Source : 《联合早报》June 13, 2009
花旗银行预计，本地楼价在短期内可能飙升，但这样的情况不会持久，市场还没做好准备步上复苏道路。
花旗银行房地产分析师许美艾指出，类似香港的情况，在强劲回升的股市以及低利率环境的推动下，本地楼市过去几个月回温。而在香港和新加坡楼价价格逐渐扩大的情况下，一些海外富裕人士已开始转移视线，前来本地寻找新私宅，计划作为投资。
不过，考虑到今明两年，市中心黄金地段将有超过1万个单位完工，加上市场缺乏拥有大笔房屋津贴的海外专员租房子，许美艾不看好这个趋势会持续下去。
她表示，一些项目的转售价已从最低点回升了10％左右，而发展商也减少新项目的折扣。
此外，她也指出，最近叫卖的房子，大都为整体售价较低的小型单位。
花旗银行根据市区重建局的数据进行统计发现，拥有私人住宅地址的买家大都选择购买价格介于100万至150万元之间的房子，较2005年至2007年期间的150万至250万元显著来得低。目前居住在政府组屋的买家则一般购买价格介于70万元至90万元的房子。
谈到楼市复苏，许美艾说，房屋贷款利率已处于非常低的水平，在国人薪金没有显著上涨、基本面没有改善的情况下，楼市缺乏往上爬的支撑力。
Sunday, June 14, 2009
Saturday, June 13, 2009
Foreigners Eye S'pore Homes Again
Source : The Straits Times, June 12 2009
Most are regional buyers hunting for bargain-price units below $1m in resale market.
FOREIGN buyers are back to snap up homes here after bolting for the exits during the financial turmoil late last year.
The number of foreign private home purchases in April and May is already up on the first quarter but no one is claiming a significant turnaround is under way, although sales numbers hint at 'green shoots'.
The mix of buyers has also changed from the boom of 2007 and early last year. Then, Koreans, Americans, Russians, and people from the Middle East and elsewhere joined regional buyers to invest at the high end of the market, often with the aim of flipping the property to other investors.
Now buyers from Malaysia, Indonesia and China are dominating, and they are mostly picking up bargain-price units under $1 million for their own use or investment, according to property consultant Jones Lang LaSalle. Its analysis of non-landed private home caveats lodged in April and May found that foreigners bought 202 properties, up 15 per cent from the 175 bought in the first quarter and the 156 deals done in the last three months of last year.
They are taking advantage of bargains in the weak market and low interest rates, said Jones Lang LaSalle associate director of research Desmond Sim.
In the first five months this year, about 57 per cent of the foreign buyer caveats were in the $500,000 to $1 million price category. This is slightly more than for the same periods in 2004 and 2005.
Unlike the rising market in 2004 and 2005 when foreigners bought mostly new launches, buyers now are largely going for resale homes.
'During that period (2004-2005), Singapore prime residential prices were in the region of US$7,745 (S$11,200) per sq m compared to our 'cousin' Hong Kong at US$20,500 per sq m,' said Mr Sim.
Most foreign buyers then came from within Asia and saw cheaper homes here as good investments, he said. Many at the time made use of the deferred payment scheme to earn quick capital gains through flipping the units in the sub-sale market, he added.
Resale homes became popular in 2006 and 2007 as more foreigners - who came mainly as the banking and financial industries grew - chose to buy instead of paying sky-high rents.
The resale interest is back. Several resale caveats lodged this year came from districts 10 and 22, with The Tessarina in Bukit Timah and The Lakeshore in Jurong among the popular projects. The significant first-quarter price correction which made homes cheaper than before, 'and thus perceived as having more upside potential', may be a key reason why foreigners buy here instead of elsewhere, said Mr Sim.
Still, he said in-house research showed that luxury prime homes are still about 51 per cent above their last trough in the first quarter of 2005. Mass market prices are about 36 per cent above the 2005 level. This suggests more price falls may be on the way, said Mr Sim.
The impact foreigners can have in the property market cannot be underestimated. After all, they helped push up private home prices, particularly in prime areas, during the boom. 'We do not deny the potential these buyers bring to our market but, given the larger global uncertainty, we reckon it is too early to predict if this is a turn,' said Mr Sim.
