Source : 《联合早报》July 26, 2008
我国的私人房屋市场更显疲态，刚刚出炉的第二季数据显示，全岛的私宅价格不但继续放慢上升的脚步，高档豪宅价格也终于抵不住压力，往下滑落了0.1％。
莱坊（KnightFrank）研究部主管麦俊荣说：“这是本地楼市自2004年复苏后首次下跌，这显示楼市很可能已转向。”
我国楼市自去年9月就出现软化的迹象，不但成交量大跌，发展商也开始削减价格推出新项目。不过，官方的数据却显示价格仍在攀升，只是上扬的速度越来越缓慢。
市区重建局昨天公布的第二季数据显示，本地私宅价格指数仍上扬了0.2％，由177.2点攀升至177.5点。涨幅比本月初发表的预估数字（增长0.4％）来得缓慢。
高力（Colliers）国际研究部主管郑惠匀说：“这是市建局的完整数字第一次比预估数字来得低，很明显的，私宅价格终于软化了。”
去年，本地的高档豪宅价格一口气暴涨了33％，创下历史新高。但是昨天的数据显示，第9、10、11邮区，以及新市区和圣淘沙（统称核心中央区，即CCR）的屋价，第一次下跌了0.1％。这是因为区内未完工的豪华公寓价格下跌了0.5％。已完工的公寓价格仍然微升了0.3％。
其他地区的公寓价格仍继续增长，只是涨幅进一步放缓。代表中档私宅领域的其他中央区（RCR），涨幅由第一季的3.3％放缓至第二季0.7％；代表低档领域的中央区以外（OCR），涨幅则由3.8％放缓至0.9％。
在有地住宅方面，独立式、半独立式和排屋价格也由第一季的上升3％、4％，上升幅度放缓至0.5％至0.7％。
ERA副总裁林东荣说：“第二季的价格指数继续反映出谨慎的市场气氛，这是因为美国经济放缓、对次贷危机的担忧以及股市的动荡所造成的。”
近一个月来，发展商开始降价卖楼，因此受访的分析员相信，今年下半年的私宅价格将更明显地下跌。
世邦魏理仕（CBRE）执行董事李晓和说：“今年下半年私宅市场将无法避免出现5％至10％的价格调整，幅度要看各别项目的地点、产品和目标市场。”
本季私宅价格跌幅 应能控制在3％内
郑惠匀则认为，新加坡的有利基础环境，应能把第三季私宅价格跌幅，控制在3％以内。
今年首半年，私宅价格已上升了3.9％。麦俊荣认为，2008年全年的私宅价格应该能保有1％至5％的涨幅。“相反的，租金市场应该会有较强劲的涨幅，全年估计能上升9％至14％。”
今年第二季，私宅租金的涨幅也明显减速，由第一季的6％放慢至第二季的2.5％。郑惠匀认为，一方面是一些跨国公司开始不愿意负担更高的租金，另一方面是一些新共管公寓的完工，以及一些集体出售项目延迟拆除，为租用市场舒缓了压力。
在需求方面，发展商在今年第二季卖出了1525个新私宅单位，其中1417属于未完工单位，108个属于已完工单位。
这显示，市场的“胃口”比第一季显著改善，发展商在第一季只卖出了762个单位。这带动2008年上半年的新私宅需求量达到2287个单位。
分析员指出，这主要是因为发展商在6月底的削价策略奏效，成功吸引到一些买家进场。像达高轩（Dakota Residences）和Clover等中低档项目，都争取到不错的销售成绩。
林东荣认为，房地产推出活动或许会在农历七月这个传统的销售淡季放慢下来。不过，由于发展商手头上扣有1万2436个已具备销售资格、随时都可以推出的单位，因此，只要市场条件许可，农历八月的推出市场可能再次活跃起来。
麦俊荣估计，今年全年，发展商应该能够卖出5000至6000个新私宅单位，但二手市场的交易量可能达到9000至1万个单位。今年上半年，市场上已有5052个二手单位转手。
Saturday, July 26, 2008
第二季组屋转售价指数创12年新高
Source : 《联合早报》July 26, 2008
组屋转售市场依然红火，今年第二季组屋转售价指数达131.9点，创下12年来的新高，整体交易量也比上一季多出22％，从6360宗增加到7760宗。
建屋发展局昨天公布第二季度组屋转售市场数据。第二季转售价指数上扬了4.5％，比今年第一季的上涨幅度3.7％高。
另外，第二季的溢价是2万元，比第一季度稍微低1000元。有90％的交易需支付溢价，比第一季的86％高，其余的交易以估价或低于估价成交。
组屋转售价指数在1996年房屋市场红火时高达136.9点，之后就未到达此高峰。受访的市场人士几乎一致认为组屋转售价将继续上升，不过，对于是否会在今年内再攀1996年的高峰，则持不同的看法。
ERA房地产公司助理副总裁林东荣预测，组屋转售价将在今年内继续上涨2至3％，不过不会这么快突破136.9点。
他表示，建屋局正增加组屋供应，而私人发展商负责的设计、兴建和销售组屋（DBSS）也将吸引一些买家，这些因素将缓和转售组屋售价上涨幅度。
他说：“若价格继续上涨，或许明年会突破1996年高峰。”
Dennis Wee房地产经纪行董事许家荣也认为，转售组屋售价上涨幅度不会比私人产业快，因此预测转售价若继续上涨，可能也得到明年中才会再创高峰。
不过，博纳集团（PropNex）总裁伊斯迈与HSR执行董事刘凯丽则认为，如果没有突发因素，组屋转售价很可能在今年内达1996年的高峰，甚至突破当时的指数。
伊斯迈认为，随着租金不断上涨，一些永久居民可能会转向组屋转售市场。溢价下跌、预购组屋无法满足急需购屋者的需求等因素，也将继续刺激转售价上涨。他预测，组屋转售价将在接下来半年上涨5％。
刘凯丽则认为，随着建筑费上涨、私人住宅逐渐上涨，组屋转售价格也会继续上涨，很有可能在今年再创高峰。
不过，特胜产业董事曾国荣却认为，组屋转售价格将保持稳定，不太可能继续上涨。
他说：“许多使房价上涨的因素都已公布，现在又碰上次贷危机、股票行情不佳等负面情况，许多买家都采取观望态度。”
在组屋供应方面，建屋局今年首6个月推出了4524间组屋供预购。当局也会根据需求，未来6个月在榜鹅、盛港与武吉班让推出3900间预购组屋。
建屋局预计在今年推出8400间预购组屋，比去年的6000间与前年的2400间多。
租赁市场方面，组屋租金也跟随私宅市场的脚步上升。出租交易量与上季相比也增加了15％，从上季的3580起增加至4120起。目前，共有2万零200个单位获准出租，比上季的1万8700多。
组屋转售市场依然红火，今年第二季组屋转售价指数达131.9点，创下12年来的新高，整体交易量也比上一季多出22％，从6360宗增加到7760宗。
建屋发展局昨天公布第二季度组屋转售市场数据。第二季转售价指数上扬了4.5％，比今年第一季的上涨幅度3.7％高。
另外，第二季的溢价是2万元，比第一季度稍微低1000元。有90％的交易需支付溢价，比第一季的86％高，其余的交易以估价或低于估价成交。
组屋转售价指数在1996年房屋市场红火时高达136.9点，之后就未到达此高峰。受访的市场人士几乎一致认为组屋转售价将继续上升，不过，对于是否会在今年内再攀1996年的高峰，则持不同的看法。
ERA房地产公司助理副总裁林东荣预测，组屋转售价将在今年内继续上涨2至3％，不过不会这么快突破136.9点。
他表示，建屋局正增加组屋供应，而私人发展商负责的设计、兴建和销售组屋（DBSS）也将吸引一些买家，这些因素将缓和转售组屋售价上涨幅度。
他说：“若价格继续上涨，或许明年会突破1996年高峰。”
Dennis Wee房地产经纪行董事许家荣也认为，转售组屋售价上涨幅度不会比私人产业快，因此预测转售价若继续上涨，可能也得到明年中才会再创高峰。
不过，博纳集团（PropNex）总裁伊斯迈与HSR执行董事刘凯丽则认为，如果没有突发因素，组屋转售价很可能在今年内达1996年的高峰，甚至突破当时的指数。
伊斯迈认为，随着租金不断上涨，一些永久居民可能会转向组屋转售市场。溢价下跌、预购组屋无法满足急需购屋者的需求等因素，也将继续刺激转售价上涨。他预测，组屋转售价将在接下来半年上涨5％。
刘凯丽则认为，随着建筑费上涨、私人住宅逐渐上涨，组屋转售价格也会继续上涨，很有可能在今年再创高峰。
不过，特胜产业董事曾国荣却认为，组屋转售价格将保持稳定，不太可能继续上涨。
他说：“许多使房价上涨的因素都已公布，现在又碰上次贷危机、股票行情不佳等负面情况，许多买家都采取观望态度。”
在组屋供应方面，建屋局今年首6个月推出了4524间组屋供预购。当局也会根据需求，未来6个月在榜鹅、盛港与武吉班让推出3900间预购组屋。
建屋局预计在今年推出8400间预购组屋，比去年的6000间与前年的2400间多。
租赁市场方面，组屋租金也跟随私宅市场的脚步上升。出租交易量与上季相比也增加了15％，从上季的3580起增加至4120起。目前，共有2万零200个单位获准出租，比上季的1万8700多。
“美化我的义顺”展览开幕 首个家居改进计划在义顺开展 要改进全国30万间组屋需70亿元
Source :《联合早报》July 26, 2008
要为全新加坡二三十万间组屋进行家居改进计划，政府需要60亿元至70亿元的预算。
国家发展部长马宝山昨晚在“美化我的义顺”（Enriching My Yishun）展览上受访时说，这是一个长期计划，得分阶段进行。
义顺是第一个进行家居改进计划的组屋区，义顺21街大牌227至235的居民将在明天结束前，投票决定是否展开家居改进计划。其他将展开家居改进计划的组屋区是淡滨尼、马林百列及宏茂桥。
马宝山也公布了发展及美化义顺的时间表。政府及私人企业界将耗资数亿元，联手提升义顺，四五年后的义顺将展现全新面貌。
去年，总理李显龙在国庆群众大会上宣布“再创我们的家园”（Remaking our Heartland），为组屋区改头换面。负起这项使命的建屋发展局，为榜鹅、义顺和女皇镇制订了发展计划，并进行了巡回展览及收集民意。两个月前，政府公布了榜鹅发展详情。
昨晚，国家发展部长马宝山在“美化我的义顺”（Enriching My Yishun）展览上宣布发展及美化义顺的详细计划及时间表。
马宝山说，作为一个成熟组屋区，义顺拥有许多设施，社区凝聚力也非常强。这里有许多自然资产如义顺塘、义顺公园、义顺镇公园和实里达下段蓄水池，因此，建屋局决定把义顺规划为一个有活力及适合户外活动的组屋区。
他受访时说，义顺的一些项目如纳福坊、私人公寓，将由私人发展商发展；医院、巴士转换站则由政府建设。义顺未来还会推出土地进一步发展，发展总额最终将达数亿元。
他说：“只要约两年的时间，义顺居民就可以看到改变、感受到变化。四五年后，居民就可以看到一个全新的义顺。”
建屋局至今已在义顺11道推出两个组屋预购项目Jade Spring第一期及第二期。建屋局也正在Jade Spring旁兴建352间租赁组屋。义顺21街和22街两个邻里被选中展开家居改进计划（ Home Improvement Programme）及邻区更新计划（ Neighbourhood Renewal Programme，简称NRP）。
邱德拔医院的建筑工程正如火如荼地进行，预计会在2010年完工。纳福坊的扩建工程已近完工，国家图书馆管理局将在这里开设社区图书馆。
镇中心会铺设有盖走道及行人广场，即使是雨天，行人也可以轻松走动。这项工程将在2010年中完成。当局将在2011年推出义顺巴士转换站地段，供发展商将之重新发展成私人住宅与转换站结合的综合项目。
户外休闲设施是深受许多居民欢迎的计划，所以政府特地为义顺规划了许多休闲设施，例如衔接镇中心和义顺公园的步道。从义顺塘到邱德拔医院的部分将在2010年完工，其余的将在5年内完成。
建屋局和市镇会也将铺设一条沿着义顺环路的7.5公里脚踏车道，第一阶段1.7公里，将在两年后完工。公用事业局也将美化清水湾（Family Bay）和龙舟湾（Rowers' Bay），为义顺居民提供一个全新的休闲康乐地点。
不久前，国家文物局宣布在义顺开辟历史步道，沿途设立故事板，告诉新一代居民义顺的历史。
马宝山也说，政府接下来还会在其他组屋区展开类似的发展及美化工程，因为这是政府当初答应人民要做的事，未来不论以什么项目或计划为名，政府都会“再创我们的家园”。
700户义顺居民将成为首批受惠者
组屋年久失修，厕所地板的防水膜损坏造成楼下邻居厕所天花板漏水的情况在旧组屋是常见的问题。住在义顺21街第228座的白玉珠最近就接到楼下邻居的投诉，指水从她家的地板渗透到楼下的天花板。
重新装修组屋厕所一般上需要上千元，可是白玉珠只需花550元，不只翻新家里的两个厕所，还可以更换大门、铁门及垃圾槽拉门。
这是因为她和其他住在义顺21街第227至235座组屋的700多户居民一样，获选成为首批在家居改进计划（Home Improvement Programme，简称HIP）下受惠的居民。
家居改进计划有基本改进配套和选择性改进配套，基本配套包括维修剥落的洋灰及结构性裂缝、更换排污管和竹竿撑管或安装晾衣架、提升电流供应系统。选择性改进配套包括翻新厕所、更换大门、铁门和垃圾槽拉门。
该区居民昨晚开始投票，只要超过四分之三的居民投票支持，他们无须支付一分钱，就可获得基本改进配套，改善自己的居住环境。这些组屋也将自动纳入选择性改进配套中，除非屋主选择退出。
