Source : 《联合早报》Apr 25, 2009
发展商在上月底发动的促销攻势进一步加快楼价的崩跌，昨天出炉的市区重建局数据显示，今年第一季的私宅价格猛挫了14.1％，这比本月初初步数据显示的13.8％下跌更为严重。
这个跌幅是本地楼市近34年来的最大跌幅，甚至比1998年第三季、亚洲金融风暴冲击下的13.1％跌幅还要惨重。
经过连续三个季度的下跌，今年第一季的私宅价格指数已回落至139.9点，即2007年第一季的水平，累积跌幅达到21.2％。这意味，2007年之后进场买房子的人，大多已面对账面亏损。只有在2006年或之前进场的，还可能处于“安全水平”。
受访的房地产人士认为，接下来的私宅价格还会继续下滑，不过跌幅将逐渐放缓。他们指出，虽然最近的楼市买气转旺，但并不意味楼价已经见底，实际上目前的买气是发展商的削价措施带动的。
今年第一季卖得最好的项目包括水之轩(Caspian)、Double Bay Residences和新乐园(MiCasa)，推出价格都比一年多前楼市最高峰时显著降低。
OrangeTee橙地产业执行董事陈道俊说：“第二季的私宅价格将下跌少于5％，带动2009年全年的跌幅控制在20％至25％以内。”
高力(Colliers)国际研究部主管郑惠匀也认为，发展商已经在今年第一季降价许多，所以接下来的下跌空间将减少。大众化私宅价格应该会在未来三个季度都平均下跌8％至12％，但中高档私宅价格的跌幅预料高达10％至15％。
在租金市场上，今年第一季的私宅租金也连续第三个季度下滑，虽然速度没有私宅价格急促，但也有加快的迹象。
今年第一季的私宅租金由下跌5.3％，加剧至下跌8.5％。这意味，本地私宅租金自2008年第二季以来，已经下跌14.1％，跌破2007年第三季的水平。
这主要是因为严峻的经济环境导致更多外国人因失去工作而离开新加坡。再加上今年也进入私宅项目的完工高峰期，单单第一季就有2230个单位完工。
办公楼和工业房地产市场的情况也在今年第一季加速恶化。今年第一季的办公楼租金由去年最后一季的下跌6.5％，加速至下跌10.7％；价格也由下跌4.9％加速至下跌12％。
工厂价格则在今年第一季下跌了10％，是1998年亚洲金融危机以来的最大跌幅。租金则下滑了6.1％。
第一太平戴维斯(Savills)研究部副董事森古塔指出，今年第一季的办公楼租金下跌了将近11％，是市建局自1990年发表租金数据以来，办公楼租金第一次跌破10％。在这之前的最大跌幅是1993年第三季的7.1％。
今年第一季的办公楼需求继续萎缩32万2920平方英尺，带动全岛的办公楼空置率自2006年底以来，第一次上升至10％以上。
郑惠匀透露，办公楼业主之间抢租户的情况相当激烈，一些业主把租金叫价调低25％至30％后，还提供租金假期，让租户可以暂时不需要支付任何租金。尽管如此，今年第一季的租用活动还是相当少，这是因为租户都尽量拖延更新租约的谈判工作，以便争取到更多的减租好处。
相比较之下，商店的价格和租金相对持稳，分别下滑了4.2％和3.3％。不过，在零售商的减租呼声下，业主已经通过各种租金优惠和租金假期来留住租户，商店租金预料还会继续走低。
Saturday, April 25, 2009
共管公寓价格 市区跌幅
Source : 《联合早报》Apr 25, 2009
坐落在市区与市区边缘的中高档共管公寓价格，跌得比郊外大众化共管公寓来得惨重。市建局数据显示，位于核心中央商业区(CRC)和其他中央区(RCR)的共管公寓，今年第一季的价格猛挫了16％、17％，但是中央区以外(OCR)的共管公寓价格只下跌7.3％。
其中，又以Alexis、Nova 48、The Arte、The Mezzo、Domus、和iResidences等位于其他中央区、属于中档次的未完工共管公寓，价格跌得最厉害，高达18.4％。
相比较之下，像水之轩(Caspian)、莉雅苑(Livia)、新乐园(Mi Casa)等位于中央区以外、属于大众化档次的“楼花”，价格只下跌9.8％。已完工的大众化共管公寓价格跌幅更小，只有5.6％。
世邦魏理仕执行董事李晓和指出，这主要是因为大众化私宅价格得到组屋转售市场的扶持。由于组屋转售价格仍然处于高水平，一直到今年第一季才刚刚稍微下跌0.8％，而大众化私宅价格却已经在过去三个季度下滑大约17％，两者之间的价差缩小，所以人们纷纷趁此“窗口期”提升。
莱坊(KnightFrank)研究部主管麦俊荣指出，这也是今年第一季中央区以外的新单位成交量激增至1637个的主要原因。这占了今年第一季所有新单位成交量的64％。
今年第一季，发展商直接卖出2596个新私宅单位，比去年第四季暴增6倍。这带动发展商仍扣在手中、未售出但已推出的“存货”，减少了3.6％至1万7601个新单位。
截至今年第一季，发展商已申请到销售准证，即初步推出资格的私宅单位共有4万3246个。其中将近一半，即2万1139个单位还没有找到买家。
今年内将完工，但还没有卖出去的新私宅单位有466个。明年完工的未售单位有1072个，至于在2011年和2012年完工的未售单位则多达1072和5387个。
今年第一季的市场交易还是集中在新私宅市场，二手成交量并没有随着激增。今年第一季，有356个私宅单位是买家才买不久，还没有等到房子完工就脱售的“楼花”，另外1005个单位则是已完工单位的二手交易。相比较之下，去年第四季的二手“楼花”转售量为265个单位，已完工单位的转售量为965个。
市建局数据显示，今年第一季的共管公寓价格也比有地房地产跌得重。整体共管公寓价格下跌了大约15％，但有地住宅价格却下跌9.2％。
在租金方面，有地住宅与共管公寓的跌幅则没有太大的差别，都在7％、8％的范围内。唯一比较显著的，是位于核心中央商业区内、属于高档次共管公寓的租金，在今年第一季下滑了10.3％。其他中央区和中央区以外的租金，分别在今年第一季下跌了7.2％和6.5％。
坐落在市区与市区边缘的中高档共管公寓价格，跌得比郊外大众化共管公寓来得惨重。市建局数据显示，位于核心中央商业区(CRC)和其他中央区(RCR)的共管公寓，今年第一季的价格猛挫了16％、17％，但是中央区以外(OCR)的共管公寓价格只下跌7.3％。
其中，又以Alexis、Nova 48、The Arte、The Mezzo、Domus、和iResidences等位于其他中央区、属于中档次的未完工共管公寓，价格跌得最厉害，高达18.4％。
相比较之下，像水之轩(Caspian)、莉雅苑(Livia)、新乐园(Mi Casa)等位于中央区以外、属于大众化档次的“楼花”，价格只下跌9.8％。已完工的大众化共管公寓价格跌幅更小，只有5.6％。
世邦魏理仕执行董事李晓和指出，这主要是因为大众化私宅价格得到组屋转售市场的扶持。由于组屋转售价格仍然处于高水平，一直到今年第一季才刚刚稍微下跌0.8％，而大众化私宅价格却已经在过去三个季度下滑大约17％，两者之间的价差缩小，所以人们纷纷趁此“窗口期”提升。
莱坊(KnightFrank)研究部主管麦俊荣指出，这也是今年第一季中央区以外的新单位成交量激增至1637个的主要原因。这占了今年第一季所有新单位成交量的64％。
今年第一季，发展商直接卖出2596个新私宅单位，比去年第四季暴增6倍。这带动发展商仍扣在手中、未售出但已推出的“存货”，减少了3.6％至1万7601个新单位。
截至今年第一季，发展商已申请到销售准证，即初步推出资格的私宅单位共有4万3246个。其中将近一半，即2万1139个单位还没有找到买家。
今年内将完工，但还没有卖出去的新私宅单位有466个。明年完工的未售单位有1072个，至于在2011年和2012年完工的未售单位则多达1072和5387个。
今年第一季的市场交易还是集中在新私宅市场，二手成交量并没有随着激增。今年第一季，有356个私宅单位是买家才买不久，还没有等到房子完工就脱售的“楼花”，另外1005个单位则是已完工单位的二手交易。相比较之下，去年第四季的二手“楼花”转售量为265个单位，已完工单位的转售量为965个。
市建局数据显示，今年第一季的共管公寓价格也比有地房地产跌得重。整体共管公寓价格下跌了大约15％，但有地住宅价格却下跌9.2％。
在租金方面，有地住宅与共管公寓的跌幅则没有太大的差别，都在7％、8％的范围内。唯一比较显著的，是位于核心中央商业区内、属于高档次共管公寓的租金，在今年第一季下滑了10.3％。其他中央区和中央区以外的租金，分别在今年第一季下跌了7.2％和6.5％。
指数下降0.8% 连涨两年后 组屋转售价今年首季下滑
Source : 《联合早报》Apr 25, 2009
持续不明朗的经济前景不只导致私宅、办公楼及工业厂房价格全面下滑，作为房地产市场最后一道防线的公共住屋也无法抵挡跌势，转售价经过连续两年多涨势后开始下跌，今年首季的组屋转售价指数下降0.8%，是2006年以来首次下滑。