Foreigners accounted for 10.6 per cent to nearly 17 per cent of total sales in the four quarters last year. But they made up less than 10 per cent of total sales this year, Jones Lang LaSalle data shows.
'The foreigners are not coming back in a strong way. During boom times, we saw less traditional foreign buyers such as foreign funds and foreigners from places like Europe,' said Mr Sim.
The buyers now are from the region, and mostly keen on mass to mid-end properties, he said.
These are the 'very localised' foreigners already familiar with the Singapore market and have kept track of what is going on, said Savills Residential director Phylicia Ang.
Cash-rich foreigners from farther afield who target prime property have not yet returned, she said.
Still, more foreign buyers are likely to return in the next three to six months, said Knight Frank executive director Peter Ow. 'Once news spread that the market is recovering, they won't want to miss out.'
Most are regional buyers hunting for bargain-price units below $1m in resale market.
FOREIGN buyers are back to snap up homes here after bolting for the exits during the financial turmoil late last year.
The number of foreign private home purchases in April and May is already up on the first quarter but no one is claiming a significant turnaround is under way, although sales numbers hint at 'green shoots'.
The mix of buyers has also changed from the boom of 2007 and early last year. Then, Koreans, Americans, Russians, and people from the Middle East and elsewhere joined regional buyers to invest at the high end of the market, often with the aim of flipping the property to other investors. Now buyers from Malaysia, Indonesia and China are dominating, and they are mostly picking up bargain-price units under $1 million for their own use or investment, according to property consultant Jones Lang LaSalle. Its analysis of non-landed private home caveats lodged in April and May found that foreigners bought 202 properties, up 15 per cent from the 175 bought in the first quarter and the 156 deals done in the last three months of last year.
They are taking advantage of bargains in the weak market and low interest rates, said Jones Lang LaSalle associate director of research Desmond Sim.
In the first five months this year, about 57 per cent of the foreign buyer caveats were in the $500,000 to $1 million price category. This is slightly more than for the same periods in 2004 and 2005.
Unlike the rising market in 2004 and 2005 when foreigners bought mostly new launches, buyers now are largely going for resale homes.
'During that period (2004-2005), Singapore prime residential prices were in the region of US$7,745 (S$11,200) per sq m compared to our 'cousin' Hong Kong at US$20,500 per sq m,' said Mr Sim.
Most foreign buyers then came from within Asia and saw cheaper homes here as good investments, he said. Many at the time made use of the deferred payment scheme to earn quick capital gains through flipping the units in the sub-sale market, he added.
Resale homes became popular in 2006 and 2007 as more foreigners - who came mainly as the banking and financial industries grew - chose to buy instead of paying sky-high rents.
The resale interest is back. Several resale caveats lodged this year came from districts 10 and 22, with The Tessarina in Bukit Timah and The Lakeshore in Jurong among the popular projects. The significant first-quarter price correction which made homes cheaper than before, 'and thus perceived as having more upside potential', may be a key reason why foreigners buy here instead of elsewhere, said Mr Sim.
Still, he said in-house research showed that luxury prime homes are still about 51 per cent above their last trough in the first quarter of 2005. Mass market prices are about 36 per cent above the 2005 level. This suggests more price falls may be on the way, said Mr Sim.
The impact foreigners can have in the property market cannot be underestimated. After all, they helped push up private home prices, particularly in prime areas, during the boom. 'We do not deny the potential these buyers bring to our market but, given the larger global uncertainty, we reckon it is too early to predict if this is a turn,' said Mr Sim.
Foreigners accounted for 10.6 per cent to nearly 17 per cent of total sales in the four quarters last year. But they made up less than 10 per cent of total sales this year, Jones Lang LaSalle data shows.
'The foreigners are not coming back in a strong way. During boom times, we saw less traditional foreign buyers such as foreign funds and foreigners from places like Europe,' said Mr Sim.
The buyers now are from the region, and mostly keen on mass to mid-end properties, he said.
These are the 'very localised' foreigners already familiar with the Singapore market and have kept track of what is going on, said Savills Residential director Phylicia Ang.
Cash-rich foreigners from farther afield who target prime property have not yet returned, she said.
Still, more foreign buyers are likely to return in the next three to six months, said Knight Frank executive director Peter Ow. 'Once news spread that the market is recovering, they won't want to miss out.'