不退出选择性改进配套的新加坡公民屋主，可获得政府大幅度津贴，一房、二房和三房式屋主只须负担5％费用，四房式屋主7.5％，五房式屋主10％，公寓式屋主12.5％。
白玉珠说：“我们1985年搬来义顺后，就不曾装修，这次趁政府津贴翻新计划，选择了选择性计划里的所有项目。”
不需要配套所有项目 屋主须上网选择退出
居民要注意的是，一旦该区的家居改进计划通过，就表示他们“自动参与”选择性改进配套里的所有项目，如果他们不需要选择性改进配套里的任何一个项目，就得自己通过建屋局网站“选择退出”。
当局网站上备有网上计算机，帮助居民计算“退出”不同改进项目可带来的节省。
例如，选择配套里所有改进计划的三房式屋主须缴付550元，不过如果他们不想翻新厕所，可节省435元；也就是说，只更换大门、铁门及垃圾槽拉门，费用是115元。
家居改进计划的对象是在1980年或之间建造的组屋。和过去的“主要翻新计划”（Main Upgrading Programme，简称MUP）不同的是，参与家居改进计划的居民可根据本身的需求，从选择性改进配套中选择适合自己的项目，节省部分翻新费用。
在过去17年里，已有超过100个邻区完成翻新工作，如今主要翻新计划“功成身退”，让位给让居民享有更大选择权的家居改进计划。
首个家居改进计划工程为期一年半，承包商进入居民住家装修的时间不超过10天。为方便居民，承包商将在装修厕所期间在组屋单位内提供临时流动厕所。
受影响的居民已获通知，他们最迟得在后天（28日）晚上10时前投票。只要获绝大多数居民的支持，改善计划预料会在今年最后一季展开，2010年初完工。
延后公共建设可减轻建筑业压力 也可能增加政府未来建筑成本
延后进行一些公共建设工程虽可减轻建筑业面对的压力，但也可能让政府未来重新展开这些计划时面对更高的建筑成本。
马宝山部长受访时说，将来材料成本可能更高，但可以肯定的是，未来需求降低了，投标的竞争性也可能降低一点成本。此外，美国如果出现经济衰退，也可能影响建筑业的需求。这些因素都能难估算，不过我们是在冒一个经过审慎计算的风险。
马宝山也强调，政府已经承诺榜鹅及盛港的发展计划，不会受影响。
要为全新加坡二三十万间组屋进行家居改进计划，政府需要60亿元至70亿元的预算。
国家发展部长马宝山昨晚在“美化我的义顺”（Enriching My Yishun）展览上受访时说，这是一个长期计划，得分阶段进行。
义顺是第一个进行家居改进计划的组屋区，义顺21街大牌227至235的居民将在明天结束前，投票决定是否展开家居改进计划。其他将展开家居改进计划的组屋区是淡滨尼、马林百列及宏茂桥。
马宝山也公布了发展及美化义顺的时间表。政府及私人企业界将耗资数亿元，联手提升义顺，四五年后的义顺将展现全新面貌。
去年，总理李显龙在国庆群众大会上宣布“再创我们的家园”（Remaking our Heartland），为组屋区改头换面。负起这项使命的建屋发展局，为榜鹅、义顺和女皇镇制订了发展计划，并进行了巡回展览及收集民意。两个月前，政府公布了榜鹅发展详情。
昨晚，国家发展部长马宝山在“美化我的义顺”（Enriching My Yishun）展览上宣布发展及美化义顺的详细计划及时间表。
马宝山说，作为一个成熟组屋区，义顺拥有许多设施，社区凝聚力也非常强。这里有许多自然资产如义顺塘、义顺公园、义顺镇公园和实里达下段蓄水池，因此，建屋局决定把义顺规划为一个有活力及适合户外活动的组屋区。
他受访时说，义顺的一些项目如纳福坊、私人公寓，将由私人发展商发展；医院、巴士转换站则由政府建设。义顺未来还会推出土地进一步发展，发展总额最终将达数亿元。
他说：“只要约两年的时间，义顺居民就可以看到改变、感受到变化。四五年后，居民就可以看到一个全新的义顺。”
建屋局至今已在义顺11道推出两个组屋预购项目Jade Spring第一期及第二期。建屋局也正在Jade Spring旁兴建352间租赁组屋。义顺21街和22街两个邻里被选中展开家居改进计划（ Home Improvement Programme）及邻区更新计划（ Neighbourhood Renewal Programme，简称NRP）。
邱德拔医院的建筑工程正如火如荼地进行，预计会在2010年完工。纳福坊的扩建工程已近完工，国家图书馆管理局将在这里开设社区图书馆。
镇中心会铺设有盖走道及行人广场，即使是雨天，行人也可以轻松走动。这项工程将在2010年中完成。当局将在2011年推出义顺巴士转换站地段，供发展商将之重新发展成私人住宅与转换站结合的综合项目。
户外休闲设施是深受许多居民欢迎的计划，所以政府特地为义顺规划了许多休闲设施，例如衔接镇中心和义顺公园的步道。从义顺塘到邱德拔医院的部分将在2010年完工，其余的将在5年内完成。
建屋局和市镇会也将铺设一条沿着义顺环路的7.5公里脚踏车道，第一阶段1.7公里，将在两年后完工。公用事业局也将美化清水湾（Family Bay）和龙舟湾（Rowers' Bay），为义顺居民提供一个全新的休闲康乐地点。
不久前，国家文物局宣布在义顺开辟历史步道，沿途设立故事板，告诉新一代居民义顺的历史。
马宝山也说，政府接下来还会在其他组屋区展开类似的发展及美化工程，因为这是政府当初答应人民要做的事，未来不论以什么项目或计划为名，政府都会“再创我们的家园”。
700户义顺居民将成为首批受惠者
组屋年久失修，厕所地板的防水膜损坏造成楼下邻居厕所天花板漏水的情况在旧组屋是常见的问题。住在义顺21街第228座的白玉珠最近就接到楼下邻居的投诉，指水从她家的地板渗透到楼下的天花板。
重新装修组屋厕所一般上需要上千元，可是白玉珠只需花550元，不只翻新家里的两个厕所，还可以更换大门、铁门及垃圾槽拉门。
这是因为她和其他住在义顺21街第227至235座组屋的700多户居民一样，获选成为首批在家居改进计划（Home Improvement Programme，简称HIP）下受惠的居民。
家居改进计划有基本改进配套和选择性改进配套，基本配套包括维修剥落的洋灰及结构性裂缝、更换排污管和竹竿撑管或安装晾衣架、提升电流供应系统。选择性改进配套包括翻新厕所、更换大门、铁门和垃圾槽拉门。
该区居民昨晚开始投票，只要超过四分之三的居民投票支持，他们无须支付一分钱，就可获得基本改进配套，改善自己的居住环境。这些组屋也将自动纳入选择性改进配套中，除非屋主选择退出。
不退出选择性改进配套的新加坡公民屋主，可获得政府大幅度津贴，一房、二房和三房式屋主只须负担5％费用，四房式屋主7.5％，五房式屋主10％，公寓式屋主12.5％。
白玉珠说：“我们1985年搬来义顺后，就不曾装修，这次趁政府津贴翻新计划，选择了选择性计划里的所有项目。”
不需要配套所有项目 屋主须上网选择退出
居民要注意的是，一旦该区的家居改进计划通过，就表示他们“自动参与”选择性改进配套里的所有项目，如果他们不需要选择性改进配套里的任何一个项目，就得自己通过建屋局网站“选择退出”。
当局网站上备有网上计算机，帮助居民计算“退出”不同改进项目可带来的节省。
例如，选择配套里所有改进计划的三房式屋主须缴付550元，不过如果他们不想翻新厕所，可节省435元；也就是说，只更换大门、铁门及垃圾槽拉门，费用是115元。
家居改进计划的对象是在1980年或之间建造的组屋。和过去的“主要翻新计划”（Main Upgrading Programme，简称MUP）不同的是，参与家居改进计划的居民可根据本身的需求，从选择性改进配套中选择适合自己的项目，节省部分翻新费用。
在过去17年里，已有超过100个邻区完成翻新工作，如今主要翻新计划“功成身退”，让位给让居民享有更大选择权的家居改进计划。
首个家居改进计划工程为期一年半，承包商进入居民住家装修的时间不超过10天。为方便居民，承包商将在装修厕所期间在组屋单位内提供临时流动厕所。
受影响的居民已获通知，他们最迟得在后天（28日）晚上10时前投票。只要获绝大多数居民的支持，改善计划预料会在今年最后一季展开，2010年初完工。
延后公共建设可减轻建筑业压力 也可能增加政府未来建筑成本
延后进行一些公共建设工程虽可减轻建筑业面对的压力，但也可能让政府未来重新展开这些计划时面对更高的建筑成本。
马宝山部长受访时说，将来材料成本可能更高，但可以肯定的是，未来需求降低了，投标的竞争性也可能降低一点成本。此外，美国如果出现经济衰退，也可能影响建筑业的需求。这些因素都能难估算，不过我们是在冒一个经过审慎计算的风险。
马宝山也强调，政府已经承诺榜鹅及盛港的发展计划，不会受影响。
HDB Resale Flats Continue Climb As Private Homes Lose Steam
Source : The Straits Times, July 25, 2008
Housing Board resale flats continue to draw buyers as private homes lose their lustre.
Prices for HDB resale flats rose further by 4.5 per cent in the second quarter, higher than the 3.7 per cent increase from January to March.
The number of HDB resale transactions jumped by about 22 per cent, from about 6,360 cases in the first quarter to about 7,760 cases in the second. -- FILE PHOTO: ST
Continuing its lacklustre, private home prices rose just 0.2 per cent between April and June, compared with 3.7 per cent a quarter earlier.
The number of HDB resale transactions jumped by about 22 per cent, from about 6,360 cases in the first quarter to about 7,760 cases in the second.
The median Cash-Over-Valuation (COV) amount of all resale transactions in the second quarter was $20,000, a slight drop from the COV of $21,000 in the earlier quarter, said HDB on Friday.
Cases requiring COV made up 90 per cent of all resale transactions in this quarter, with the rest below valuation.
New flat supply
In the first six months, HDB launched a total of 4,524 new flats under the Build-To-Order (BTO) system, which provides the main supply of new flats.
Subject to demand, HDB plans to offer about 3,900 new flats under the BTO system over the next six months in Punggol, Sengkang and Bukit Panjang.
The total planned BTO supply of 8,400 new flats for this year will exceed last year's 6,000 units and 2006's 2,400 units.
This new flat supply will be in addition to flats offered under the balloting exercise for surplus replacement SERS flats, and balance flats from previous offers. HDB will provide more details of the BTO flats when the projects are launched