这个跌幅比本月初步预估的0.6%还要大，也比2006年第三季滑落的0.2%来得高。
建屋发展局昨天公布的今年第一季组屋转售市场数据显示，组屋转售价指数一反去年第四季的1.4%涨幅，首次滑落至138.3点，显示组屋转售市场终于受到经济衰退影响。
涨幅自去年第二季渐缩小
其实，组屋转售价指数的涨幅自去年第二季开始慢慢缩小，去年第四季的1.4%涨幅是之前七个季度以来最低，因此这次转售价指数虽然首次下滑，但在市场预料之内。
ERA房地产公司助理副总裁林东荣受访时说：“组屋转售价自2007年首季上升33%后不断上升，去年第四季达到颠峰，因此现在屋价微跌，其实是意料中事，说明转售价随着经济和失业情况恶化而下滑。”
林东荣估计，整年的组屋转售价会下跌5%至10%。
博纳集团（PropNex）总裁伊斯迈则比较乐观，预料转售价将只下跌5%左右。
他说：“让人欣慰的是，虽然组屋转售价指数跌至138.3点，但仍未跌破1996年第四季房屋市场红火时的136.9点高峰。”
伊斯迈说：“很明显的，公共住屋市场在经济阴霾中仍具有‘顽抗力’（resilient），因为人们对转售组屋的需求持续强劲。其他住屋选择如预购组屋（BTO）及由私人发展商设计、兴建和销售的私人组屋（DBSS），需要几年时间竣工。”
越来越多买家也趁现在屋价下跌时购买转售组屋。第一季组屋转售交易量就上升了4.2%，共有6446间组屋完成交易，比上季度多了260宗。
林东荣说，1998年经济危机时也同样出现组屋转售交易量上升现象，这次也没例外。他认为，需求主要来自永久居民、大屋换小屋者及私宅“降级者”。
持续不明朗的经济前景不只导致私宅、办公楼及工业厂房价格全面下滑，作为房地产市场最后一道防线的公共住屋也无法抵挡跌势，转售价经过连续两年多涨势后开始下跌，今年首季的组屋转售价指数下降0.8%，是2006年以来首次下滑。
这个跌幅比本月初步预估的0.6%还要大，也比2006年第三季滑落的0.2%来得高。
建屋发展局昨天公布的今年第一季组屋转售市场数据显示，组屋转售价指数一反去年第四季的1.4%涨幅，首次滑落至138.3点，显示组屋转售市场终于受到经济衰退影响。
涨幅自去年第二季渐缩小
其实，组屋转售价指数的涨幅自去年第二季开始慢慢缩小，去年第四季的1.4%涨幅是之前七个季度以来最低，因此这次转售价指数虽然首次下滑，但在市场预料之内。
ERA房地产公司助理副总裁林东荣受访时说：“组屋转售价自2007年首季上升33%后不断上升，去年第四季达到颠峰，因此现在屋价微跌，其实是意料中事，说明转售价随着经济和失业情况恶化而下滑。”
林东荣估计，整年的组屋转售价会下跌5%至10%。
博纳集团（PropNex）总裁伊斯迈则比较乐观，预料转售价将只下跌5%左右。
他说：“让人欣慰的是，虽然组屋转售价指数跌至138.3点，但仍未跌破1996年第四季房屋市场红火时的136.9点高峰。”
伊斯迈说：“很明显的，公共住屋市场在经济阴霾中仍具有‘顽抗力’（resilient），因为人们对转售组屋的需求持续强劲。其他住屋选择如预购组屋（BTO）及由私人发展商设计、兴建和销售的私人组屋（DBSS），需要几年时间竣工。”
越来越多买家也趁现在屋价下跌时购买转售组屋。第一季组屋转售交易量就上升了4.2%，共有6446间组屋完成交易，比上季度多了260宗。
林东荣说，1998年经济危机时也同样出现组屋转售交易量上升现象，这次也没例外。他认为，需求主要来自永久居民、大屋换小屋者及私宅“降级者”。
转售组屋溢价 中位数猛跌
Source : 《联合早报》Apr 25, 2009
作为市场温度计的整体转售组屋溢价中位数（median cash-over-valuation），今年首季猛跌，大型组屋甚至出现零溢价现象。
建屋发展局昨天公布的今年第一季组屋转售市场数据显示，整体溢价4000元，比上季少了1万1000元，下挫超过70%。
此外，只有62%的交易需付溢价，比上季少23%，在在显示市场已明显趋软。
组屋溢价指的是要价与估价间的价差，由于它超越估价，因此不能用房屋贷款或公积金存款支付。换言之，组屋溢价是估价以外的现金数额，溢价越高，意味着买家需掏出更多现金。
中位数是指是数据里头的中间数字，即有一半数字比中位数高，另一半则比它低，因此不受极端数据影响。
市道不景，大型组屋买气也锐减，无论是转售价或溢价中位数全线下滑。五房式和公寓式组屋转售价从去年第四季的38万元和45万8000元下跌至今年首季的37万6500元和44万5000元。溢价中位数甚至从上季的1万多元跌至今年首季的零溢价。
小型组屋溢价中位数也全面下跌，跌幅和大型组屋相差不远。三房式和四房式的溢价中位数同样下滑1万元达到5000元。
博纳集团（PropNex）总裁伊斯迈说，溢价下滑情况在马林百列、女皇镇、加冷、红山和碧山尤其显著，主要因为估价已偏高，导致买家拒绝掏出额外现款支付太高的溢价。
ERA房地产公司助理副总裁林东荣同意说：“大型组屋可享有溢价的日子已结束。随着经济情况继续走下坡，买家变得更谨慎，也开始转购小型组屋。”
建屋局说，它将按需求在未来半年推出另2400个预购组屋，其中约1000个是三房式及更小单位，大部分建在榜鹅。
租赁市场方面，小型组屋租金保持平稳，四房式及更大型组屋则下跌100元至200元。建屋局今年第一季也批准约3525份租屋申请，使整体批准的申请达到2万2800份。
作为市场温度计的整体转售组屋溢价中位数（median cash-over-valuation），今年首季猛跌，大型组屋甚至出现零溢价现象。
建屋发展局昨天公布的今年第一季组屋转售市场数据显示，整体溢价4000元，比上季少了1万1000元，下挫超过70%。
此外，只有62%的交易需付溢价，比上季少23%，在在显示市场已明显趋软。
组屋溢价指的是要价与估价间的价差，由于它超越估价，因此不能用房屋贷款或公积金存款支付。换言之，组屋溢价是估价以外的现金数额，溢价越高，意味着买家需掏出更多现金。
中位数是指是数据里头的中间数字，即有一半数字比中位数高，另一半则比它低，因此不受极端数据影响。
市道不景，大型组屋买气也锐减，无论是转售价或溢价中位数全线下滑。五房式和公寓式组屋转售价从去年第四季的38万元和45万8000元下跌至今年首季的37万6500元和44万5000元。溢价中位数甚至从上季的1万多元跌至今年首季的零溢价。
小型组屋溢价中位数也全面下跌，跌幅和大型组屋相差不远。三房式和四房式的溢价中位数同样下滑1万元达到5000元。
博纳集团（PropNex）总裁伊斯迈说，溢价下滑情况在马林百列、女皇镇、加冷、红山和碧山尤其显著，主要因为估价已偏高，导致买家拒绝掏出额外现款支付太高的溢价。
ERA房地产公司助理副总裁林东荣同意说：“大型组屋可享有溢价的日子已结束。随着经济情况继续走下坡，买家变得更谨慎，也开始转购小型组屋。”
建屋局说，它将按需求在未来半年推出另2400个预购组屋，其中约1000个是三房式及更小单位，大部分建在榜鹅。
租赁市场方面，小型组屋租金保持平稳，四房式及更大型组屋则下跌100元至200元。建屋局今年第一季也批准约3525份租屋申请，使整体批准的申请达到2万2800份。
Property Sales And Rentals Down In Q1 2009
Source : Channel NewsAsia, 24 April 2009
Property prices across the board were down in the first quarter of 2009.
Official figures released Friday showed that in the private property market, residential, office, shop and industrial properties decreased fetched lower prices both in terms of sales and rentals.
As for HDB’s Resale Price Index (RPI) for public housing, it showed a fall by 0.8% in 1st Quarter 2009 over the previous quarter. This comes after an increase of 1.4% in 4th Quarter 2008.
