by Jo-Ann Huang Limin

05:55 AM Jan 18, 2011

SINGAPORE - Sales of new private homes totalled 1,332 units last month, down 583 units from November, the Urban Redevelopment Authority (URA) said yesterday.

Inclusive of executive condominiums, or ECs, the total number of units sold amounted to 1,699 units. This is a sharp fall compared to November, when new private home sales including ECs numbered 2,092 units. But experts said the fall was seasonal in nature, given that the year-end is usually a lull period for the property market.

"December is a month where you got parents rushing around for their PSLE results and you've got people going off on their holidays. Developers at the same time also launch fewer units and will have advertised less in the month of December," said Mr Ku Swee Yong, chief executive officer of International Property Advisor.

Together with units sold in November and October, a total of 4,313 new homes were sold in the fourth quarter of 2010. Assuming none of the units sold at the end of last monthwere returned to developers following the fourth round of property cooling measures effective from Jan 14, it will bring sales volume for the whole of 2010 to a record of 16,364 units, said Mr Li Hiaw Ho, executive director at property consultant CBRE. This would be 11.4-per-cent higher than the 14,688 new homes sold in 2009 and higher than the 14,811 new homes sold during the market peak of 2007, he noted.

The priciest unit sold last month was at the Ritz Carlton Residences in Cairnhill at $4,307 per sq ft, while Punggol EC Prive sold the most number of units at 326.

Analysts said the latest round of cooling measures should stamp out speculation, especially in the mass market segment. The measures included seller stamp duties imposed at 16, 12, 8 and 4 per cent, respectively, for homes sold in the first, second, third and fourth year from purchase, as well as the lowering of the loan-to-value ratio to 60 per cent for individuals with outstanding mortgages.

Experts projected that new home sales volume for this month should fall by about 10 per cent as a result.

"We will probably see a knee jerk reaction so I expect that January numbers and probably February numbers to be nowhere as strong as what we have seen for December," said Mr Ku.

Source; www.todayonline.com

SINGAPORE: Sales of private home properties moderated in December, but still came in above the 1,000 units level. Data released on Monday by the Urban Redevelopment Authority (URA) shows that 1,332 private homes were sold last month.

That is a 30 per cent on-month drop from the 1,915 units sold in the previous month.

Including Executive Condominiums, the total sales would have reached an even higher figure of 1,699.

Chalking up the best sales was Prive at Punggol Road, which sold 326 units for a median price of S$704 per square foot.

Meanwhile, the most expensive property sold in December was at The Ritz Carlton Residences at Cairnhill Road, where a unit was sold at a median price of S$4,307 per square foot.

-CNA/ac

Source: www.channelnewsasia.com

Published December 11, 2010

Over a third of Punggol's Prive snapped up
Other projects that are coming to market include Austville Residences, Spottiswoode 18 and Killiney 118

By EMILYN YAP

CHRISTMAS came early for NTUC Choice Homes Co-operative and Chip Eng Seng yesterday as home buyers inked deals for more than a third of the 680 apartments at their executive condominium project, Prive.

As at 5pm, the developers had processed over 270 sales options and said that they were clearing more. They declined to give an estimate of the total number of units that could be sold.

Balloting for units at the 99-year leasehold Prive at Punggol began yesterday. As many as 1,036 applications had poured in by the end of Tuesday, reflecting strong interest for the project.

Prive is the first EC to come up in Punggol and the developers had said earlier that the average selling price of units would be between $660 per square foot and $690 psf. Buyers can opt for a deferred payment scheme, but they will have to pay 2 per cent more.

Another EC launch will be coming up soon. United Engineers could be rolling out Austville Residences between Sengkang East Avenue and Buangkok Drive either this month or next.

BT understands that the selling price might start from $620 psf. The developer is planning to give out branded fridges to early buyers and hold a lucky draw with return air tickets to Australia as prizes.

Some agents are gathering interest for the freehold Spottiswoode 18, which will come up on the site of the former Dragon Mansion near Tanjong Pagar.

Roxy-Pacific Holdings had bought Dragon Mansion en bloc late last year. There are plans to build a 36-storey residential tower on the site, with 251 apartments measuring 387 square feet to 1,324 sq ft. Prices are said to be above $2,000 psf.

Spottiswoode 18 will be near UOL Group's recently launched Spottiswoode Residences, which is also a freehold project. Selling prices at the latter were last reported to be in the range of $1,720-2,270 psf.