In tandem with rising rents for private residential properties, sublet rents for HDB flats also rose in the second quarter. The number of subletting transactions went up by about 15 per cent - from about 3,580 cases in the first quarter to about 4,120 cases in the second.
The total number of HDB flats approved for subletting rose to about 20,200 units, compared to about 18,700 units in the first three months.
Housing Board resale flats continue to draw buyers as private homes lose their lustre.
Prices for HDB resale flats rose further by 4.5 per cent in the second quarter, higher than the 3.7 per cent increase from January to March.
The number of HDB resale transactions jumped by about 22 per cent, from about 6,360 cases in the first quarter to about 7,760 cases in the second. -- FILE PHOTO: STContinuing its lacklustre, private home prices rose just 0.2 per cent between April and June, compared with 3.7 per cent a quarter earlier.
The number of HDB resale transactions jumped by about 22 per cent, from about 6,360 cases in the first quarter to about 7,760 cases in the second.
The median Cash-Over-Valuation (COV) amount of all resale transactions in the second quarter was $20,000, a slight drop from the COV of $21,000 in the earlier quarter, said HDB on Friday.
Cases requiring COV made up 90 per cent of all resale transactions in this quarter, with the rest below valuation.
New flat supply
In the first six months, HDB launched a total of 4,524 new flats under the Build-To-Order (BTO) system, which provides the main supply of new flats.
Subject to demand, HDB plans to offer about 3,900 new flats under the BTO system over the next six months in Punggol, Sengkang and Bukit Panjang.
The total planned BTO supply of 8,400 new flats for this year will exceed last year's 6,000 units and 2006's 2,400 units.
This new flat supply will be in addition to flats offered under the balloting exercise for surplus replacement SERS flats, and balance flats from previous offers. HDB will provide more details of the BTO flats when the projects are launched
In tandem with rising rents for private residential properties, sublet rents for HDB flats also rose in the second quarter. The number of subletting transactions went up by about 15 per cent - from about 3,580 cases in the first quarter to about 4,120 cases in the second.
The total number of HDB flats approved for subletting rose to about 20,200 units, compared to about 18,700 units in the first three months.
New Tunnel From Sentosa Gateway To Ease Traffic
Source : The Straits Times, July 26, 2008
THE Government unveiled plans yesterday for a new tunnel that will link the entrance to Sentosa Island with Kampong Bahru and Keppel roads.
The 1.3km span is designed to relieve congestion around the Sentosa Gateway, which is expected to see a huge jump in traffic after the island's integrated resort opens in 2010.
'The area will require additional transport infrastructure to support the growth and maintain a positive travel experience for visitors,' said Land Transport Authority (LTA) chief executive Yam Ah Mee.
GRAPHICS: G. CHANDRADAS
The mostly two-lane tunnel, scheduled for completion in 2015, will only be open to traffic leaving the resort island, the LTA said. That is because it will pass near the North East and Circle lines, making for a tight fit.
The tunnel will start along the stretch between VivoCity and St James Power Station and end along Kampong Bahru Road and east-bound Keppel Road.
Drivers will be able to bypass the busy junction between the Gateway and Telok Blangah. About 6,000 cars now pass through the intersection during evening peak periods. That number is poised to rise to over 10,000 between 2010 and 2015 with the opening of the integrated resort, commercial buildings and condominiums.
The LTA said motorists who use the tunnel will see their travel time drop by 50 per cent to 10 minutes. Those travelling on surface streets will see their travel time drop by 25 per cent.
Officials opted for the outbound route because most of the evening traffic through the area are cars leaving Sentosa.
The tunnel announcement comes on top of other road works being done in the area that began in June. Crews are adding lanes to Telok Blangah Road and widening Kampong Bahru Road, among other things. These works are expected to be completed in time for the opening of the integrated resort on Sentosa.
The LTA will start preliminary work on the new tunnel, which includes laying cables, by the end of the year.
Tunnel works proper will begin only by 2011.
The LTA said there will be minimal disruptions for motorists.
THE Government unveiled plans yesterday for a new tunnel that will link the entrance to Sentosa Island with Kampong Bahru and Keppel roads.
The 1.3km span is designed to relieve congestion around the Sentosa Gateway, which is expected to see a huge jump in traffic after the island's integrated resort opens in 2010.
'The area will require additional transport infrastructure to support the growth and maintain a positive travel experience for visitors,' said Land Transport Authority (LTA) chief executive Yam Ah Mee.
GRAPHICS: G. CHANDRADAS
The mostly two-lane tunnel, scheduled for completion in 2015, will only be open to traffic leaving the resort island, the LTA said. That is because it will pass near the North East and Circle lines, making for a tight fit.
The tunnel will start along the stretch between VivoCity and St James Power Station and end along Kampong Bahru Road and east-bound Keppel Road.