There was an increase in resale transactions from 6,186 cases in 4th Quarter 2008 to about 6,446 cases in 1st Quarter 2009, but this increase is slightly lower at 1.4% compared to 1st Quarter 2008.
The HDB data also revealed that the median Cash-Over-Valuation (COV) amount for all resale transactions has been declining since 1st Quarter 2008.
In 1st Quarter 2009, it fell to $4,000, which is $11,000 lower than that in 4th Quarter 2008.
As for the rental of government flats by owners, the numbers in the 1st Quarter remained the same as previous quarter for the smaller flats, but fell by $100 to $200 for 4-room and larger units.
The number of subletting transactions also fell by 4.3% from 3,685 cases in 4th Quarter 2008 to 3,525 cases in 1st Quarter 2009, even though the total number of flats approved for subletting rose to about 22,800 units as at 1st Quarter 2009.
In the private property sector, overall prices for residential units fell by 14.1% in 1st Quarter 2009, compared with the decline of 6.1% in the previous quarter.
Prices of non-landed properties fell by 15.1% in 1st Quarter 2009, compared with the decline of 6.3% in the previous quarter, with apartment prices falling by 15.9%, while those of condominiums fell by 14.7%.
Hardest hit was those in the Core Central Region(CCR) where the drop was by 16.2% while the Rest of Central Region(RCR) and Outside Central Region (OCR) fell by 17.0% and 7.3% respectively.
Rentals of non-landed properties in CCR, RCR and OCR also fell but not as sharply by 10.3%, 7.2% and 6.5% respectively in 1st Quarter 2009.
The drop was not as steep for landed property sales which fell by 9.2% in 1st Quarter 2009, compared with the decrease of 4.8% in the previous quarter.
Overall, the rental market for private properties fetched prices that were 8.5% in 1st Quarter 2009, compared with the decrease of 5.3% in the previous quarter.
The URA also reported in its latest release that as at the end of the 1st Quarter 2009, there was a total supply of 64,152 uncompleted units of private housing from projects in the pipeline.
Of these, 42,045 units remain unsold.
As for the 64,152 uncompleted units, 27,423 units were expected to be completed between 2nd quarter 2009 and 2011, and most are already under construction6.
The URA also said that developers have obtained planning approvals for for projects totaling some 4,000 units, but have yet to commence construction. - CNA/sf
Property prices across the board were down in the first quarter of 2009.
Official figures released Friday showed that in the private property market, residential, office, shop and industrial properties decreased fetched lower prices both in terms of sales and rentals.
As for HDB’s Resale Price Index (RPI) for public housing, it showed a fall by 0.8% in 1st Quarter 2009 over the previous quarter. This comes after an increase of 1.4% in 4th Quarter 2008. There was an increase in resale transactions from 6,186 cases in 4th Quarter 2008 to about 6,446 cases in 1st Quarter 2009, but this increase is slightly lower at 1.4% compared to 1st Quarter 2008.
The HDB data also revealed that the median Cash-Over-Valuation (COV) amount for all resale transactions has been declining since 1st Quarter 2008.
In 1st Quarter 2009, it fell to $4,000, which is $11,000 lower than that in 4th Quarter 2008.
As for the rental of government flats by owners, the numbers in the 1st Quarter remained the same as previous quarter for the smaller flats, but fell by $100 to $200 for 4-room and larger units.
The number of subletting transactions also fell by 4.3% from 3,685 cases in 4th Quarter 2008 to 3,525 cases in 1st Quarter 2009, even though the total number of flats approved for subletting rose to about 22,800 units as at 1st Quarter 2009.