Friday, June 12, 2009
High-End Properties Feel The Buzz Too
Source : The Business Times, June 12, 2009
Prices breach $3,000 psf, speculators on the prowl; analysts advise restraint
The high-end property market is starting to soak up the sunshine again.
Developers of some luxury residential projects have reported a slight pick-up in sales since May. The Orchard Residences, The Hamilton Scotts and Boulevard Vue have seen units sold at above $2,500 psf; in the case of The Orchard Residences, there have been a few units transacted at more than $3,000 psf.
The Orchard Residences: The luxury project has seen a few units transacted at over $3,000 psf since May
In the secondary market, a unit at Ardmore Park is said to have changed hands for around $2,500 psf recently.
Prices have also breached the $2,000 psf mark again for The Sail @ Marina Bay, where transacted prices are said to have appreciated by $100 psf a week in the past three weeks.
The speculators are back, too. 'We hear of people trading options again in some secondary market projects like The Sail and Rivergate. That is, someone buys a unit and before the two-week option exercise period is over, sells it to another person,' a market watcher said.
In the primary market, five units have been sold at The Orchard Residences in the past few weeks. A spokeswoman for Orchard Turn Developments, which is building the 99-year leasehold condo, confirmed this when contacted by BT. 'We've recently sold units at prices ranging from $2,700 psf for a 10th floor unit to $3,300 psf for an apartment on level 33. We've seen interest from both locals and foreigners at prices similar to what we sold when we first began to sell around March/April 2007,' she said.
A stone's throw away at Cuscaden Walk, Far East Organization sold an apartment last month at Boulevard Vue for $2,600 psf or nearly $12 million. The eighth-floor unit was acquired by a Singapore permanent resident on normal progress payment scheme. Far East's chief operating officer of property sales Chia Boon Kuah told BT the unit would have been priced around $3,800 psf in first-half last year when the group first started selling the posh 33-storey freehold project.
Added Mr Chia: 'We're seeing more inquiries across the full range of our products, including landed homes, over the past few weeks. In terms of volume of transactions, we're now seeing 3-5 times the level in the December/January period. So in a typical week - without new launches - we're now selling about 40 units compared with 10 in December/January,' he added.
This weekend, Far East is launching its ad campaign for Miro, comprising freehold loft units at Lincoln Road. Prices range from $1,400 to $1,600 psf. The group has also been selling Dalla Vale, a freehold cluster semi-detached and bungalow project at Springleaf Avenue priced from $650 psf.
At Scotts Road, Hayden Properties this week sold a 2,756 sq ft apartment at Hamilton Scotts for $2,600 psf or about $7 million to a Singaporean buyer on normal progress payment terms. The price is about 20 per cent lower than the $3,200 psf the unit would have cost in August last year, when Hayden sold the initial five units in the project, says the company's director Leny Suparman.
'We started getting more inquiries from April and therefore we were more inclined to revise our prices. Buyers have become more confident about the market lately because of the stockmarket rally and positive news from all fronts. People don't want to miss out on good opportunities,' she added.
In the secondary market too, a couple of two-bedroom units at The Sail @ Marina Bay were transacted recently at above $2,000 psf. A bay-facing unit above the 50th level fetched $2,400 psf while another unit slightly above the 15th level sold for $2,200 psf. Also, a one-bedder on the 20th floor changed hands at $1,700 psf.
Knight Frank director Nicholas Mak pointed out that the last time the market saw transactions above $3,000 psf was late last year. 'Across Asia, the stockmarket rally has improved investors' confidence and this has spilled over to the property market. However, there are factors that could potentially cut away the legs of this rally. Falling rents is one of them.'
DTZ executive director Ong Choon Fah noted that the latest price gains come after substantial declines. By Q1 this year, luxury home prices had fallen about 30-40 per cent from the 2007 peak levels.
'Many perceive the worst is over and the downside risk is manageable. There's also been a subtle change in attitude towards real estate. People now realise that property is more lasting. At least you can live in it, hold it out for the long term and pass it to your children; it won't vanish, unlike some financial products,' Mrs Ong said.