Drivers will be able to bypass the busy junction between the Gateway and Telok Blangah. About 6,000 cars now pass through the intersection during evening peak periods. That number is poised to rise to over 10,000 between 2010 and 2015 with the opening of the integrated resort, commercial buildings and condominiums.
The LTA said motorists who use the tunnel will see their travel time drop by 50 per cent to 10 minutes. Those travelling on surface streets will see their travel time drop by 25 per cent.
Officials opted for the outbound route because most of the evening traffic through the area are cars leaving Sentosa.
The tunnel announcement comes on top of other road works being done in the area that began in June. Crews are adding lanes to Telok Blangah Road and widening Kampong Bahru Road, among other things. These works are expected to be completed in time for the opening of the integrated resort on Sentosa.
The LTA will start preliminary work on the new tunnel, which includes laying cables, by the end of the year.
Tunnel works proper will begin only by 2011.
The LTA said there will be minimal disruptions for motorists.
Sharp Drop In Growth Of Private Home Prices
Source : The Straits Times, July 26, 2008
HDB resale flats, however, do well, strengthening in value
IT'S official: the private housing market has gone soft.
Prices peaked and rental growth braked sharply between April and June, with property consultants forecasting the beginning of a decline.
But Housing Board resale flats defied the trend and continued to strengthen in value as sales grew amid strong demand for cheaper homes.
Private home prices inched up just 0.17 per cent in the quarter - the least in four years and well below the 3.8 per cent in the first quarter.
The minuscule rise, announced by the Urban Redevelopment Authority (URA) yesterday, was even below the 0.4 per cent increase the agency had predicted at the beginning of this month.
This is the first time that the official figure has come in lower than forecast, 'a strong indication that home prices are finally softening', said Ms Tay Huey Ying, director of research and consultancy at Colliers International.
Prices are being dragged down by stubbornly gloomy market sentiment, stemming from the slowing global economy, high inflation and erratic stock market, say experts.
Developers have started to price projects more 'realistically' and individual home sellers are accepting lower offers, leading to an overall moderation of prices, according to Mr Li Hiaw Ho, executive director of CBRE Research.
In prime districts, prices of luxury homes dipped for the first time in four years after a spectacular climb of almost 70 per cent since 2005.
'This is the first fall since the start of the property boom in 2004 and could be the turning point in the price trend,' said Mr Nicholas Mak, Knight Frank's director of research and consultancy.
City-fringe and suburban homes barely fared better, with prices rising below 1 per cent in the second quarter.
Growth in home rents also halved in the second quarter to just 2.5 per cent, the lowest in two years. This could be due to fewer expatriates coming in as well as landlords starting to lower their asking rentals, said Mr Mak.
CBRE's Mr Li predicts an 'inevitable' correction in prices 'to the tune of 5 per cent to 10 per cent' in the second half of the year.
But Ms Tay from Colliers believes Singapore's mid-term prospects remain positive on the back of the two integrated resorts. This will 'hold prices steady and ensure they do not fall by more than 3 per cent in the third quarter', she said.
Still, caution prevails amid a large chunk of unsold homes waiting in the pipeline. Developers are sitting on some 12,500 new homes that are ready for launch, said URA.
Hopeful homebuyer Timothy Gan, 27, was cheered by the news that prices may fall. 'I'm waiting for their prices to fall so I can get married,' said the civil servant.
Prices and rentals of offices also grew more slowly in the quarter, as firms eased pressure on office supply by moving out of the central areas.
The bright spot is the HDB resale market, where prices keep rising due to higher valuations and strong demand from upgraders, downgraders and permanent residents, said Mr Eugene Lim, assistant vice-president of property agency ERA Asia-Pacific.
Resale deals jumped 22 per cent to 7,760 transactions in the second quarter, boosted by more sales of bigger flats. A quarter of all flats sold between April and June were five-room and executive flats, said Mr Lim.
HDB resale flats, however, do well, strengthening in value
IT'S official: the private housing market has gone soft.
Prices peaked and rental growth braked sharply between April and June, with property consultants forecasting the beginning of a decline.
But Housing Board resale flats defied the trend and continued to strengthen in value as sales grew amid strong demand for cheaper homes.
Private home prices inched up just 0.17 per cent in the quarter - the least in four years and well below the 3.8 per cent in the first quarter.
The minuscule rise, announced by the Urban Redevelopment Authority (URA) yesterday, was even below the 0.4 per cent increase the agency had predicted at the beginning of this month.
This is the first time that the official figure has come in lower than forecast, 'a strong indication that home prices are finally softening', said Ms Tay Huey Ying, director of research and consultancy at Colliers International.
Prices are being dragged down by stubbornly gloomy market sentiment, stemming from the slowing global economy, high inflation and erratic stock market, say experts.
Developers have started to price projects more 'realistically' and individual home sellers are accepting lower offers, leading to an overall moderation of prices, according to Mr Li Hiaw Ho, executive director of CBRE Research.
In prime districts, prices of luxury homes dipped for the first time in four years after a spectacular climb of almost 70 per cent since 2005.
'This is the first fall since the start of the property boom in 2004 and could be the turning point in the price trend,' said Mr Nicholas Mak, Knight Frank's director of research and consultancy.
City-fringe and suburban homes barely fared better, with prices rising below 1 per cent in the second quarter.
Growth in home rents also halved in the second quarter to just 2.5 per cent, the lowest in two years. This could be due to fewer expatriates coming in as well as landlords starting to lower their asking rentals, said Mr Mak.
CBRE's Mr Li predicts an 'inevitable' correction in prices 'to the tune of 5 per cent to 10 per cent' in the second half of the year.
But Ms Tay from Colliers believes Singapore's mid-term prospects remain positive on the back of the two integrated resorts. This will 'hold prices steady and ensure they do not fall by more than 3 per cent in the third quarter', she said.
Still, caution prevails amid a large chunk of unsold homes waiting in the pipeline. Developers are sitting on some 12,500 new homes that are ready for launch, said URA.
Hopeful homebuyer Timothy Gan, 27, was cheered by the news that prices may fall. 'I'm waiting for their prices to fall so I can get married,' said the civil servant.
Prices and rentals of offices also grew more slowly in the quarter, as firms eased pressure on office supply by moving out of the central areas.
The bright spot is the HDB resale market, where prices keep rising due to higher valuations and strong demand from upgraders, downgraders and permanent residents, said Mr Eugene Lim, assistant vice-president of property agency ERA Asia-Pacific.
Resale deals jumped 22 per cent to 7,760 transactions in the second quarter, boosted by more sales of bigger flats. A quarter of all flats sold between April and June were five-room and executive flats, said Mr Lim.
Yishun To Get Exciting New Facilities In Facelift
Source : The Straits Times, July 26, 2008
Among them are a library and possibly a shopping complex linked to interchange
YISHUN might be showing its age but it is in line for a radical renewal that will smarten up existing facilities and add exciting new ones.
Details of the rejuvenation plan were announced yesterday, and include additions to the town centre, including the Khoo Teck Puat Hospital, a new library, covered walkways and possibly a new shopping complex integrated with the bus interchange.
IN THE WORKS: More outdoor and sporting facilities will be built in Yishun under the plan to remake the estate. Also on the cards is a new boardwalk to connect the town centre to the outdoor areas. -- PHOTO: HDB
A new boardwalk will also connect the town centre to outdoor areas like Yishun Pond.
The plan, Remaking Our Heartland: Enriching My Yishun, is part of a nationwide Neighbourhood Renewal Programme announced by Prime Minister Lee Hsien Loong in his National Day Rally speech last year.
Its aim is to enhance the value of homes and neighbourhoods through upgrading and estate renewal projects.
'Through this initiative, the Government will build the HDB heartland of tomorrow to match the rising expectations of our people and make Singapore our best home,' said National Development Minister Mah Bow Tan, who outlined the Yishun details yesterday.
'Give us another five years and you'll be able to see the change in Yishun.'
Residents are keen on the plan. Mr Jef Ng, 27, who has lived in the area for 13 years, told The Straits Times: 'It is high time Yishun got a facelift. We have always felt somewhat neglected, but these new plans sound really exciting.'
ADDING VALUE: The upgrading and renewal projects aim to enhance the value of homes and neighbourhoods in Yishun. -- PHOTO: HDB
Mr Mah also officiated at the launch of the first Home Improvement Programme (HIP) in Singapore.
The HIP allows flat owners to have certain essential improvements carried out at the expense of the Government, which will also subsidise some optional ones.
Owners can vote on the work they want done at their estates and in their flats. Essential improvements include mending weathered concrete and replacing waste pipes, while optional ones refer to upgrades of toilets, entrance doors, metal grille gates and refuse hoppers.
Owners co-pay between $550 and $1,375 if they choose any of the optional improvements, depending on flat size.
Exhibitions have been set up in Yishun Street 21 to give owners a better idea of their options under the HIP before they vote on their choice of improvements.
Polling closes on Monday. HDB needs a minimum support of 75 per cent from eligible residents before works can be carried out.
'I encourage residents to take some time to tour this HIP exhibition and the Enriching My Yishun exhibition at the town centre,' said Mr Mah.
'With feedback and participation, we can make Yishun an even more vibrant and exciting place to live and play.'
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Target 2009 and beyond
THESE are the enhancements Yishun residents can expect from 2009, based on the estimated date of completion:
By 2009
# Heritage Trail and Heritage Corner
This will raise awareness of Yishun's history.
By 2010
# Khoo Teck Puat Hospital
Built next to Yishun Pond, this will give patients access to a therapeutic garden.
# Family & Rowers' Bay
This capitalises on the water resources for leisure activities.
# Upgrading of park
The upgrade at Yishun Neighbourhood 6 will also include the first phase of a 7.5km-long cycle track around Yishun Ring Road.