In the private property sector, overall prices for residential units fell by 14.1% in 1st Quarter 2009, compared with the decline of 6.1% in the previous quarter.
Prices of non-landed properties fell by 15.1% in 1st Quarter 2009, compared with the decline of 6.3% in the previous quarter, with apartment prices falling by 15.9%, while those of condominiums fell by 14.7%.
Hardest hit was those in the Core Central Region(CCR) where the drop was by 16.2% while the Rest of Central Region(RCR) and Outside Central Region (OCR) fell by 17.0% and 7.3% respectively.
Rentals of non-landed properties in CCR, RCR and OCR also fell but not as sharply by 10.3%, 7.2% and 6.5% respectively in 1st Quarter 2009.
The drop was not as steep for landed property sales which fell by 9.2% in 1st Quarter 2009, compared with the decrease of 4.8% in the previous quarter.
Overall, the rental market for private properties fetched prices that were 8.5% in 1st Quarter 2009, compared with the decrease of 5.3% in the previous quarter.
The URA also reported in its latest release that as at the end of the 1st Quarter 2009, there was a total supply of 64,152 uncompleted units of private housing from projects in the pipeline.
Of these, 42,045 units remain unsold.
As for the 64,152 uncompleted units, 27,423 units were expected to be completed between 2nd quarter 2009 and 2011, and most are already under construction6.
The URA also said that developers have obtained planning approvals for for projects totaling some 4,000 units, but have yet to commence construction. - CNA/sf
Private Home Prices Fall
Source : The Straits Times, April 24, 2009
PRIVATE home prices in Singapore slumped 14.1 per cent in the first quarter of 2009, compared with a 6.1 per cent slide in the fourth quarter of last year.
This is the largest decline since the Urban Redevelopment Authority started compiling price index in 1975. The fall, according to URA data released on Friday, is worse than an initial estimate of 13.8 per cent.
There were 64,152 private residential units in the pipeline for the quarter, comprising supply from projects that were already under construction and those that had been granted planning approval but were not under construction yet. -- ST FILE PHOTO
Private home prices started falling in the third quarter of last year, after climbing for more than four years, URA data showed.
The fall in private home rents also gathered pace, sliding 8.5 per cent in the first quarter, compared with a 5.3 per cent decline in the previous quarter.
In the Housing Board market, resale prices edged lower by 0.8 per cent in the first quarter as it reversed its direction from a 1.4 per cent rise in the previous quarter. Initial estimate showed a 0.6 per cent fall.
Prices for apartments in the so-called core central area dropped 16 per cent last quarter and retreated 17 per cent elsewhere in central Singapore.They fell 7.3 per cent across other parts of the island, said the URA.
In the first quarter, there were 64,152 private homes planned that were being built or had received planning approval from the government. That is a 1.3 per cent decline from the previous three months.
Landed properties also took a big hit, falling by 9.2 per cent in the quarter, compared with the drop of 4.8 per cent in the previous quarter. Prices of detached, semi-detached and terrace houses fell by 10 per cent, 7.5 per cent and 9.1 per cent respectively.
Private residential rents also declined 8.5 per cent, accelerating from a 5.3 per cent retreat in the previous quarter, the URA data showed.
Office rents also dropped 11 per cent, compared with 6.5 per cent the previous three months, while rents for retail and industrial space declined 3.3 per cent and 5.6 per cent, respectively.
Home-buyers can view the data on individual uncompleted private residential projects at: http://www.ura.gov.sg/realEstateWeb/price.jsp. The database also provides information on projects with units still available for sale.
Besides the data on the sale of uncompleted units direct from developers, homebuyers can also access information on all private residential property transactions on URA's website at http://www.ura.gov.sg/realEstateWeb/transaction.jsp.
This database, which is based on caveats lodged with the Singapore Land Authority (SLA), contains comprehensive information on the prices and floor areas of the units.
MORE INFORMATION
Home-buyers can view the data on individual uncompleted private residential projects at: http://www.ura.gov.sg/realEstateWeb/price.jsp.
The database also provides information on projects with units still available for sale.
Besides the data on the sale of uncompleted units direct from developers, homebuyers can also access information on all private residential property transactions on URA's website at http://www.ura.gov.sg/realEstateWeb/transaction.jsp.
This database, which is based on caveats lodged with the Singapore Land Authority (SLA), contains comprehensive information on the prices and floor areas of the units.
PRIVATE home prices in Singapore slumped 14.1 per cent in the first quarter of 2009, compared with a 6.1 per cent slide in the fourth quarter of last year.
This is the largest decline since the Urban Redevelopment Authority started compiling price index in 1975. The fall, according to URA data released on Friday, is worse than an initial estimate of 13.8 per cent.
There were 64,152 private residential units in the pipeline for the quarter, comprising supply from projects that were already under construction and those that had been granted planning approval but were not under construction yet. -- ST FILE PHOTO Private home prices started falling in the third quarter of last year, after climbing for more than four years, URA data showed.
The fall in private home rents also gathered pace, sliding 8.5 per cent in the first quarter, compared with a 5.3 per cent decline in the previous quarter.
In the Housing Board market, resale prices edged lower by 0.8 per cent in the first quarter as it reversed its direction from a 1.4 per cent rise in the previous quarter. Initial estimate showed a 0.6 per cent fall.
Prices for apartments in the so-called core central area dropped 16 per cent last quarter and retreated 17 per cent elsewhere in central Singapore.They fell 7.3 per cent across other parts of the island, said the URA.
In the first quarter, there were 64,152 private homes planned that were being built or had received planning approval from the government. That is a 1.3 per cent decline from the previous three months.
Landed properties also took a big hit, falling by 9.2 per cent in the quarter, compared with the drop of 4.8 per cent in the previous quarter. Prices of detached, semi-detached and terrace houses fell by 10 per cent, 7.5 per cent and 9.1 per cent respectively.
Private residential rents also declined 8.5 per cent, accelerating from a 5.3 per cent retreat in the previous quarter, the URA data showed.
Office rents also dropped 11 per cent, compared with 6.5 per cent the previous three months, while rents for retail and industrial space declined 3.3 per cent and 5.6 per cent, respectively.
Home-buyers can view the data on individual uncompleted private residential projects at: http://www.ura.gov.sg/realEstateWeb/price.jsp. The database also provides information on projects with units still available for sale.
Besides the data on the sale of uncompleted units direct from developers, homebuyers can also access information on all private residential property transactions on URA's website at http://www.ura.gov.sg/realEstateWeb/transaction.jsp.
This database, which is based on caveats lodged with the Singapore Land Authority (SLA), contains comprehensive information on the prices and floor areas of the units.
MORE INFORMATION
Home-buyers can view the data on individual uncompleted private residential projects at: http://www.ura.gov.sg/realEstateWeb/price.jsp.
The database also provides information on projects with units still available for sale.
Besides the data on the sale of uncompleted units direct from developers, homebuyers can also access information on all private residential property transactions on URA's website at http://www.ura.gov.sg/realEstateWeb/transaction.jsp.
This database, which is based on caveats lodged with the Singapore Land Authority (SLA), contains comprehensive information on the prices and floor areas of the units.
