Source : The Business Times, April 1, 2009
*Private home prices fell 13.8 per cent in Q1 from Q4
*Homes in central areas show largest decline
*Analysts expect further fall, but pace of decline may ease
Singapore private home prices suffered their biggest drop in more than 30 years in the first three months of 2009 as the country's worst-ever recession hammered investor sentiment in the recently booming property market.
Home prices fell 13.8 per cent in the first quarter of this year compared with the previous quarter, the Urban Redevelopment Authority said on Wednesday, more than twice as much as the 6.1 per cent drop in October-December 2008.
The fall marked the third straight quarterly drop and was the steepest fall since the second quarter of 1975, URA said.
Shares in Singapore property firms such as CapitaLand and City Developments shrugged off the gloomy market data in spite of analysts saying the drop in the URA's private residential property price index had been steeper than expected.
'The trend is clearly downward,' said Colin Tan, head of research and consultancy at Chesterton Suntec, a real estate consultancy. He said the sharp drop in the index showed momentum was strong and that home prices will fall further before they find a bottom.
But he added that the sharp decline in the index may overstate the market's weakness because of a dearth of deals involving homes in prime areas, several of which were sold at distressed prices.
According to the data, prices of non-landed private homes in the core central region fell 15.2 per cent during the first quarter. Prices of homes in the 'rest of central region' declined 17.2 per cent, while prices outside the central region only dropped 7.5 per cent.
Resale prices for Housing Development Board (HDB) apartments fell 0.6 per cent in the first quarter from the last three months of last year, a separate index compiled by HDB showed.
Mohamed Ismail, chief executive of property agent PropNex, expects prices to decline a further 7-10 per cent this year in the core central and rest of central regions, and 3-5 per cent for homes in outlying areas. -- REUTERS
Wednesday, April 1, 2009
S'pore Pte Home Prices Fell 13.8% In Q1
Source : The Business Times, April 1, 2009
Singapore private home prices fell 13.8 per cent in the first three months of 2009 compared with the previous quarter, the government said on Wednesday.
The fall marked the third consecutive quarterly decline and was steeper than the 6.1 per cent drop recorded in October-December 2008, according to advance estimates from the Urban Redevelopment Authority. -- REUTERS
Singapore private home prices fell 13.8 per cent in the first three months of 2009 compared with the previous quarter, the government said on Wednesday.
The fall marked the third consecutive quarterly decline and was steeper than the 6.1 per cent drop recorded in October-December 2008, according to advance estimates from the Urban Redevelopment Authority. -- REUTERS
HDB Flat Resale Prices Down 0.6% In Q1
Source : The Business Times, April 1, 2009
Prices of HDB resale flats fell for the first time since 2006, dropping 0.6 per cent in the first quarter of this year, according to flash estimates from the Housing and Development Board on Wednesday.
The latest quarterly drop came after a 1.4 per cent increase in the fourth quarter of 2008. -- BT ONLINE
Prices of HDB resale flats fell for the first time since 2006, dropping 0.6 per cent in the first quarter of this year, according to flash estimates from the Housing and Development Board on Wednesday.
The latest quarterly drop came after a 1.4 per cent increase in the fourth quarter of 2008. -- BT ONLINE
HDB Upgraders On The Move
Source : The Straits Times, April 01 2009
More are buying new private condo units as prices come down.
SEVEN in 10 buyers of new private homes in the first three months of the year had Housing Board addresses, making HDB upgraders the hottest group in the property market so far for this year.
In normal times, HDB upgraders account for between 20 and 50 per cent of new home buyers, DTZ said. -- ST PHOTO: NURIA LING.
This is the second-highest proportion of HDB upgraders since the earliest available data in 1995, according to property consultancy DTZ's preliminary analysis of caveats lodged in the first quarter. The record was 86 per cent, in the second quarter of 2002.
HDB upgraders refer to better-off residents of larger flats looking to move up the property ladder.
They typically buy into 'mass market' private developments - lower-priced condominiums in the suburbs, and preferably in the same town or region where they live.
In normal times, HDB upgraders account for between 20 and 50 per cent of new home buyers, DTZ said.
But experts reckon their numbers are now swelling during a rare 'window period' when the price gap between private homes and HDB resale flats is narrowing.
Supply has also played a key part in the surging interest, with mass market projects forming the bulk of recent launches, said DTZ's senior director for research Chua Chor Hoon.
Property consultancy CB Richard Ellis thinks many HDB upgraders held back from buying during the recent property boom, particularly as prices skyrocketed in 2006 and 2007.