By 2011
# Build-to-order (BTO) housing projects
The two separate BTO projects are Jade Spring@Yishun and Jade Spring@Yishun Phase 2.
By 2013
# A shopping complex integrated with the bus interchange
Tender for the project will be called in 2010.
# New road connecting Yishun to the Central Expressway
SOURCE: HDB
Among them are a library and possibly a shopping complex linked to interchange
YISHUN might be showing its age but it is in line for a radical renewal that will smarten up existing facilities and add exciting new ones.
Details of the rejuvenation plan were announced yesterday, and include additions to the town centre, including the Khoo Teck Puat Hospital, a new library, covered walkways and possibly a new shopping complex integrated with the bus interchange.
IN THE WORKS: More outdoor and sporting facilities will be built in Yishun under the plan to remake the estate. Also on the cards is a new boardwalk to connect the town centre to the outdoor areas. -- PHOTO: HDBA new boardwalk will also connect the town centre to outdoor areas like Yishun Pond.
The plan, Remaking Our Heartland: Enriching My Yishun, is part of a nationwide Neighbourhood Renewal Programme announced by Prime Minister Lee Hsien Loong in his National Day Rally speech last year.
Its aim is to enhance the value of homes and neighbourhoods through upgrading and estate renewal projects.
'Through this initiative, the Government will build the HDB heartland of tomorrow to match the rising expectations of our people and make Singapore our best home,' said National Development Minister Mah Bow Tan, who outlined the Yishun details yesterday.
'Give us another five years and you'll be able to see the change in Yishun.'
Residents are keen on the plan. Mr Jef Ng, 27, who has lived in the area for 13 years, told The Straits Times: 'It is high time Yishun got a facelift. We have always felt somewhat neglected, but these new plans sound really exciting.'
ADDING VALUE: The upgrading and renewal projects aim to enhance the value of homes and neighbourhoods in Yishun. -- PHOTO: HDBMr Mah also officiated at the launch of the first Home Improvement Programme (HIP) in Singapore.
The HIP allows flat owners to have certain essential improvements carried out at the expense of the Government, which will also subsidise some optional ones.
Owners can vote on the work they want done at their estates and in their flats. Essential improvements include mending weathered concrete and replacing waste pipes, while optional ones refer to upgrades of toilets, entrance doors, metal grille gates and refuse hoppers.
Owners co-pay between $550 and $1,375 if they choose any of the optional improvements, depending on flat size.
Exhibitions have been set up in Yishun Street 21 to give owners a better idea of their options under the HIP before they vote on their choice of improvements.
Polling closes on Monday. HDB needs a minimum support of 75 per cent from eligible residents before works can be carried out.
'I encourage residents to take some time to tour this HIP exhibition and the Enriching My Yishun exhibition at the town centre,' said Mr Mah.
'With feedback and participation, we can make Yishun an even more vibrant and exciting place to live and play.'
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Target 2009 and beyond
THESE are the enhancements Yishun residents can expect from 2009, based on the estimated date of completion:
By 2009
# Heritage Trail and Heritage Corner
This will raise awareness of Yishun's history.
By 2010
# Khoo Teck Puat Hospital
Built next to Yishun Pond, this will give patients access to a therapeutic garden.
# Family & Rowers' Bay
This capitalises on the water resources for leisure activities.
# Upgrading of park
The upgrade at Yishun Neighbourhood 6 will also include the first phase of a 7.5km-long cycle track around Yishun Ring Road.
By 2011
# Build-to-order (BTO) housing projects
The two separate BTO projects are Jade Spring@Yishun and Jade Spring@Yishun Phase 2.
By 2013
# A shopping complex integrated with the bus interchange
Tender for the project will be called in 2010.
# New road connecting Yishun to the Central Expressway
SOURCE: HDB
S'pore's Private Housing Hits Peak, With Q2 Prices Inching Up Just 0.17%
Source : The Straits Times, July 25, 2008
Home rentals are also down by half, but HDB resale flats continue to draw more buyers.
SINGAPORE'S private housing market appears to have peaked, with home prices inching up just 0.17 per cent in the April to June period.
This is the smallest rise in four years and well below the 3.8 per cent climb in the first quarter, according to the closely-watched data released by the Urban Redevelopment Authority (URA) on Friday.
The growth in private home rentals also halved, rising 2.5 per cent in April to June compared to six per cent in the previous quarter. -- ST PHOTO: CAROLINE CHIA
In the prime districts, home prices actually slipped by 0.1 per cent in the second quarter, after climbing some 30 per cent last year.
Less well-located properties fared slightly better in the latest tally. Home prices in the city-fringe areas rose 0.7 per cent, while those in the suburbs went up 0.9 per cent.
The growth in private home rentals also halved, rising 2.5 per cent in April to June compared to six per cent in the previous quarter.
However, the HDB resale market continued to go from strength to strength. Prices jumped 4.5 per cent in the second quarter, from 3.7 per cent in the first quarter.
The number of resale deals also went up 22 per cent to 7,760 transactions. Outside of homes, office and shop prices went up a mere 0.7 per cent, with rental growth for offices also slowing.
They rose 6.3 per cent in the quarter, down from 7.3 per cent in the first quarter. Shop rentals, however, jumped 5.2 per cent in the period, from only one per cent previously.
During the second quarter, prices of landed properties rose 0.6 per cent, compared with 3.9 per cent in the previous quarter.
Prices of detached, semi-detached and terrace houses went up 0.7 per cent, 0.5 per cent and 0.7 per cent respectively.
The URA said the price index for private homes - an indicator of inflation holding at 26-year highs - rose to 177.5 for the three months ended June from 177.2 in the previous three-month period.
'The rates of increase in the prices and rentals of private residential and office properties have moderated in the second quarter as compared to the first quarter,' said the URA, noting that prices are not uniform and vary from project to project.
But there are a number of of uncompleted private units in the suburban areas with prices 'at more affordable level', it added.
Rentals of private residential homes rose 2.5 per cent during the second quarter - from the 6 per cent increase in the previous quarter.
Supply in the pipeline
There were 67,569 private homes in the pipeline at the end of the second quarter. Of these, 43,473 units were still unsold.
About 46,500 units are expected to be ready by 2011. A total of 1,814 units were launched for sale by developers, which was more than the 1,343 units in the first quarter.
More uncompleted units were sold by developers in the second quarter - 1,417 against 730 in the earlier quarter.
Office rentals up 6.3%
Overall rentals for office space, based on leases which began in the second quarter, rose by 6.3 per cent, compared with 7.3 per cent from January to March.
The median rentals were between $14.7 and $6.47 psf per month.
Home rentals are also down by half, but HDB resale flats continue to draw more buyers.
SINGAPORE'S private housing market appears to have peaked, with home prices inching up just 0.17 per cent in the April to June period.
This is the smallest rise in four years and well below the 3.8 per cent climb in the first quarter, according to the closely-watched data released by the Urban Redevelopment Authority (URA) on Friday.
The growth in private home rentals also halved, rising 2.5 per cent in April to June compared to six per cent in the previous quarter. -- ST PHOTO: CAROLINE CHIAIn the prime districts, home prices actually slipped by 0.1 per cent in the second quarter, after climbing some 30 per cent last year.
Less well-located properties fared slightly better in the latest tally. Home prices in the city-fringe areas rose 0.7 per cent, while those in the suburbs went up 0.9 per cent.
The growth in private home rentals also halved, rising 2.5 per cent in April to June compared to six per cent in the previous quarter.
However, the HDB resale market continued to go from strength to strength. Prices jumped 4.5 per cent in the second quarter, from 3.7 per cent in the first quarter.
The number of resale deals also went up 22 per cent to 7,760 transactions. Outside of homes, office and shop prices went up a mere 0.7 per cent, with rental growth for offices also slowing.
They rose 6.3 per cent in the quarter, down from 7.3 per cent in the first quarter. Shop rentals, however, jumped 5.2 per cent in the period, from only one per cent previously.
During the second quarter, prices of landed properties rose 0.6 per cent, compared with 3.9 per cent in the previous quarter.
Prices of detached, semi-detached and terrace houses went up 0.7 per cent, 0.5 per cent and 0.7 per cent respectively.
The URA said the price index for private homes - an indicator of inflation holding at 26-year highs - rose to 177.5 for the three months ended June from 177.2 in the previous three-month period.
'The rates of increase in the prices and rentals of private residential and office properties have moderated in the second quarter as compared to the first quarter,' said the URA, noting that prices are not uniform and vary from project to project.
But there are a number of of uncompleted private units in the suburban areas with prices 'at more affordable level', it added.
Rentals of private residential homes rose 2.5 per cent during the second quarter - from the 6 per cent increase in the previous quarter.
Supply in the pipeline
There were 67,569 private homes in the pipeline at the end of the second quarter. Of these, 43,473 units were still unsold.
About 46,500 units are expected to be ready by 2011. A total of 1,814 units were launched for sale by developers, which was more than the 1,343 units in the first quarter.
More uncompleted units were sold by developers in the second quarter - 1,417 against 730 in the earlier quarter.
Office rentals up 6.3%
Overall rentals for office space, based on leases which began in the second quarter, rose by 6.3 per cent, compared with 7.3 per cent from January to March.
The median rentals were between $14.7 and $6.47 psf per month.
URA Gives Go-Ahead For Three Hotels
Source : The Business Times, July 26, 2008
A number of residential projects also get the nod
A STRING of residential, commercial and industrial projects received provisional permission from the Urban Redevelopment Authority (URA) in the second quarter of this year.
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URA also gave the nod in Q2 for the development of 110,790 sq metres of business park space.
Far East Organization unit China Classic received provisional permission to build a 384-room hotel at Cross Street, while Hotel Plaza got the nod for a 345-room hotel at Upper Pickering Street.
Resorts World at Sentosa got the go-ahead to build a hotel with 1,352 rooms as well as 45,090 sq m of retail space in the central zone of its integrated resort.
