Tag Archives: Urban Vista

Private home sales in Q1 sets new record

2,793 units were sold in March, nearly four times more than the 712 units snapped up in February, according to Knight Frank’s residential bulletin for Q1 2013. It also set a new record-high, surpassing the previous peak of 2,772 units in July 2009.

The overall new sales volume for the first quarter is now about 5,533 units, up 27 percent from Q4 last year with most of the sales coming from major launches in the Outside Central Region (OCR) such as Trilinq, D’Nest, Urban Vista, Bartley Ridge and Hillion Residences.

“While some prospective homebuyers remain sensitive to price levels with the higher ABSD and new tax policies; new launches with good location attributes and attractive price offers continue to draw genuine buyers especially in the mass market segment,” said Wendy Tang, Executive Director & Head of Residential Services at Knight Frank Singapore.

At the same time, Urban Redevelopment Authority’s (URA) All Residential Property Price Index showed that overall private home prices marginally increased by 0.5 percent in Q1 2013 from the previous quarter’s 1.8 percent growth.

Meanwhile, Knight Frank APAC Research Director Nicholas Holt noted that home prices across most Asia Pacific (APAC) nations are expected to dip due to property cooling measures introduced by respective governments.

“While every market is different, we believe that prices will soften in Singapore by an average of five percent and Hong Kong by 10 percent. In China over the next 12 months, there is likely to continue to be price appreciation in Tier 1 cities, while we could see drops in some of the Tier two and three cities. Finally, Malaysia is likely to see a rebound in activity following the upcoming election.”

Source : PropGuru – 24 Apr 2013

New private home sales jump in March

Sales of new private homes jumped by four times in March, compared to February.

Latest figures released by the Urban Redevelopment Authority showed that developers sold 2,793 new units (excluding executive condominiums) in March

This is the highest monthly sale volume since June 2007, surpassing the previous high of 2,772 units in July 2009, according to Dennis Wee Group.

This is also in sharp contrast to the 712 new private homes sold by private developers in February.

March’s strong sales volume came despite the government’s latest round of cooling measures introduced in January this year to curb the Singapore property market.

Analysts said developers’ decisions to hold back property launches in February in view of the festive season and the cooling measures had paid off.

Popular new launches include D’Nest, Bartley Ridge, Urban Vista, Senette Residence and Hillion Residences.

Ong Teck Hui, national director of Research & Consultancy at Jones Lang LaSalle said, “By keeping new supply off the market in February, developers have benefited from a strong demand rebound in March as well as the resultant positive impact on the market. It tells us that notwithstanding the latest measures, underlying demand remains healthy.”

Eugene Lim, key executive officer of ERA Realty Network said more home buyers are flocking to new launches as developers offer promotions and discounts to offset the higher additional buyers’ stamp duties.

“The latest March numbers show that well located projects that are priced competitively will continue to sell well,” he said.

Meanwhile, URA data showed that 1,814 units of new private homes located in the suburbs were sold in March, while developers moved 822 units in the fringes.

But the number of new private homes sold in the city dipped slightly to 157 units.

Mohd Ismail, CEO of PropNex, said, “Moving forward, the private property market is expected to remain subdued as the full impact of the property cooling measures is yet to be seen. Sales volumes are likely to stabilise. Transactional volumes are expected to be around 1,400-1,600 units per month on average for the first half of 2013 as the incentives and discounts are still being offered by developers.”

Source : Channel NewsAsia – 11 Apr 2013