HDB Resale Flats Lose Shine
Source : The Straits Times, April 24, 2009
PRICES of Housing Board (HDB) resale flats fell by 0.8 per cent in the first quarter, more than the 0.6 per cent that was earlier estimated, putting an end to its record run since 2006.
And this comes after an increase of 1.4 per cent in the fourth quarter of last year.
In the wake of the falling prices, resale transactions rose by 4.2 per cent - from 6,186 cases in the previous quarter to about 6,446 cases in the first three months of this year. Compared to the same quarter a year ago, the increase is slightly lower at 1.4 per cent.
The median Cash-Over-Valuation (COV) amount, which has been been declining in all resale transactions since the first quarter of last year, continued to tumble in the first quarter. In tandem with the downward trend, cases transacting above valuation also dropped from 85 per cent of all resale transactions in the fourth quarter to 62 per cent in the latest quarter.
The remaining 38 per cent transacted either at or below valuation, said the HDB on Friday.
In the first quarter, the HDB launched about 1,300 new flats in two Build-To-Order projects in Punggol and Woodlands.
Subject to demand, the board said it plans to launch another 2,400 BTO flats over the next six months, of which about 1,000 are three-room
and smaller flats. The bulk of the new flat supply would be in Punggol to build up the critical mass of the town.
Sublet rents for HDB flats also fell in the first quarter by $100 to $200 for four-room and larger flats, but stayed the same as the previous quarter for the smaller flats.
There were also fewer sSubletting transactions, which fell by 4.3 per cent from 3,685 cases in the 4th quarter to 3,525 cases in the last three months.
But the total number of HDB flats approved for subletting rose to about 22,800 units, compared to about 22,200 units in the earlier quarter.
The latest numbers underline the worsening recession which has hit the HDB market sooner than expected.
PRICES of Housing Board (HDB) resale flats fell by 0.8 per cent in the first quarter, more than the 0.6 per cent that was earlier estimated, putting an end to its record run since 2006.
And this comes after an increase of 1.4 per cent in the fourth quarter of last year.
In the wake of the falling prices, resale transactions rose by 4.2 per cent - from 6,186 cases in the previous quarter to about 6,446 cases in the first three months of this year. Compared to the same quarter a year ago, the increase is slightly lower at 1.4 per cent.
The median Cash-Over-Valuation (COV) amount, which has been been declining in all resale transactions since the first quarter of last year, continued to tumble in the first quarter. In tandem with the downward trend, cases transacting above valuation also dropped from 85 per cent of all resale transactions in the fourth quarter to 62 per cent in the latest quarter.
The remaining 38 per cent transacted either at or below valuation, said the HDB on Friday.
In the first quarter, the HDB launched about 1,300 new flats in two Build-To-Order projects in Punggol and Woodlands.
Subject to demand, the board said it plans to launch another 2,400 BTO flats over the next six months, of which about 1,000 are three-room
and smaller flats. The bulk of the new flat supply would be in Punggol to build up the critical mass of the town.
Sublet rents for HDB flats also fell in the first quarter by $100 to $200 for four-room and larger flats, but stayed the same as the previous quarter for the smaller flats.
There were also fewer sSubletting transactions, which fell by 4.3 per cent from 3,685 cases in the 4th quarter to 3,525 cases in the last three months.
But the total number of HDB flats approved for subletting rose to about 22,800 units, compared to about 22,200 units in the earlier quarter.
The latest numbers underline the worsening recession which has hit the HDB market sooner than expected.
Premium For HDB Resale Flats In Sharp Fall
Source : The Business Times, April 25, 2009
Median cash-over-valuation for resale transactions plunges 73% in Q1
BUYERS are increasingly reluctant to pay a premium for HDB flats, going by fast-falling cash-over-valuation (COV) figures from the Housing & Development Board yesterday. The median COV for resale transactions dived a stunning 73 per cent from $15,000 in Q4 2008 to $4,000 in Q1 2009.
MR MOHAMED - 'The sharp drop in COVs is due to increasing public resistance to paying above what are already higher valuations.'
In fact, the median COVs for five-room and executive flats were both zero dollars in Q1 2009. Just a quarter ago, buyers paid median cash amounts of $11,000 and $12,000 on top of valuation for five-room and executive flats respectively.
'The sharp drop in COVs is due to increasing public resistance to paying above what are already higher valuations,' said PropNex chief executive officer Mohamed Ismail.
According to HDB, the proportion of flats that changed hands above valuation fell in Q1 2009 to 62 per cent of all resale transactions, from 85 per cent in Q4 2008.
ERA Asia-Pacific noted that more higher-value HDB resale flats are being sold below valuation - for $30,000 to $50,000 less in some cases. 'In coming quarters, we are likely to see more and more larger flats sold at or below valuation as the harsh economic conditions hit home,' said ERA associate director Eugene Lim.
Stricter loan-to-value ratios could have contributed to the trend. 'Banks are becoming more conservative and there have been cases where buyers are offered only 70 per cent loans instead of the usual 80 per cent,' Mr Lim said.
The cooling economy has also turned some home-seekers away from five-room to four-room flats, he noted. And as a result, prices of larger flats may face downward pressure.
On the whole, HDB's resale price index slid 0.8 per cent in Q1 2009 from Q4 2008, shrinking more than the flash estimate of minus 0.6 per cent released early this month. This is the first time the index has shrunk after growing more than 30 per cent over nine straight quarters.
Property consultants expect resale HDB flat prices to drop 5-10 per cent for the whole year, with larger flats accounting for more of the fall.
Nevertheless, 'we do not expect the decrease in HDB resale prices to dent upgrader demand for private property, because the rate of price fall of HDB resale flats is still smaller than that of private homes,' said Knight Frank's director of consultancy & research Nicholas Mak.
Three to four-room flats should enjoy greater demand, consultants reckon. As PropNex's Mr Mohamed observed, buyers are still willing to pay COV for these flats.
HDB data also shows a rising proportion of resale flat applications involving smaller flats.
Three- and four-room flats accounted for 69.8 per cent of applications in Q1 2009, compared with 67 per cent in Q4 2008.
There were 6,446 resale transactions in Q1 2009, 4.2 per cent more than in the preceding quarter. 'HDB resale transactions typically increase when times are bad,' said ERA's Mr Lim.
But with HDB building more new flats, some demand may shift, he added.
HDB said yesterday that it plans to launch another 2,400 build-to-order flats over the next six months, of which about 1,000 will be three-room and smaller flats.
Median cash-over-valuation for resale transactions plunges 73% in Q1
BUYERS are increasingly reluctant to pay a premium for HDB flats, going by fast-falling cash-over-valuation (COV) figures from the Housing & Development Board yesterday. The median COV for resale transactions dived a stunning 73 per cent from $15,000 in Q4 2008 to $4,000 in Q1 2009.
MR MOHAMED - 'The sharp drop in COVs is due to increasing public resistance to paying above what are already higher valuations.'In fact, the median COVs for five-room and executive flats were both zero dollars in Q1 2009. Just a quarter ago, buyers paid median cash amounts of $11,000 and $12,000 on top of valuation for five-room and executive flats respectively.
'The sharp drop in COVs is due to increasing public resistance to paying above what are already higher valuations,' said PropNex chief executive officer Mohamed Ismail.