Residential projects that received URA's provisional permission in April-June this year include Frasers Centrepoint's 717-unit condo at Lakeside Drive in the Boon Lay area, Chip Eng Seng's 372-unit condo at Elias Road in Pasir Ris; and UOL/Peak Century's 643-unit condo at Simei Street 4. All these projects have 99-year leasehold tenure.
EC Prime Pte Ltd - controlled by Melvin Poh, Tan Koo Chuan and Saw Pik Kee - received approval to develop 228 apartments at Alexandra Road.
URA also gave the nod in Q2 for the development of 110,790 sq m of business park space in three new projects - to Soilbuild Group Holdings to develop a facility named Solaris at Ayer Rajah Avenue/Fusion Walk (42,780 sq m); to Lawrence Leow's Crescendas Bionix Pte Ltd to develop 41,200 sq m at Biopolis Phase 3; and to Ascendas for a project at Changi Business Park Crescent (26,810 sq m). Business park space can meet the office needs of some firms, for example, backroom operations, URA noted.
Provisional permission for multiple-user factories were also granted for projects at Commonwealth Drive and Jalan Tepong. Trio Link Development clinched approval for a 21,570 sq m industrial development at Playfair Road.
UOB Kay Hian Trading obtained URA's go-ahead for its transitional office development at Anthony/ Scotts roads (13,020 sq m).
URA also gave provisional permission to Ritzland Investment for 12,050 sq m of offices at Mountbatten Road.
A number of residential projects also get the nod
A STRING of residential, commercial and industrial projects received provisional permission from the Urban Redevelopment Authority (URA) in the second quarter of this year.
+Logo.gif)
URA also gave the nod in Q2 for the development of 110,790 sq metres of business park space. Far East Organization unit China Classic received provisional permission to build a 384-room hotel at Cross Street, while Hotel Plaza got the nod for a 345-room hotel at Upper Pickering Street.
Resorts World at Sentosa got the go-ahead to build a hotel with 1,352 rooms as well as 45,090 sq m of retail space in the central zone of its integrated resort.
Residential projects that received URA's provisional permission in April-June this year include Frasers Centrepoint's 717-unit condo at Lakeside Drive in the Boon Lay area, Chip Eng Seng's 372-unit condo at Elias Road in Pasir Ris; and UOL/Peak Century's 643-unit condo at Simei Street 4. All these projects have 99-year leasehold tenure.
EC Prime Pte Ltd - controlled by Melvin Poh, Tan Koo Chuan and Saw Pik Kee - received approval to develop 228 apartments at Alexandra Road.
URA also gave the nod in Q2 for the development of 110,790 sq m of business park space in three new projects - to Soilbuild Group Holdings to develop a facility named Solaris at Ayer Rajah Avenue/Fusion Walk (42,780 sq m); to Lawrence Leow's Crescendas Bionix Pte Ltd to develop 41,200 sq m at Biopolis Phase 3; and to Ascendas for a project at Changi Business Park Crescent (26,810 sq m). Business park space can meet the office needs of some firms, for example, backroom operations, URA noted.
Provisional permission for multiple-user factories were also granted for projects at Commonwealth Drive and Jalan Tepong. Trio Link Development clinched approval for a 21,570 sq m industrial development at Playfair Road.
UOB Kay Hian Trading obtained URA's go-ahead for its transitional office development at Anthony/ Scotts roads (13,020 sq m).
URA also gave provisional permission to Ritzland Investment for 12,050 sq m of offices at Mountbatten Road.
Worries Over US Housing Slump Impact Drag Down Asian Stocks
Source : The Business Times, July 26, 2008
Banks and property stocks drive STI lower, but for the week, index is still up 2.6%
STOCKS here and elsewhere in Asia tumbled yesterday after steep losses in the United States overnight amid renewed worries over the impact of the US housing slump on banks and the wider financial sector.
The Straits Times Index (STI) ended 55 points or 1.8 per cent lower at 2,922.91, after falling as much as 2.2 per cent earlier in the day.
For the week, the index is still up 2.6 per cent, after big gains on Monday and Wednesday.
Banks and property stocks drove the STI lower yesterday, a day after the Monetary Authority of Singapore raised its forecast range for inflation this year to 6-7 per cent, from 5-6 per cent previously.
Higher inflation can trigger a repricing of stocks, especially if investors believe that the policy response - a stronger local currency or higher interest rates - may result in slower economic growth.
Data released in the US on Thursday showing that sales of existing homes in June fell to their lowest level in a decade prompted a sharp fall in major US stock indices.
Worries over the impact of the US housing slump on the broader financial sector extended into Asia-Pacific markets yesterday.
In Australia, the main stock benchmark fell 3.4 per cent after National Australia Bank shocked investors by announcing that it would set aside a further A$830 million (S$1.08 billion) to cover potential losses from its exposure to US mortgages.
The news dragged down banking and other financial sector stocks throughout the region.
Here, DBS Group, the largest of the three banks listed here by loans book, was the main stock driving the STI lower, falling 1.9 per cent to $19.38. United Overseas Bank, the second-biggest lender, declined 1.5 per cent to $19.08, while OCBC Bank ended 1.3 per cent lower at $8.35.
The two biggest local developers, CapitaLand and City Developments, also weighed on the index. CapitaLand fell 3.1 per cent to $5.91, while CityDev finished 3.4 per cent down at $11.50.
Of the STI's 30 component stocks, 27 fell, one rose and two were unchanged. Jardine Cycle & Carriage, a conglomerate with major car distribution businesses and other holdings in South-east Asia, was the only gainer, rising 0.4 per cent to $17.10.
Yanlord Land, a Chinese property developer, was the worst performer among the index members in percentage terms, followed by shipping group Neptune Orient Lines (NOL). Yanlord fell 6.1 per cent to $2, while NOL slid 4.8 per cent to $3.15.
In the broad market, losers outnumbered gainers by 242-108, with 487 counters unchanged, excluding warrants and bonds.
Trading volume was lower than on Thursday, with 835 million units worth $1.06 billion changing hands, including warrants and bonds but excluding shares traded in foreign currencies.
The FTSE ST All-Share Index, which tracks 270 of the most liquid stocks listed here, fell 1.6 per cent. But the UOB Catalist index of stocks on the second board ended 1.2 per cent higher, as penny stocks such as Junma Tyre Cord Co, Sapphire Corp and Medi-Flex rose 40-50 per cent on thin trading volumes.
Elsewhere in the region, major share indices fell, except in Malaysia, where the Kuala Lumpur Composite Index ended flat. In Japan, the Nikkei-225 index slid 2 per cent, while Hong Kong's Hang Seng Index finished 1.5 per cent lower.
Banks and property stocks drive STI lower, but for the week, index is still up 2.6%
STOCKS here and elsewhere in Asia tumbled yesterday after steep losses in the United States overnight amid renewed worries over the impact of the US housing slump on banks and the wider financial sector.
The Straits Times Index (STI) ended 55 points or 1.8 per cent lower at 2,922.91, after falling as much as 2.2 per cent earlier in the day.
For the week, the index is still up 2.6 per cent, after big gains on Monday and Wednesday.
Banks and property stocks drove the STI lower yesterday, a day after the Monetary Authority of Singapore raised its forecast range for inflation this year to 6-7 per cent, from 5-6 per cent previously.
Higher inflation can trigger a repricing of stocks, especially if investors believe that the policy response - a stronger local currency or higher interest rates - may result in slower economic growth.
Data released in the US on Thursday showing that sales of existing homes in June fell to their lowest level in a decade prompted a sharp fall in major US stock indices.
Worries over the impact of the US housing slump on the broader financial sector extended into Asia-Pacific markets yesterday.
In Australia, the main stock benchmark fell 3.4 per cent after National Australia Bank shocked investors by announcing that it would set aside a further A$830 million (S$1.08 billion) to cover potential losses from its exposure to US mortgages.
The news dragged down banking and other financial sector stocks throughout the region.
Here, DBS Group, the largest of the three banks listed here by loans book, was the main stock driving the STI lower, falling 1.9 per cent to $19.38. United Overseas Bank, the second-biggest lender, declined 1.5 per cent to $19.08, while OCBC Bank ended 1.3 per cent lower at $8.35.
The two biggest local developers, CapitaLand and City Developments, also weighed on the index. CapitaLand fell 3.1 per cent to $5.91, while CityDev finished 3.4 per cent down at $11.50.
Of the STI's 30 component stocks, 27 fell, one rose and two were unchanged. Jardine Cycle & Carriage, a conglomerate with major car distribution businesses and other holdings in South-east Asia, was the only gainer, rising 0.4 per cent to $17.10.
Yanlord Land, a Chinese property developer, was the worst performer among the index members in percentage terms, followed by shipping group Neptune Orient Lines (NOL). Yanlord fell 6.1 per cent to $2, while NOL slid 4.8 per cent to $3.15.
In the broad market, losers outnumbered gainers by 242-108, with 487 counters unchanged, excluding warrants and bonds.
Trading volume was lower than on Thursday, with 835 million units worth $1.06 billion changing hands, including warrants and bonds but excluding shares traded in foreign currencies.
The FTSE ST All-Share Index, which tracks 270 of the most liquid stocks listed here, fell 1.6 per cent. But the UOB Catalist index of stocks on the second board ended 1.2 per cent higher, as penny stocks such as Junma Tyre Cord Co, Sapphire Corp and Medi-Flex rose 40-50 per cent on thin trading volumes.
Elsewhere in the region, major share indices fell, except in Malaysia, where the Kuala Lumpur Composite Index ended flat. In Japan, the Nikkei-225 index slid 2 per cent, while Hong Kong's Hang Seng Index finished 1.5 per cent lower.
Parkway Reit Q2 Income Beats Forecast
Source : The Business Times, July 26, 2008
PARKWAY Life Real Estate Investment Trust (P-Reit) yesterday announced a distributable income of $10.0 million for the second quarter ended June 30, 2008, beating its forecast of $9.4 million by 6.4 per cent.
