the Thomson-East Coast Line.
Coco Palms in Pasir Ris was in second place, selling 23 units out of 30 units launched at a median price of $1,046 psf. “Noticeably, this development has seen quite decent monthly sales so far this year,” the report added.
The 944-unit project by City Developments Limited is slated to be ready in 2019.
Image source: thepanorama.org
A total of 8,247 new private residential units were launched by developers from January to May this year. Of these, a total of 8,368 units (excluding executive condominiums) were sold, according to Knight Frank’s latest Residential Bulletin.
In Core Central Region (CCR), prices of high-end non-landed properties fell 0.2 percent in Q2 compared to Q1’s increase of 0.6 percent. However, the sales proportion in RCR rose by 14.3 percent in Q3 2012, 22.7 percent in Q4 2012 and 24.9 percent in Q1 2013.
In addition, property prices in Outside Central Region (OCR) set a new benchmark as it rose 0.3 percent in Q2. Notably, private home prices in Singapore rose 0.8 percent quarter-on-quarter and 3.9 percent year-on-year in Q2, or the highest increase since Q4 2011, based on flash estimates from the URA.
Meanwhile, average rents of high-end and mid-market homes declined by 1.8 percent and 0.2 percent to S$5.79 psf and S$5.12 psf per month, respectively, in Q2. Rents of mass market homes slightly inched up by 0.1 percent on average to S$3.34 per sq ft a month.
Sales volume of new sale and resale private residential properties will likely decline by 10 percent to 15 percent in Q3, due to “the existing property cooling measures and the latest MAS ruling on debt servicing framework that was announced on 28 June 2013.”
However, Knight Frank noted that overall prices are not expected “to decline at least for Q3 2013, as long as the housing market is supported by genuine demand from local buyers in particular first-time home buyers with no major existing loans, and should low interest rates continue to prevail in the near term.”
Source – PropertyGuru – 5 Jul 2013