There were few 'mass market' condo launches then, as developers rushed to build high-end homes and investors scooped them up.
But now, private property prices are falling sharply at a time when HDB resale flat prices are still holding steady.
Official data shows that while fourth quarter private home prices fell 6.1 per cent, HDB resale prices actually rose 1.4 per cent.
So HDB upgraders are now keen to sell their flats and upgrade to bigger units at reasonable prices.
For example, a HDB five-room flat in Queenstown can still sell for around $600,000.
At recent property launches, suburban condo units were going for around $600 psf. This means a 1,200 sq ft three-bedroom private condo apartment costs $720,000.
At Mi Casa in Choa Chu Kang, upgraders accounted for 80 per cent of its 97 buyers so far. They also bought many units at The Caspian, beside Lakeside MRT station, Double Bay Residences in Simei and The Quartz in Buangkok.
Corporate communications and marketing manager Adam Tan and his wife Ng Bee Kay are among the HDB upgraders.
'We looked at some properties in October but the prices were still a bit high. Then, my wife got pregnant in late November. So from January onwards, we started to search for a bigger place - with a vengeance,' said Mr Tan, 32.
The family will be moving from their four-room flat in Bedok into a $760,000, 1,195 sq ft unit at Astoria Park, next to Kembangan MRT station.
To attract buyers, developers of some ongoing launches slashed prices in the first quarter. The average price at Waterfront Waves in Bedok was reduced from $800 psf to $600 psf, while at Kovan Residences near Kovan MRT station, prices were cut from $880 psf to $750 psf.
Experts expect the gap between private homes and HDB resale flats to continue narrowing this year, which means this is likely to be a strong year for the HDB upgraders segment.
Unlike the previous downturn in 1996, HDB prices are less likely this time around to fall quickly in tandem with private property prices.
One reason is that the supply of new HDB flats is more limited now.
'Previously, HDB built public flats ahead of demand,' noted DTZ's Ms Chua. But it now builds only when there is demand via its build-to-order system.
With relaxed eligibility rules, there are also more buyers in the HDB resale market, including permanent residents and singles.
If current trends continue, the experts say, HDB resale prices should eventually fall by the end of the year in line with the bigger fall in private home prices.
More are buying new private condo units as prices come down.
SEVEN in 10 buyers of new private homes in the first three months of the year had Housing Board addresses, making HDB upgraders the hottest group in the property market so far for this year.
In normal times, HDB upgraders account for between 20 and 50 per cent of new home buyers, DTZ said. -- ST PHOTO: NURIA LING.This is the second-highest proportion of HDB upgraders since the earliest available data in 1995, according to property consultancy DTZ's preliminary analysis of caveats lodged in the first quarter. The record was 86 per cent, in the second quarter of 2002.
HDB upgraders refer to better-off residents of larger flats looking to move up the property ladder.
They typically buy into 'mass market' private developments - lower-priced condominiums in the suburbs, and preferably in the same town or region where they live.
In normal times, HDB upgraders account for between 20 and 50 per cent of new home buyers, DTZ said.
But experts reckon their numbers are now swelling during a rare 'window period' when the price gap between private homes and HDB resale flats is narrowing.
Supply has also played a key part in the surging interest, with mass market projects forming the bulk of recent launches, said DTZ's senior director for research Chua Chor Hoon.
Property consultancy CB Richard Ellis thinks many HDB upgraders held back from buying during the recent property boom, particularly as prices skyrocketed in 2006 and 2007.
There were few 'mass market' condo launches then, as developers rushed to build high-end homes and investors scooped them up.
But now, private property prices are falling sharply at a time when HDB resale flat prices are still holding steady.
Official data shows that while fourth quarter private home prices fell 6.1 per cent, HDB resale prices actually rose 1.4 per cent.
So HDB upgraders are now keen to sell their flats and upgrade to bigger units at reasonable prices.
For example, a HDB five-room flat in Queenstown can still sell for around $600,000.
At recent property launches, suburban condo units were going for around $600 psf. This means a 1,200 sq ft three-bedroom private condo apartment costs $720,000.
At Mi Casa in Choa Chu Kang, upgraders accounted for 80 per cent of its 97 buyers so far. They also bought many units at The Caspian, beside Lakeside MRT station, Double Bay Residences in Simei and The Quartz in Buangkok.
Corporate communications and marketing manager Adam Tan and his wife Ng Bee Kay are among the HDB upgraders.
'We looked at some properties in October but the prices were still a bit high. Then, my wife got pregnant in late November. So from January onwards, we started to search for a bigger place - with a vengeance,' said Mr Tan, 32.