According to HDB, the proportion of flats that changed hands above valuation fell in Q1 2009 to 62 per cent of all resale transactions, from 85 per cent in Q4 2008.
ERA Asia-Pacific noted that more higher-value HDB resale flats are being sold below valuation - for $30,000 to $50,000 less in some cases. 'In coming quarters, we are likely to see more and more larger flats sold at or below valuation as the harsh economic conditions hit home,' said ERA associate director Eugene Lim.
Stricter loan-to-value ratios could have contributed to the trend. 'Banks are becoming more conservative and there have been cases where buyers are offered only 70 per cent loans instead of the usual 80 per cent,' Mr Lim said.
The cooling economy has also turned some home-seekers away from five-room to four-room flats, he noted. And as a result, prices of larger flats may face downward pressure.
On the whole, HDB's resale price index slid 0.8 per cent in Q1 2009 from Q4 2008, shrinking more than the flash estimate of minus 0.6 per cent released early this month. This is the first time the index has shrunk after growing more than 30 per cent over nine straight quarters.
Property consultants expect resale HDB flat prices to drop 5-10 per cent for the whole year, with larger flats accounting for more of the fall.
Nevertheless, 'we do not expect the decrease in HDB resale prices to dent upgrader demand for private property, because the rate of price fall of HDB resale flats is still smaller than that of private homes,' said Knight Frank's director of consultancy & research Nicholas Mak.
Three to four-room flats should enjoy greater demand, consultants reckon. As PropNex's Mr Mohamed observed, buyers are still willing to pay COV for these flats.
HDB data also shows a rising proportion of resale flat applications involving smaller flats.
Three- and four-room flats accounted for 69.8 per cent of applications in Q1 2009, compared with 67 per cent in Q4 2008.
There were 6,446 resale transactions in Q1 2009, 4.2 per cent more than in the preceding quarter. 'HDB resale transactions typically increase when times are bad,' said ERA's Mr Lim.
But with HDB building more new flats, some demand may shift, he added.
HDB said yesterday that it plans to launch another 2,400 build-to-order flats over the next six months, of which about 1,000 will be three-room and smaller flats.
Developers Still Putting Up Project Plans
Source : The Business Times, April 25, 2009
URA has received 4 applications to convert space in CBD
THE property market may be subdued, but developers are not sitting still. A check with the Urban Redevelopment Authority shows some are still putting up proposals to convert office space or embark on residential and commercial projects.
URA told BT it has received four applications to convert office space in the central area to other uses since it lifted the ban on doing so in October last year. 'These applications are now being evaluated and are pending final approval,' said a URA spokesman.
In a bid to ease the office space supply crunch that built up during the boom years, URA called a halt to such conversions in May 2007. It later removed the ban as the supply of office space coming on stream started to increase, while the economy began to slow. URA did not identify the buildings involved in the applications, but some property owners have revealed plans to convert office space.
CapitaMall Trust, for instance, said last week that it was 'in talks with the authorities to optimise the integration plan for The Atrium@Orchard and Plaza Singapura' and that work could start by end-2010 subject to market conditions and official approvals.
URA has also granted approval for close to 10 commercial and private residential projects, according to its Q1 2009 real estate statistics released yesterday.
UIC Investments (Properties) received provisional permission in January to develop office and retail space with gross floor areas (GFAs) of 114,500 sq ft and 48,000 sq ft respectively at the UIC Building in Shenton Way. Some 593 residential units could also take shape at the site.
The South Beach consortium - comprising City Developments, a Dubai World unit and Elad Group - has been given the go-ahead to develop 560 hotel rooms across a GFA of 474,100 sq ft at its Beach Road project. The site may include office space with a GFA of more than 632,100 sq ft, and retail space with a GFA of 158,000 sq ft. The project is tipped to receive a temporary occupation permit in 2014.
BT understands there will also be a residential component in the South Beach project, although this did not appear in the URA statistics. The data only shows development approvals for uncompleted private residential projects if they have at least 200 non-landed property units.
YTL Corp, which bought the Westwood Apartments in Orchard Boulevard in 2007, has obtained provisional permission to develop shop space with a GFA of 1,500 sq ft and 39 hotel rooms across 78,200 sq ft at the site. BT understands the residential component similarly did not show up in the URA statistics, because there are less than 200 non-landed units.
In February, UOL Group subsidiary Hotel Plaza got URA's nod to re-use the GFA in The Plaza's podium block to create 273 hotel rooms.
URA has received 4 applications to convert space in CBD
THE property market may be subdued, but developers are not sitting still. A check with the Urban Redevelopment Authority shows some are still putting up proposals to convert office space or embark on residential and commercial projects.
URA told BT it has received four applications to convert office space in the central area to other uses since it lifted the ban on doing so in October last year. 'These applications are now being evaluated and are pending final approval,' said a URA spokesman.
In a bid to ease the office space supply crunch that built up during the boom years, URA called a halt to such conversions in May 2007. It later removed the ban as the supply of office space coming on stream started to increase, while the economy began to slow. URA did not identify the buildings involved in the applications, but some property owners have revealed plans to convert office space.
CapitaMall Trust, for instance, said last week that it was 'in talks with the authorities to optimise the integration plan for The Atrium@Orchard and Plaza Singapura' and that work could start by end-2010 subject to market conditions and official approvals.
URA has also granted approval for close to 10 commercial and private residential projects, according to its Q1 2009 real estate statistics released yesterday.
UIC Investments (Properties) received provisional permission in January to develop office and retail space with gross floor areas (GFAs) of 114,500 sq ft and 48,000 sq ft respectively at the UIC Building in Shenton Way. Some 593 residential units could also take shape at the site.
The South Beach consortium - comprising City Developments, a Dubai World unit and Elad Group - has been given the go-ahead to develop 560 hotel rooms across a GFA of 474,100 sq ft at its Beach Road project. The site may include office space with a GFA of more than 632,100 sq ft, and retail space with a GFA of 158,000 sq ft. The project is tipped to receive a temporary occupation permit in 2014.
BT understands there will also be a residential component in the South Beach project, although this did not appear in the URA statistics. The data only shows development approvals for uncompleted private residential projects if they have at least 200 non-landed property units.
YTL Corp, which bought the Westwood Apartments in Orchard Boulevard in 2007, has obtained provisional permission to develop shop space with a GFA of 1,500 sq ft and 39 hotel rooms across 78,200 sq ft at the site. BT understands the residential component similarly did not show up in the URA statistics, because there are less than 200 non-landed units.
In February, UOL Group subsidiary Hotel Plaza got URA's nod to re-use the GFA in The Plaza's podium block to create 273 hotel rooms.
Watch This Vacant Office Space
Source : The Business Times, April 25, 2009
Vacancies hit 10% in Q1; broader property market sees prices fall across sectors; rentals also slide, URA data shows
SINGAPORE'S property sector continues to take the bumpy slide down, with the office market gathering its share of bruises.
This segment took a hit for the second consecutive quarter, government data showed. The broader property market also saw prices and rentals slipping.
The take-up of office space fell nearly 323,000 sq ft in Q1 2009 after sliding 366,000 sq ft in Q4 last year.