Distribution per unit (DPU) for the three months was 1.66 cents, also 6.4 per cent higher than the forecast DPU of 1.56 cents.
Net property income for Q2 was $11.7 million, 8.1 per cent higher than the trust's forecast of $10.8 million.
There is no comparable period for 2007 as P-Reit was only listed on the Singapore Exchange in August last year.
The trust benefited from higher gross rental revenue in Q208 as a result of better-than-expected revenue from its Singapore hospital assets, as well as additional income from three new Japanese assets.
Q2 gross rental revenue was $12.5 million. The bulk of it came from the trust's Singapore hospitals, where total gross rental revenue was $12.0 million, a 4.3 per cent increase from the forecast figure of $11.5 million.
For the first six months of 2008, the trust's distributable income was $19.8 million while the DPU was 3.29 cents - both 5.1 per cent higher than the forecast.
Justine Wingrove, chief executive of P-Reit's management team, said that the private healthcare sector continues to remain robust even in the current volatile market conditions.
'As a result, P-Reit will not only enjoy strong growth from its current portfolio, but will also benefit from attractive asset acquisition opportunities,' she noted. Target markets for acquisitions include Australia, China, India, Japan, Malaysia, Singapore, Taiwan and Thailand, Ms Wingrove added.
The Reit's total portfolio size now stands at $902.2 million, following acquisition of its latest assets earlier this year. In May 2008, P-Reit bought a pharmaceutical products distributing and manufacturing facility as well as two nursing homes in Japan for $70 million in all.
P-Reit lost three cents to close at $1.12 yesterday. The stock has shed 0.9 per cent since the start of the year.
PARKWAY Life Real Estate Investment Trust (P-Reit) yesterday announced a distributable income of $10.0 million for the second quarter ended June 30, 2008, beating its forecast of $9.4 million by 6.4 per cent.
Distribution per unit (DPU) for the three months was 1.66 cents, also 6.4 per cent higher than the forecast DPU of 1.56 cents.Net property income for Q2 was $11.7 million, 8.1 per cent higher than the trust's forecast of $10.8 million.
There is no comparable period for 2007 as P-Reit was only listed on the Singapore Exchange in August last year.
The trust benefited from higher gross rental revenue in Q208 as a result of better-than-expected revenue from its Singapore hospital assets, as well as additional income from three new Japanese assets.
Q2 gross rental revenue was $12.5 million. The bulk of it came from the trust's Singapore hospitals, where total gross rental revenue was $12.0 million, a 4.3 per cent increase from the forecast figure of $11.5 million.
For the first six months of 2008, the trust's distributable income was $19.8 million while the DPU was 3.29 cents - both 5.1 per cent higher than the forecast.
Justine Wingrove, chief executive of P-Reit's management team, said that the private healthcare sector continues to remain robust even in the current volatile market conditions.
'As a result, P-Reit will not only enjoy strong growth from its current portfolio, but will also benefit from attractive asset acquisition opportunities,' she noted. Target markets for acquisitions include Australia, China, India, Japan, Malaysia, Singapore, Taiwan and Thailand, Ms Wingrove added.
The Reit's total portfolio size now stands at $902.2 million, following acquisition of its latest assets earlier this year. In May 2008, P-Reit bought a pharmaceutical products distributing and manufacturing facility as well as two nursing homes in Japan for $70 million in all.
P-Reit lost three cents to close at $1.12 yesterday. The stock has shed 0.9 per cent since the start of the year.
HDB Resale Market Buoyant But Upgrader Effect Still Muted
Source : The Business Times, July 26, 2008
Resale price index very close to record high of Q41996; Q2 transactions up 22%
THE Housing and Development Board (HDB) has announced that its Resale Price Index rose by 4.5 per cent in Q2 2008 over the previous quarter and 8.4 per cent since Q4 2007.
The number of resale transactions also increased by 22 per cent quarter on quarter to hit 7,760 transactions.
On a half-yearly basis, a total of 14,120 transactions have been recorded so far, almost half of the 29,450 transactions for the whole of 2007.
The HDB Resale Price Index is now hovering very close to the all-time peak in Q4 1996, boosted by high resale prices in estates like Queenstown and Bukit Merah where the median price for five-room flats is now around $600,000.
But while a buoyant resale market can translate into a stronger HDB upgrader base, it may still be too early for developers to count on upgraders to prop up the private residential market.
DTZ executive director and regional head for consulting and research, Ong Choon Fah, said that HDB upgraders are 'still price-sensitive'.
According to DTZ's analysis, HDB upgraders accounted for 28 per cent of all private homes bought in Q1 2008, up from 22 per cent in the preceding quarter.
However, in 1998, when private property prices bottomed out, HDB upgrader transactions peaked at 62 per cent of all private property transactions.
And when the property market tanked again in 2002, HDB upgraders went in to buy up to 59 per cent of all private property transacted.
While the numbers suggest that HDB upgraders still find private property too expensive, Mrs Ong also pointed that HDB does now offer a 'spectrum' of property types to cater to more specific needs and price brackets.
Mrs Ong was referring to HDB's new Design, Build and Sell Scheme flats which have been selling well.
Sources also say that the 578-unit Park Central at AMK has received around 1,000 applications since its launch on June 23.
HDB has also launched a total of 4,524 new flats under the Build-To-Order (BTO) system for H1 2008.
ERA Asia Pacific assistant vice-president Eugene Lim points out that HDB upgraders tend to be those who sell their five-room or executive flats, and according to his analysis, this number has not increased significantly.
Five-room flats made up 26 per cent of all HDB resale transactions in Q2 2008, up from 25 per cent in the previous quarter while executive flats made up 9 per cent, up from 7 per cent quarter on quarter.
Four-room flats made up 37 per cent of all resale transactions, and Mr Lim also notes that the median price for this segment saw the highest increase by $15,000 to $300,000.
Mr Lim believes that the upgrader effect on the private property market could be curtailed by affordability too.
'Most upgraders will be looking for properties in the $650-$750 psf bracket,' he said.
Interestingly, the influx of new permanent residents (PRs) here has added to the demand for resale flats.
Mr Lim estimates that 20 per cent of buyers in the resale segment are PRs, up from 10-12 per cent a year ago.
However, whether PRs are partially responsible for the buoyant resale market is not known. HDB has not revealed the number of flats bought by PRs.
Perhaps a more interesting development is that the HDB Resale Price Index has begun to diverge from the private property price index, which grew by just 0.2 per cent in Q2 2008.
Still, most property consultants believe the chances of the two indices decoupling, to represent a disconnected private and public property markets, are remote.
Knight Frank director (research and consultancy) Nicholas Mak also highlights that between Q2 2002 and Q1 2004, prices of private homes fell, while HDB resale prices increased.
During this period, both indices did, however, remain relatively flat.
Mr Mak does believes that any divergence in price trends, if any, will only last for a few quarters before a correlation is re-established.
He added: 'Both private and public sectors do relate to the same macro-economic factors.'
DTZ's Mrs Ong also said that both sectors are linked by the 'substitutional effect'.
'If prices are too high in the private housing market, buyers will shift to the public housing market,' she added.
She also noted that significant shifts in price movements only tend to follow changes in housing policy and related spheres like Central Provident Fund.
Savills Singapore director (marketing and business development) Ku Swee Yong believes that HDB upgraders will eventually return to 'lend strong support' to the private property market, citing the interest, if not the take-up, in new mass-market launches like Livia and Clover by the Park as examples.
Resale price index very close to record high of Q41996; Q2 transactions up 22%
THE Housing and Development Board (HDB) has announced that its Resale Price Index rose by 4.5 per cent in Q2 2008 over the previous quarter and 8.4 per cent since Q4 2007.
The number of resale transactions also increased by 22 per cent quarter on quarter to hit 7,760 transactions.
On a half-yearly basis, a total of 14,120 transactions have been recorded so far, almost half of the 29,450 transactions for the whole of 2007.
The HDB Resale Price Index is now hovering very close to the all-time peak in Q4 1996, boosted by high resale prices in estates like Queenstown and Bukit Merah where the median price for five-room flats is now around $600,000.
But while a buoyant resale market can translate into a stronger HDB upgrader base, it may still be too early for developers to count on upgraders to prop up the private residential market.
DTZ executive director and regional head for consulting and research, Ong Choon Fah, said that HDB upgraders are 'still price-sensitive'.
According to DTZ's analysis, HDB upgraders accounted for 28 per cent of all private homes bought in Q1 2008, up from 22 per cent in the preceding quarter.
However, in 1998, when private property prices bottomed out, HDB upgrader transactions peaked at 62 per cent of all private property transactions.
And when the property market tanked again in 2002, HDB upgraders went in to buy up to 59 per cent of all private property transacted.
While the numbers suggest that HDB upgraders still find private property too expensive, Mrs Ong also pointed that HDB does now offer a 'spectrum' of property types to cater to more specific needs and price brackets.
Mrs Ong was referring to HDB's new Design, Build and Sell Scheme flats which have been selling well.
Sources also say that the 578-unit Park Central at AMK has received around 1,000 applications since its launch on June 23.
HDB has also launched a total of 4,524 new flats under the Build-To-Order (BTO) system for H1 2008.
ERA Asia Pacific assistant vice-president Eugene Lim points out that HDB upgraders tend to be those who sell their five-room or executive flats, and according to his analysis, this number has not increased significantly.
Five-room flats made up 26 per cent of all HDB resale transactions in Q2 2008, up from 25 per cent in the previous quarter while executive flats made up 9 per cent, up from 7 per cent quarter on quarter.
Four-room flats made up 37 per cent of all resale transactions, and Mr Lim also notes that the median price for this segment saw the highest increase by $15,000 to $300,000.