The family will be moving from their four-room flat in Bedok into a $760,000, 1,195 sq ft unit at Astoria Park, next to Kembangan MRT station.
To attract buyers, developers of some ongoing launches slashed prices in the first quarter. The average price at Waterfront Waves in Bedok was reduced from $800 psf to $600 psf, while at Kovan Residences near Kovan MRT station, prices were cut from $880 psf to $750 psf.
Experts expect the gap between private homes and HDB resale flats to continue narrowing this year, which means this is likely to be a strong year for the HDB upgraders segment.
Unlike the previous downturn in 1996, HDB prices are less likely this time around to fall quickly in tandem with private property prices.
One reason is that the supply of new HDB flats is more limited now.
'Previously, HDB built public flats ahead of demand,' noted DTZ's Ms Chua. But it now builds only when there is demand via its build-to-order system.
With relaxed eligibility rules, there are also more buyers in the HDB resale market, including permanent residents and singles.
If current trends continue, the experts say, HDB resale prices should eventually fall by the end of the year in line with the bigger fall in private home prices.
组屋提升者带动 私宅首季成交量倍增
Source : 《联合早报》Apr 1, 2009
虽然经济情况进一步恶化，今年第一季的新私宅成交量却刷新过去六个季度的纪录。本地房地产顾问公司世邦魏理仕(CB Richard Ellis)估计，房地产发展商在今年第一季卖出了2000至2200个新私宅单位，这比之前一年的平均需求量暴涨了至少一倍。
这主要归功于“组屋提升者兵团”在过去三个月大举进场。根据戴德梁行(DTZ)的数据，发展商在今年第一季卖出的房子，有七成买家的注册地址在政府组屋。相比较之下，2008年第四季成交的新私宅单位，只有48％的买家住在政府组屋。
第一季购买新私宅的多是组屋提升者。（档案照）
每次楼市低潮 本地人提供支持力量
戴德梁行研究部高级董事蔡楚芬指出，每一次的楼市低潮，外国买家纷纷撤离或守候在旁观望，但本地人却提供了强劲的支持力量。
“这一次也不例外。初步的买卖禁令数据显示，发展商在今年第一季卖出的新私宅单位，有九成的买家是新加坡人。如果包括二手成交量，则有超过八成的买家是新加坡人。”
本地买家的购买力量主要倚靠仍处于巅峰水平的组屋转售价格。本地私宅价格自去年第三季下跌2.4％后，又在第四季滑落6.1％，组屋转售价格却在去年第三和第四季继续上升4.2％和1.4％。
在此消彼长的情况下，组屋转售价格和低档共管公寓的价格差距缩小，一些组屋屋主纷纷趁着这个窗口“换屋”，从组屋提升到私人共管公寓。
戴德梁行的蔡楚芬指出，相同的情况也出现在以前的楼市低潮。例如1998年第四季，十个买家有七个是组屋提升者；2002年第二季，100个买家则有86个是组屋提升者。
世邦魏理仕私宅部执行董事陈金道指出，最近卖得好的项目都有一个共同点——容易负担得起。例如水之轩(Caspian)、Double Bay Residences和The Quartz都是售价介于每平方英尺590元至750元的大众化项目。
那些售价介于每平方英尺900元至1200元、却卖得火热的项目，则是通过缩小单位的面积来吸引买家。这些项目的面积非常“迷你”，大多介于340至750平方英尺，单位价不超过60万元。
陈金道说：“2009年提供了一个进场的窗口，因为私人房屋和组屋转售价格的差距正在缩小。那些在2006年、2007年因为集体出售热潮而受惠的屋主，也可能扣住他们的购屋决定，直到现在的楼价下滑后才进场。”他认为，这些买家可能在目前的经济不景气环境下，会继续推动楼市的交易量。