That sent islandwide vacancies for offices up from 8.8 per cent at end-Q4 2008 to 10 per cent by end-Q1 2009 - the first time that Singapore is seeing double-digit office vacancies since late-2006.
CB Richard Ellis executive director (office services) Moray Armstrong reiterated the Singapore office market could see negative take-up for the whole of this year in excess of one million sq ft. 'Many of the corporates we talk to are well advanced in implementing their restructuring programmes. From this, we deduce we may be going through the period of sharpest contraction in office demand now. Contraction may ease in the second-half,' he said.
'The outlook for office rents remains bearish because of the negative take-up and the onset of greater supply from completion of new office developments,' he added.
CBRE expects office vacancies to rise sharply going forward. Rival firm Colliers International predicts that the average gross monthly rental of Grade A space in the central business district will ease by up to 30 per cent over the next three quarters of 2009 from the Q1 level - which was already 22 per cent lower than at the end of last year.
The weak demand in the office sector also rubbed off on business park space, which saw negative take-up of about 215,000 sq ft in Q1, against positive take-up of some 10,700 sq ft in Q4 2008. Vacancy rate for the sector increased from 6.2 per cent in Q4 2008 to 9.7 per cent in Q1 2009.
In the private residential segment, URA's overall islandwide price index slipped 14.1 per cent in Q1 over the preceding quarter, slightly steeper than the flash estimate decline of 13.8 per cent. The Q1 drop was also the biggest quarterly drop to date. The index has now eased 21.2 per cent since peaking in Q2 last year.
Colliers International director Tay Huey Ying says: 'Mass market homes could see more gradual price corrections averaging about 8 to 12 per cent over the next three quarters (from Q1 2009 levels) as more sellers in the secondary market as well as developers with unsold units from earlier launches can be expected to adjust the pricing of their properties to near-current levels.'
She predicts bigger average price declines of 10-15 per cent for the mid-tier and high-end/luxury segments over the same period.
URA's private residential rental indices show that the sharpest contraction in Q1 was for non-landed homes in the Core Central Region, which shrank 10.3 per cent quarter on quarter. The overall private residential rental index slipped 8.5 per cent in Q1, bigger than the 5.3 per cent drop in Q4. 'The decline in rents could be attributed to supply outstripping demand as more expats left the country and to more new projects being completed,' CBRE executive director Li Hiaw Ho said.
Developers sold a total 2,596 private homes in Q1, about six times the 419 units in Q4 2008.
The latest Q1 number was 64 units lower than the 2,660-unit figure collated from monthly developer sales stats (for January to March 2009). The decline reflects lapsing of options on units sold earlier in the quarter, URA's spokeswoman said.
Market watchers also observed a slight easing in residential supply.
Some 27,423 private homes are expected to be completed between Q2 2009 and 2011, lower than the 31,004 units projected for completion between 2009 and 2011 in URA's Q4 2008 data.
The smaller pipeline supply partly reflects the completion of 2,230 units in Q1 2009.
Developers may also have postponed redevelopment of some of the sites they had bought through en bloc sales and delayed construction, said URA's spokeswoman.
URA's shop rental index eased 3.3 per cent quarter on quarter in Q1, after dipping 0.6 per cent in Q4. The all industrial rental index slid 5.6 per cent in Q1, also worse than the 3.7 per cent fall in Q4.
Summing up prospects for Singapore's property markets, Knight Frank managing director Tan Tiong Cheng said: 'For the private residential sector, there's evidence of a pick-up in activity - not just in the primary market but also subsales and resales. For office and industrial, there are going to be more rental declines because of the economic slowdown. Retail will be difficult. New malls opening this year may drum up business, but it will be at the expense of existing malls, given that tourism numbers are weak.'
Vacancies hit 10% in Q1; broader property market sees prices fall across sectors; rentals also slide, URA data shows
SINGAPORE'S property sector continues to take the bumpy slide down, with the office market gathering its share of bruises.
This segment took a hit for the second consecutive quarter, government data showed. The broader property market also saw prices and rentals slipping.
The take-up of office space fell nearly 323,000 sq ft in Q1 2009 after sliding 366,000 sq ft in Q4 last year.
That sent islandwide vacancies for offices up from 8.8 per cent at end-Q4 2008 to 10 per cent by end-Q1 2009 - the first time that Singapore is seeing double-digit office vacancies since late-2006.
CB Richard Ellis executive director (office services) Moray Armstrong reiterated the Singapore office market could see negative take-up for the whole of this year in excess of one million sq ft. 'Many of the corporates we talk to are well advanced in implementing their restructuring programmes. From this, we deduce we may be going through the period of sharpest contraction in office demand now. Contraction may ease in the second-half,' he said.
'The outlook for office rents remains bearish because of the negative take-up and the onset of greater supply from completion of new office developments,' he added.
CBRE expects office vacancies to rise sharply going forward. Rival firm Colliers International predicts that the average gross monthly rental of Grade A space in the central business district will ease by up to 30 per cent over the next three quarters of 2009 from the Q1 level - which was already 22 per cent lower than at the end of last year.
The weak demand in the office sector also rubbed off on business park space, which saw negative take-up of about 215,000 sq ft in Q1, against positive take-up of some 10,700 sq ft in Q4 2008. Vacancy rate for the sector increased from 6.2 per cent in Q4 2008 to 9.7 per cent in Q1 2009.
In the private residential segment, URA's overall islandwide price index slipped 14.1 per cent in Q1 over the preceding quarter, slightly steeper than the flash estimate decline of 13.8 per cent. The Q1 drop was also the biggest quarterly drop to date. The index has now eased 21.2 per cent since peaking in Q2 last year.
Colliers International director Tay Huey Ying says: 'Mass market homes could see more gradual price corrections averaging about 8 to 12 per cent over the next three quarters (from Q1 2009 levels) as more sellers in the secondary market as well as developers with unsold units from earlier launches can be expected to adjust the pricing of their properties to near-current levels.'
She predicts bigger average price declines of 10-15 per cent for the mid-tier and high-end/luxury segments over the same period.
URA's private residential rental indices show that the sharpest contraction in Q1 was for non-landed homes in the Core Central Region, which shrank 10.3 per cent quarter on quarter. The overall private residential rental index slipped 8.5 per cent in Q1, bigger than the 5.3 per cent drop in Q4. 'The decline in rents could be attributed to supply outstripping demand as more expats left the country and to more new projects being completed,' CBRE executive director Li Hiaw Ho said.
Developers sold a total 2,596 private homes in Q1, about six times the 419 units in Q4 2008.
The latest Q1 number was 64 units lower than the 2,660-unit figure collated from monthly developer sales stats (for January to March 2009). The decline reflects lapsing of options on units sold earlier in the quarter, URA's spokeswoman said.
Market watchers also observed a slight easing in residential supply.
Some 27,423 private homes are expected to be completed between Q2 2009 and 2011, lower than the 31,004 units projected for completion between 2009 and 2011 in URA's Q4 2008 data.
The smaller pipeline supply partly reflects the completion of 2,230 units in Q1 2009.