'However, we would rather the market exercise some restraint. At the end of the day, any sustainable recovery will have to be supported by fundamentals. The leasing market is still going through a challenging period. Given the recession, can we support such a sharp V-shaped recovery in property prices?' she asked.
Prices breach $3,000 psf, speculators on the prowl; analysts advise restraint
The high-end property market is starting to soak up the sunshine again.
Developers of some luxury residential projects have reported a slight pick-up in sales since May. The Orchard Residences, The Hamilton Scotts and Boulevard Vue have seen units sold at above $2,500 psf; in the case of The Orchard Residences, there have been a few units transacted at more than $3,000 psf.
The Orchard Residences: The luxury project has seen a few units transacted at over $3,000 psf since MayIn the secondary market, a unit at Ardmore Park is said to have changed hands for around $2,500 psf recently.
Prices have also breached the $2,000 psf mark again for The Sail @ Marina Bay, where transacted prices are said to have appreciated by $100 psf a week in the past three weeks.
The speculators are back, too. 'We hear of people trading options again in some secondary market projects like The Sail and Rivergate. That is, someone buys a unit and before the two-week option exercise period is over, sells it to another person,' a market watcher said.
In the primary market, five units have been sold at The Orchard Residences in the past few weeks. A spokeswoman for Orchard Turn Developments, which is building the 99-year leasehold condo, confirmed this when contacted by BT. 'We've recently sold units at prices ranging from $2,700 psf for a 10th floor unit to $3,300 psf for an apartment on level 33. We've seen interest from both locals and foreigners at prices similar to what we sold when we first began to sell around March/April 2007,' she said.
A stone's throw away at Cuscaden Walk, Far East Organization sold an apartment last month at Boulevard Vue for $2,600 psf or nearly $12 million. The eighth-floor unit was acquired by a Singapore permanent resident on normal progress payment scheme. Far East's chief operating officer of property sales Chia Boon Kuah told BT the unit would have been priced around $3,800 psf in first-half last year when the group first started selling the posh 33-storey freehold project.
Added Mr Chia: 'We're seeing more inquiries across the full range of our products, including landed homes, over the past few weeks. In terms of volume of transactions, we're now seeing 3-5 times the level in the December/January period. So in a typical week - without new launches - we're now selling about 40 units compared with 10 in December/January,' he added.
This weekend, Far East is launching its ad campaign for Miro, comprising freehold loft units at Lincoln Road. Prices range from $1,400 to $1,600 psf. The group has also been selling Dalla Vale, a freehold cluster semi-detached and bungalow project at Springleaf Avenue priced from $650 psf.
At Scotts Road, Hayden Properties this week sold a 2,756 sq ft apartment at Hamilton Scotts for $2,600 psf or about $7 million to a Singaporean buyer on normal progress payment terms. The price is about 20 per cent lower than the $3,200 psf the unit would have cost in August last year, when Hayden sold the initial five units in the project, says the company's director Leny Suparman.
'We started getting more inquiries from April and therefore we were more inclined to revise our prices. Buyers have become more confident about the market lately because of the stockmarket rally and positive news from all fronts. People don't want to miss out on good opportunities,' she added.
In the secondary market too, a couple of two-bedroom units at The Sail @ Marina Bay were transacted recently at above $2,000 psf. A bay-facing unit above the 50th level fetched $2,400 psf while another unit slightly above the 15th level sold for $2,200 psf. Also, a one-bedder on the 20th floor changed hands at $1,700 psf.
Knight Frank director Nicholas Mak pointed out that the last time the market saw transactions above $3,000 psf was late last year. 'Across Asia, the stockmarket rally has improved investors' confidence and this has spilled over to the property market. However, there are factors that could potentially cut away the legs of this rally. Falling rents is one of them.'
DTZ executive director Ong Choon Fah noted that the latest price gains come after substantial declines. By Q1 this year, luxury home prices had fallen about 30-40 per cent from the 2007 peak levels.
'Many perceive the worst is over and the downside risk is manageable. There's also been a subtle change in attitude towards real estate. People now realise that property is more lasting. At least you can live in it, hold it out for the long term and pass it to your children; it won't vanish, unlike some financial products,' Mrs Ong said.
'However, we would rather the market exercise some restraint. At the end of the day, any sustainable recovery will have to be supported by fundamentals. The leasing market is still going through a challenging period. Given the recession, can we support such a sharp V-shaped recovery in property prices?' she asked.