Mr Lim believes that the upgrader effect on the private property market could be curtailed by affordability too.
'Most upgraders will be looking for properties in the $650-$750 psf bracket,' he said.
Interestingly, the influx of new permanent residents (PRs) here has added to the demand for resale flats.
Mr Lim estimates that 20 per cent of buyers in the resale segment are PRs, up from 10-12 per cent a year ago.
However, whether PRs are partially responsible for the buoyant resale market is not known. HDB has not revealed the number of flats bought by PRs.
Perhaps a more interesting development is that the HDB Resale Price Index has begun to diverge from the private property price index, which grew by just 0.2 per cent in Q2 2008.
Still, most property consultants believe the chances of the two indices decoupling, to represent a disconnected private and public property markets, are remote.
Knight Frank director (research and consultancy) Nicholas Mak also highlights that between Q2 2002 and Q1 2004, prices of private homes fell, while HDB resale prices increased.
During this period, both indices did, however, remain relatively flat.
Mr Mak does believes that any divergence in price trends, if any, will only last for a few quarters before a correlation is re-established.
He added: 'Both private and public sectors do relate to the same macro-economic factors.'
DTZ's Mrs Ong also said that both sectors are linked by the 'substitutional effect'.
'If prices are too high in the private housing market, buyers will shift to the public housing market,' she added.
She also noted that significant shifts in price movements only tend to follow changes in housing policy and related spheres like Central Provident Fund.
Savills Singapore director (marketing and business development) Ku Swee Yong believes that HDB upgraders will eventually return to 'lend strong support' to the private property market, citing the interest, if not the take-up, in new mass-market launches like Livia and Clover by the Park as examples.
Private Homes To Take A Slower Road To Completion
Source : The Business Times, July 26, 2008
Many units pushed back as costs rise and sentiment falters
The latest news is good or bad - depending on your point of view. Official data now shows that the number of private homes that could be completed by end-2011 may be less than previously thought - which means residential rental and capital values could hold better than expected.
Urban Redevelopment Authority's (URA) latest Q2 figures, based on quarterly surveys of developers, showed that 46,480 private homes are expected to be completed between Q3 2008 and end-2011. This figure is 18 per cent - or 10,021 units - lower than the figure of 56,501 units slated for completion between Q2 2008 and 2011 listed in URA's Q1 data.
Of these, 2,587 units were completed in the second quarter and have hence been removed from the supply pipeline, URA explained. Other completions have been put on hold as some developments have been postponed - as seen in the case of some en bloc sale sites. Rising construction costs and cautious market sentiment have delayed the construction of other projects.
Notwithstanding this, URA highlighted that the total supply of new private homes in the pipeline stood at 67,569 units as at end-Q2 2008 - about the same as 67,736 units at end-Q1. However, more of these units may now see completion after 2011.
Some industry players welcomed the latest figures, which will hopefully clear up some of the question marks about home completions.
Knight Frank managing director Tan Tiong Cheng said: 'Rents should hold better and capital values should also hold slightly better. Basically the window widens for those who've bought homes earlier on deferred payment schemes to clear their purchases if their units are in projects whose completions are being delayed. In short, there should be less panic selling.'
Typically, deferred payment schemes - scrapped since last October - expire when a project is completed, which is when buyers have to pay the bulk of their purchase price to developers. As a result, 'specuvestors' tend to offload their units in projects before they are completed.
However, Mr Tan also pointed to a potential downside for developers whose projects are in the immediate vicinities of condos sold earlier. 'As a developer, I face competition for sellers from those specuvestors who've bought in nearby projects for a longer period now if the project completions are delayed.'
URA's price index for non-landed private homes in Core Central Region (CCR) dipped 0.1 per cent in Q2 over the preceding quarter - for the first time since Q1 2004, the earliest period for which such data is available.
The Q2 decline in CCR - which includes the prime districts 9, 10 and 11, the financial district and Sentosa Cove - came on the back of a 0.5 per cent drop in the price index for uncompleted homes in the region; the index for completed homes rose 0.3 per cent.
Non-landed home price index (overall, covering both completed and uncompleted units) rose 0.7 per cent in Q2 for Rest of Central Region and by 0.9 per cent in Outside Central Region.
URA's headline islandwide price index for private homes (landed and non-landed) inched up 0.2 per cent quarter on quarter in Q2 - weaker than the 0.4 per cent flash estimate rise announced earlier this month. The index has risen 3.9 per cent in the first half from the end-2007 level - after escalating 31.2 per cent for the whole of 2007.
Looking ahead, CB Richard Ellis executive director Li Hiaw Ho said: 'Correction of residential prices, to the tune of 5 to 10 per cent in H2 2008, will be inevitable but is likely to vary according to location, product type and target market', citing the continued toll of the sub-prime mortgage meltdown on the global economy and high inflation.
Developers sold a total 1,525 private homes in Q2, double the Q1 volume. But overall in H1 2008, they have sold only 2,287 units, which is around just one quarter of the 9,912 units developers sold in the same period last year.
The total number of subsale transactions - often seen as a proxy for speculative activity - rose 10.6 per cent quarter on quarter to 440. Leading the pack was the Outside Central Region (OCR), where subsale volume jumped 39 per cent to 154 units. Subsales in Q2 made up 8.1 per cent of private home deals in the region, which includes mass-market locations, up from 6.7 per cent in Q1.
URA said that examples of projects that saw significant subsales in OCR in Q2 include The Centris in Jurong (15 units) and The Raintree near Bukit Timah Nature Reserve (16 units). Analysts say that The Calrose in Yio Chu Kang and Varsity Park Condo also saw at least 10 subsales each in Q2.
Some of these projects have either received Temporary Occupation Permit or will be getting it soon; investors tend to sell off units shortly before or after a project gets TOP as buyers are willing to pay a slightly higher price then, because units can be immediately rented, analysts noted.
Many units pushed back as costs rise and sentiment falters
The latest news is good or bad - depending on your point of view. Official data now shows that the number of private homes that could be completed by end-2011 may be less than previously thought - which means residential rental and capital values could hold better than expected.
Urban Redevelopment Authority's (URA) latest Q2 figures, based on quarterly surveys of developers, showed that 46,480 private homes are expected to be completed between Q3 2008 and end-2011. This figure is 18 per cent - or 10,021 units - lower than the figure of 56,501 units slated for completion between Q2 2008 and 2011 listed in URA's Q1 data.
Of these, 2,587 units were completed in the second quarter and have hence been removed from the supply pipeline, URA explained. Other completions have been put on hold as some developments have been postponed - as seen in the case of some en bloc sale sites. Rising construction costs and cautious market sentiment have delayed the construction of other projects.
Notwithstanding this, URA highlighted that the total supply of new private homes in the pipeline stood at 67,569 units as at end-Q2 2008 - about the same as 67,736 units at end-Q1. However, more of these units may now see completion after 2011.
Some industry players welcomed the latest figures, which will hopefully clear up some of the question marks about home completions.
Knight Frank managing director Tan Tiong Cheng said: 'Rents should hold better and capital values should also hold slightly better. Basically the window widens for those who've bought homes earlier on deferred payment schemes to clear their purchases if their units are in projects whose completions are being delayed. In short, there should be less panic selling.'
Typically, deferred payment schemes - scrapped since last October - expire when a project is completed, which is when buyers have to pay the bulk of their purchase price to developers. As a result, 'specuvestors' tend to offload their units in projects before they are completed.
However, Mr Tan also pointed to a potential downside for developers whose projects are in the immediate vicinities of condos sold earlier. 'As a developer, I face competition for sellers from those specuvestors who've bought in nearby projects for a longer period now if the project completions are delayed.'
URA's price index for non-landed private homes in Core Central Region (CCR) dipped 0.1 per cent in Q2 over the preceding quarter - for the first time since Q1 2004, the earliest period for which such data is available.
The Q2 decline in CCR - which includes the prime districts 9, 10 and 11, the financial district and Sentosa Cove - came on the back of a 0.5 per cent drop in the price index for uncompleted homes in the region; the index for completed homes rose 0.3 per cent.
Non-landed home price index (overall, covering both completed and uncompleted units) rose 0.7 per cent in Q2 for Rest of Central Region and by 0.9 per cent in Outside Central Region.
URA's headline islandwide price index for private homes (landed and non-landed) inched up 0.2 per cent quarter on quarter in Q2 - weaker than the 0.4 per cent flash estimate rise announced earlier this month. The index has risen 3.9 per cent in the first half from the end-2007 level - after escalating 31.2 per cent for the whole of 2007.
Looking ahead, CB Richard Ellis executive director Li Hiaw Ho said: 'Correction of residential prices, to the tune of 5 to 10 per cent in H2 2008, will be inevitable but is likely to vary according to location, product type and target market', citing the continued toll of the sub-prime mortgage meltdown on the global economy and high inflation.
Developers sold a total 1,525 private homes in Q2, double the Q1 volume. But overall in H1 2008, they have sold only 2,287 units, which is around just one quarter of the 9,912 units developers sold in the same period last year.
The total number of subsale transactions - often seen as a proxy for speculative activity - rose 10.6 per cent quarter on quarter to 440. Leading the pack was the Outside Central Region (OCR), where subsale volume jumped 39 per cent to 154 units. Subsales in Q2 made up 8.1 per cent of private home deals in the region, which includes mass-market locations, up from 6.7 per cent in Q1.
URA said that examples of projects that saw significant subsales in OCR in Q2 include The Centris in Jurong (15 units) and The Raintree near Bukit Timah Nature Reserve (16 units). Analysts say that The Calrose in Yio Chu Kang and Varsity Park Condo also saw at least 10 subsales each in Q2.
Some of these projects have either received Temporary Occupation Permit or will be getting it soon; investors tend to sell off units shortly before or after a project gets TOP as buyers are willing to pay a slightly higher price then, because units can be immediately rented, analysts noted.