Developers may also have postponed redevelopment of some of the sites they had bought through en bloc sales and delayed construction, said URA's spokeswoman.
URA's shop rental index eased 3.3 per cent quarter on quarter in Q1, after dipping 0.6 per cent in Q4. The all industrial rental index slid 5.6 per cent in Q1, also worse than the 3.7 per cent fall in Q4.
Summing up prospects for Singapore's property markets, Knight Frank managing director Tan Tiong Cheng said: 'For the private residential sector, there's evidence of a pick-up in activity - not just in the primary market but also subsales and resales. For office and industrial, there are going to be more rental declines because of the economic slowdown. Retail will be difficult. New malls opening this year may drum up business, but it will be at the expense of existing malls, given that tourism numbers are weak.'
Sentosa Cove On Track To Meet Schedules
Source : The Business Times, April 25, 2009
It will have some 2,100 condo units and landed homes by 2014
CONSTRUCTION at Sentosa Cove is largely on schedule, but Sentosa Development Corporation (SDC) - which oversees the luxury residential enclave - has received a 'handful' of requests from developers to delay their upcoming projects, chief executive Mike Barclay told reporters yesterday.
DESIRABLE ADDRESS - There are some 1,700 people living in Sentosa Cove today, with more than 30 condos and landed properties receiving TOPs
SDC has granted an extension to one developer and it is reviewing requests from others. It will consider requests on a case-by-case basis, Mr Barclay said.
And in a few cases, land-owners have had to pay liquidated damages - which is essentially a penalty - for taking slightly longer than the maximum time allowed to develop the sites they bought. The penalty comes to 2 per cent of the land purchase price for each month's delay.
Buyers of land plots meant for landed homes are given four years to complete building on their sites, while buyers of condominium and commercial plots are given up to five years. So far, no major delays have been seen, SDC said. With most construction on track, Sentosa Cove should be home to some 2,100 condominium units and landed homes by 2014.
While some 2,500 homes could have been built on the Cove, some developers decided to combine land plots or build larger units, which means that the enclave will have fewer units than it could have.
To date, there are some 1,700 people living in Sentosa Cove in about 400 homes. More than 30 condominiums and landed properties have received their temporary occupation permits (TOPs).
This includes condominiums such as The Berth by the Cove and The Azure. Overall condo occupancy at projects that have achieved TOP now stands at about 70 per cent, according to data from SDC.
The number of people who have set up home in the Cove is expected to climb as another 60 projects are expected to get their TOPs over the next six months.
'With more TOPs on the way, our live-in population is set to swell to about 3,000 by the end of 2009,' said Mr Barclay.
About 840 homes - comprising 140 landed units and 700 condo apartments - will be ready by the end of this year, up from about 400 now.
Sentosa Cove comprises of North Cove and South Cove. Land parcels in the North Cove were launched first.
'By the end of the year, 85 per cent of the projects within North Cove will have obtained TOPs,' said Jason Yeo, general manager for Sentosa Cove Resort Management. 'As for South Cove, the land sale was completed in 2008 and it is envisaged to be fully developed by 2014.'
The masterplan for Sentosa Cove was finalised in 1996, and land sales kicked off in 2003. All land sites were sold by 2008, with the total investment from land sales for the Sentosa Cove project coming to some $5.1 billion in total. Some 60 per cent of all buyers were foreigners.
With all land plots on the island sold off, Sentosa's management has now turned its attention to building a cohesive residential community.
Right now, Sentosa Cove is home to people from 21 nationalities including Europe, the United States, China, India, Australia and neighbouring South-east Asian countries.
'We are actively building a community life now and are committed to fulfilling our vision of delivering the world's most desirable address,' said Mr Barclay.
'Are we on track with our vision? The answer is yes,' said Jennie Chua, chairman of the Sentosa Cove Council. In recent quarters, property prices across Singapore (including Sentosa Cove) have tumbled and reports of construction delays have emerged. But this is due to a global economic downturn, Ms Chua said. In the longer term, Sentosa Cove still offers an attractive residential enclave for locals and foreigners, she said.
It will have some 2,100 condo units and landed homes by 2014
CONSTRUCTION at Sentosa Cove is largely on schedule, but Sentosa Development Corporation (SDC) - which oversees the luxury residential enclave - has received a 'handful' of requests from developers to delay their upcoming projects, chief executive Mike Barclay told reporters yesterday.
DESIRABLE ADDRESS - There are some 1,700 people living in Sentosa Cove today, with more than 30 condos and landed properties receiving TOPsSDC has granted an extension to one developer and it is reviewing requests from others. It will consider requests on a case-by-case basis, Mr Barclay said.
And in a few cases, land-owners have had to pay liquidated damages - which is essentially a penalty - for taking slightly longer than the maximum time allowed to develop the sites they bought. The penalty comes to 2 per cent of the land purchase price for each month's delay.
Buyers of land plots meant for landed homes are given four years to complete building on their sites, while buyers of condominium and commercial plots are given up to five years. So far, no major delays have been seen, SDC said. With most construction on track, Sentosa Cove should be home to some 2,100 condominium units and landed homes by 2014.
While some 2,500 homes could have been built on the Cove, some developers decided to combine land plots or build larger units, which means that the enclave will have fewer units than it could have.
To date, there are some 1,700 people living in Sentosa Cove in about 400 homes. More than 30 condominiums and landed properties have received their temporary occupation permits (TOPs).
This includes condominiums such as The Berth by the Cove and The Azure. Overall condo occupancy at projects that have achieved TOP now stands at about 70 per cent, according to data from SDC.
The number of people who have set up home in the Cove is expected to climb as another 60 projects are expected to get their TOPs over the next six months.
'With more TOPs on the way, our live-in population is set to swell to about 3,000 by the end of 2009,' said Mr Barclay.
About 840 homes - comprising 140 landed units and 700 condo apartments - will be ready by the end of this year, up from about 400 now.
Sentosa Cove comprises of North Cove and South Cove. Land parcels in the North Cove were launched first.
'By the end of the year, 85 per cent of the projects within North Cove will have obtained TOPs,' said Jason Yeo, general manager for Sentosa Cove Resort Management. 'As for South Cove, the land sale was completed in 2008 and it is envisaged to be fully developed by 2014.'
The masterplan for Sentosa Cove was finalised in 1996, and land sales kicked off in 2003. All land sites were sold by 2008, with the total investment from land sales for the Sentosa Cove project coming to some $5.1 billion in total. Some 60 per cent of all buyers were foreigners.
With all land plots on the island sold off, Sentosa's management has now turned its attention to building a cohesive residential community.
Right now, Sentosa Cove is home to people from 21 nationalities including Europe, the United States, China, India, Australia and neighbouring South-east Asian countries.
'We are actively building a community life now and are committed to fulfilling our vision of delivering the world's most desirable address,' said Mr Barclay.
'Are we on track with our vision? The answer is yes,' said Jennie Chua, chairman of the Sentosa Cove Council. In recent quarters, property prices across Singapore (including Sentosa Cove) have tumbled and reports of construction delays have emerged. But this is due to a global economic downturn, Ms Chua said. In the longer term, Sentosa Cove still offers an attractive residential enclave for locals and foreigners, she said.