S'pore Becoming More Expensive For Expatriates
Source : The Business Times, June 11, 2009
SINGAPORE is now the 10th most expensive city in Asia for expatriates, despite its weakened currency, a survey shows.
Having moved up three notches from its previous ranking of 13th place in ECA International's survey on cost of living a year ago, Singapore is however still ranked below Japanese and Chinese cities, which dominate the top ten.
'Price rises have not slowed down as much in Singapore as in other parts of Asia,' said ECA's regional director for Asia, Lee Quane.
Prices of goods and services in China and Malaysia have increased at half of last year's pace, while in Singapore, they have increased by three-quarters, Mr Quane added.
Also, currencies of locations previously more expensive than Singapore (such as London, Stockholm and Istanbul) have depreciated at an even faster rate than the Sing dollar.
Meanwhile, the survey showed that due to the strong yen, Tokyo maintained its position as the most expensive city for expats. Its lead was followed by three other Japanese cities: Nagoya, Yokohama and Kobe.
Chinese cities and territories - Beijing, Shanghai, Hong Kong, Shenzhen and Guangzhou - stayed ahead of Singapore, due to the strengthening yuan.
'The yuan has continued to strengthen while the yen has appreciated by almost 8 per cent against the US dollar,' Mr Quane said.
'Many Western currencies, including sterling, the euro and the Swiss franc, have weakened. As a result, people coming from these economies into Asia will notice a considerable difference in costs compared with 12 months ago.'
Globally, Singapore jumped to the 72nd most expensive city worldwide from 114th year-on-year.
However, not all Asian cities remained expensive for expats. Due to the weakened won, Seoul has fallen to the 17th most expensive city in Asia, from its top position as the most expensive Asian city two years ago.
Similarly, the depreciating currencies of Malaysia, Thailand, Indonesia and Taiwan have lowered expatriate living costs in those countries.
Among the top 10 cheapest places for expats are Indian cities, as the weakened rupee coupled with lower inflation has made the cost of living for those locations fall.
The biannual survey by ECA compares a basket of 125 consumer goods and services commonly purchased by international assignees in over 370 locations worldwide.
SINGAPORE is now the 10th most expensive city in Asia for expatriates, despite its weakened currency, a survey shows.
Having moved up three notches from its previous ranking of 13th place in ECA International's survey on cost of living a year ago, Singapore is however still ranked below Japanese and Chinese cities, which dominate the top ten.'Price rises have not slowed down as much in Singapore as in other parts of Asia,' said ECA's regional director for Asia, Lee Quane.
Prices of goods and services in China and Malaysia have increased at half of last year's pace, while in Singapore, they have increased by three-quarters, Mr Quane added.
Also, currencies of locations previously more expensive than Singapore (such as London, Stockholm and Istanbul) have depreciated at an even faster rate than the Sing dollar.
Meanwhile, the survey showed that due to the strong yen, Tokyo maintained its position as the most expensive city for expats. Its lead was followed by three other Japanese cities: Nagoya, Yokohama and Kobe.
Chinese cities and territories - Beijing, Shanghai, Hong Kong, Shenzhen and Guangzhou - stayed ahead of Singapore, due to the strengthening yuan.
'The yuan has continued to strengthen while the yen has appreciated by almost 8 per cent against the US dollar,' Mr Quane said.
'Many Western currencies, including sterling, the euro and the Swiss franc, have weakened. As a result, people coming from these economies into Asia will notice a considerable difference in costs compared with 12 months ago.'
Globally, Singapore jumped to the 72nd most expensive city worldwide from 114th year-on-year.
However, not all Asian cities remained expensive for expats. Due to the weakened won, Seoul has fallen to the 17th most expensive city in Asia, from its top position as the most expensive Asian city two years ago.
Similarly, the depreciating currencies of Malaysia, Thailand, Indonesia and Taiwan have lowered expatriate living costs in those countries.
Among the top 10 cheapest places for expats are Indian cities, as the weakened rupee coupled with lower inflation has made the cost of living for those locations fall.
The biannual survey by ECA compares a basket of 125 consumer goods and services commonly purchased by international assignees in over 370 locations worldwide.
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