Tag Archives: Sea Esta

Developers see healthy sales figures over the weekend

Upscale and mass-market projects have recorded healthy take up rates over the weekend.

After selling 68 of its 75 black-and-white apartments on offer, high-end 1919 development on Mount Sophia is now over 90 percent sold. The freehold development, which sees completion by 2015, is developed by Aurum Land and unveiled last Saturday.

Average prices are from S$2,000 psf to S$2,200 psf while patio units located on the ground floor are priced from S$1,600 psf. The units are sized from 560 sq ft to 1,302 sq ft, which works out to no less than S$1.12 million for a 560 sq ft unit.

For the mass market projects, Sea Esta by Hoi Hup Realty sold almost 200 units at Saturday’s preview. Offering 376 units, the development is expected to be officially launched by next week.

With at least 517 sq ft in size, one-bedroom units are offered from S$488,000 while three-bedders, which are at least 904 sq ft, go from S$760,000.

According to Alan Cheong, Research Head at Savills Singapore, the healthy sales figures follow a typical trend for the area. He reckoned that mass market condos commonly sell 40 percent of all units in only two weeks.

The recently-launched Tropika East in suburban Eunos, sold 45 of its 105 units on offer. Tong Eng Group launched the freehold project last Saturday.

Meanwhile, Qingjian Realty’s River Isles in Punggol, sold about half of its released units. The 99-year-leasehold project features 610 units, with only 410 released so far.

Donald Han, Special Adviser at HSR Property Group, said that robust weekend sales signify that the momentum shown in the first four months of the year will continue in the next few months.

Despite global worries, he said that Singapore remains a safe haven for investors. “The volume of transactions in the high-end market is still nothing to shout about, but at least there are signs of life.”

Source : CNA – 2012 Jun 13

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