展望下个季度，世邦魏理仕表示，即将上市的新项目还包括Ascentia Sky(348个单位)、Oasis @ Elias(367个单位)以及Illuminaire On Devonshire(72个单位)。
价格跌势放慢
戴德梁行昨天的数据也显示，今年第一季的私宅价格放慢了下跌的幅度。去年第四季猛挫22％的豪宅价格，在今年第一季只下跌了3.6％。去年第四季下跌14％的高档私宅价格则在今年第一季放缓至下跌3.7％。
郊外99年地契共管公寓价格的跌幅也由5.8％放缓至2.6％；有地住宅的跌幅则由3.8％至5.8％放缓至1.5％至2.2％。
戴德梁行的楼价数据是根据已完工的房地产成交量计算出来的，并不包括未完工的“楼花”。市区重建局的正式官方初步数据将在今天中午宣布。
官方数据显示，发展商已经在今年首两个月卖出1431个新私宅单位。3月份的私宅成交量数据将在本月中公布，上个月卖得不错的新项目包括了The Mercury、Double Bay Residences、The Arte和新乐园(Mi Casa)。
另一方面，一些项目也在这段期间削价重新推出，例如Waterfront Waves的售价由每平方英尺平均800元削减至600元；Woodsville 28由每平方英尺平均900元减价至750元；Kovan Residences也由每平方英尺平均880元减价至750元。
虽然经济情况进一步恶化，今年第一季的新私宅成交量却刷新过去六个季度的纪录。本地房地产顾问公司世邦魏理仕(CB Richard Ellis)估计，房地产发展商在今年第一季卖出了2000至2200个新私宅单位，这比之前一年的平均需求量暴涨了至少一倍。
这主要归功于“组屋提升者兵团”在过去三个月大举进场。根据戴德梁行(DTZ)的数据，发展商在今年第一季卖出的房子，有七成买家的注册地址在政府组屋。相比较之下，2008年第四季成交的新私宅单位，只有48％的买家住在政府组屋。
第一季购买新私宅的多是组屋提升者。（档案照）每次楼市低潮 本地人提供支持力量
戴德梁行研究部高级董事蔡楚芬指出，每一次的楼市低潮，外国买家纷纷撤离或守候在旁观望，但本地人却提供了强劲的支持力量。
“这一次也不例外。初步的买卖禁令数据显示，发展商在今年第一季卖出的新私宅单位，有九成的买家是新加坡人。如果包括二手成交量，则有超过八成的买家是新加坡人。”
本地买家的购买力量主要倚靠仍处于巅峰水平的组屋转售价格。本地私宅价格自去年第三季下跌2.4％后，又在第四季滑落6.1％，组屋转售价格却在去年第三和第四季继续上升4.2％和1.4％。
在此消彼长的情况下，组屋转售价格和低档共管公寓的价格差距缩小，一些组屋屋主纷纷趁着这个窗口“换屋”，从组屋提升到私人共管公寓。
戴德梁行的蔡楚芬指出，相同的情况也出现在以前的楼市低潮。例如1998年第四季，十个买家有七个是组屋提升者；2002年第二季，100个买家则有86个是组屋提升者。
世邦魏理仕私宅部执行董事陈金道指出，最近卖得好的项目都有一个共同点——容易负担得起。例如水之轩(Caspian)、Double Bay Residences和The Quartz都是售价介于每平方英尺590元至750元的大众化项目。
那些售价介于每平方英尺900元至1200元、却卖得火热的项目，则是通过缩小单位的面积来吸引买家。这些项目的面积非常“迷你”，大多介于340至750平方英尺，单位价不超过60万元。
陈金道说：“2009年提供了一个进场的窗口，因为私人房屋和组屋转售价格的差距正在缩小。那些在2006年、2007年因为集体出售热潮而受惠的屋主，也可能扣住他们的购屋决定，直到现在的楼价下滑后才进场。”他认为，这些买家可能在目前的经济不景气环境下，会继续推动楼市的交易量。
展望下个季度，世邦魏理仕表示，即将上市的新项目还包括Ascentia Sky(348个单位)、Oasis @ Elias(367个单位)以及Illuminaire On Devonshire(72个单位)。
价格跌势放慢
戴德梁行昨天的数据也显示，今年第一季的私宅价格放慢了下跌的幅度。去年第四季猛挫22％的豪宅价格，在今年第一季只下跌了3.6％。去年第四季下跌14％的高档私宅价格则在今年第一季放缓至下跌3.7％。
郊外99年地契共管公寓价格的跌幅也由5.8％放缓至2.6％；有地住宅的跌幅则由3.8％至5.8％放缓至1.5％至2.2％。
戴德梁行的楼价数据是根据已完工的房地产成交量计算出来的，并不包括未完工的“楼花”。市区重建局的正式官方初步数据将在今天中午宣布。
官方数据显示，发展商已经在今年首两个月卖出1431个新私宅单位。3月份的私宅成交量数据将在本月中公布，上个月卖得不错的新项目包括了The Mercury、Double Bay Residences、The Arte和新乐园(Mi Casa)。
另一方面，一些项目也在这段期间削价重新推出，例如Waterfront Waves的售价由每平方英尺平均800元削减至600元；Woodsville 28由每平方英尺平均900元减价至750元；Kovan Residences也由每平方英尺平均880元减价至750元。
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