Marketing for the freehold Killiney 118 has also started. The project in the Somerset area has 30 units comprising one and two-bedders and is developed by a unit of Amara Holdings.

The momentum for property launches could pick up in January after the December holiday season ends and before the Chinese New Year kicks in. For instance, CB Richard Ellis is in discussions for four to five launches slated for that month.


Source: www.businesstimes.com.sg

Published December 8, 2010

Good response to Prive

PRIVe, the first executive condominium (EC) project to come up in Punggol, has attracted strong interest from home buyers.

The developers, NTUC Choice Homes Co-operative and Chip Eng Seng, received 1,011 applications for the 680 apartments available as at 8pm yesterday. Applications have closed and bookings will start on Friday.

The 99-year-leasehold development offers two to four-bedders across four 17-storey towers, and the average selling price will be between $660 and $690 per square foot (psf).

The developers are offering a deferred payment scheme, although buyers who opt for that will have to pay 2 per cent more.

DMG & Partners analyst Brandon Lee, who visited Prive's sales gallery over the weekend, said in a report that the turnout was buoyant. 'We thought overall pricing of $680 psf is reasonable, which equates to a slight 8 per cent premium over the $630 psf fetched by nearby completed ECs.'

Response to ECs launched this year has been moderate. When Frasers Centrepoint launched Esparina Residences, it received 1,155 applications for the 573 units available. Actual take-up was lower as some potential buyers could have backed out after their preferred units were sold. At MCC Land's The Canopy, around 450 applications had come in for the 406 units available.


Source: www.businesstimes.com.sg

Published December 1, 2010


Exec condo surprises with DPS option

By EMILYN YAP

(SINGAPORE) NTUC Choice Homes Co-operative (NCH) and Chip Eng Seng (CES) are launching an executive condominium (EC) project in Punggol with a surprising feature - a deferred payment scheme (DPS).

Many in the property industry had assumed that the DPS was entirely scrapped in the boom year of 2007 to curb speculation. The two developers' move could trigger owners of other EC projects to also offer DPS.

NCH and CES are behind the 99-year-leasehold Prive, the first EC to come up in Punggol. The site is at the junction of Punggol Field and Punggol Road, and average selling prices will be between $660 and $690 per square foot (psf).

There will be 680 apartments ranging from two to four-bedders, located across four 17-storey towers. The developers bought the plot from the government in June this year.

The developers will open the sales gallery on Dec 3 and allow viewings and applications up until Dec 7. Bookings will start on Dec 10 and home seekers have to gain entry to the gallery that day through a ballot.

Buyers can finance their homes through a normal payment scheme (NPS) or the DPS. Under the DPS, they need to pay only a 5 per cent booking fee and 15 per cent of the purchase price. They will not need to make further payments until the development obtains its Temporary Occupation Permit.

Developers of two earlier EC projects - Esparina Residences and The Canopy - did not offer DPS.

Several developers and consultants whom BT spoke to were surprised to learn that DPS was allowed for EC projects.

In October 2007, the government withdrew DPS for the sale of uncompleted private residential, commercial and industrial properties. The news release made no mention of ECs then.

Some industry players seem to have assumed that DPS was also disallowed for ECs. After all, ECs are seen as a hybrid of public and private housing. They have facilities comparable to private condominiums but carry public housing restrictions which are lifted only after 10 years.

Few might have thought of clarifying the rule change with the authorities, since the last EC launch happened some time back in May 2005.

Following some checks yesterday, BT understands that the withdrawal of DPS in 2007 did not apply to ECs. Some in the industry could have been 'a little presumptuous', said one developer who declined to be named.

Also, EC buyers have to fulfil a minimum occupation period of five years. This means that speculation would be minimal to begin with.

Knight Frank chairman Tan Tiong Cheng said it is possible that other EC developers will follow suit to offer DPS, now that they are aware of the option.

MCC Land is currently exploring the viability of offering both DPS and NPS for The Canopy. It has sold 190 out of 406 units at an average price of around $590 psf.

United Engineers is also working towards offering DPS for its upcoming EC project, Austville Residences. It could launch the site this month or next.

Response to ECs has been warm this year. Frasers Centrepoint has sold 508 out of 573 units at Esparina Residences, at an average price of $740 psf.

DMG & Partners analyst Brandon Lee expects to see good take-up for Prive as it is just a few minutes' walk from Punggol MRT station.


Source: www.businesstimes.com.sg