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New home sales fall to lowest level in 5 years

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Posted by on January 23, 2014 in Others

 

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Slow weekend for sales at showflats

ImagePROPERTY sales at showflats continued to slow over the weekend as home-seekers adopted a wait-and-see approach in the wake of the new cooling measures.

A combination of Chinese New Year distractions and the possibility that some developers might start throwing in discounts meant sales are being put on hold.

Q Bay – the joint development by Frasers Centrepoint, Far East Organization and Sekisui House – at Tampines sold just 10 units at the weekend, bringing the total to 382 out of 630 units.

Prices for some units have been increased by 1 per cent to 2 per cent over the weekend, depending on their outlook and size, said a Frasers Centrepoint spokesman.

The average price of $985 per sq ft (psf) at the preview launch two weeks ago has risen to about $1,000 psf. However no additional incentives have been rolled out on top of the 5 per cent to 7 per cent discount already offered to mitigate the new additional buyer’s stamp duty.

Weekend sales were also slow at La Fiesta, which sold just seven units, mostly two-bedders, although all its one-bedroom units have been taken, said Mr Lim Yew Soon, managing director of developer EL Development.

The project has sold 405 out of 810 units at an average price of $1,150 per sq ft since the Jan 11 preview launch.

CapitaLand bucked the mediocre sales trend, thanks to new and existing discounts at its Interlace and d’Leedon projects.

Discounts of up to 15 per cent were offered for the 1,715-unit d’Leedon last week.

At The Interlace, an additional cut of 10 per cent was dangled on the weekend in addition to a 10 per cent discount offered previously. The incentives helped The Interlace move 15 units while d’Leedon sold a robust 47 units on the weekend.

Knight Frank research head Png Poh Soon said buyers have noted that developers are giving generous discounts and are “waiting to see when the rest will follow suit”. He added that the true test of how strong demand will be will come after the Chinese New Year.

“The first two launches after Chinese New Year will help take the temperature of the market. It is very likely that developers will give some discounts to encourage buyers, and the third and fourth will take it as a benchmark,” Mr Png said.

“If things are slow, the next few launches are likely to be spread out and you won’t see launches packed during the same period.”

(Source: The Straits Times)

 
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Posted by on February 5, 2013 in General

 

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New curbs may delay January launches

A SLEW of new residential projects that were expected to be launched this month may be delayed as a result of new curbs announced by the Government yesterday.

Experts say the string of new launches this month caters to various budgets with both suburban and higher-end launches coming onto the market.

But one project is going ahead. EL Development’s 810-unit project La Fiesta, next to Sengkang MRT station, was launched in the evening of 11 Jan 2013, earlier than the scheduled 15 Jan (tuesday).

It will feature 13 blocks of 15 storeys comprising one- to five-bedroom units. Dual-key apartments will also be for sale.

Unit sizes at the 99-year leasehold development range from 431 sq ft for a one-bedroom unit to 1,765 sq ft for a ground-floor apartment while average prices are expected to be between $1,100 and $1,200 per sq ft (psf).

The 630-unit Q Bay Residences in Tampines Avenue 10, a joint venture by Frasers Centrepoint, Far East Organization and Sekisui House, is also expected to preview next Friday.

Agents say average prices are around $1,050 psf.

Spottiswood Suites @Outram

Spottiswood Suites @Outram

The freehold 183-unit Spottiswoode Suites also had its soft launch recently with about 110 units sold at average prices of $2,200 psf. The official launch by developers Lian Beng Group and Centurion Properties is expected this month.

Agents are also out drumming up interest for Urban Vista in Tanah Merah by Fragrance Group and World Class Land. The project will have 582 homes and three commercial units and is expected to preview at the end of this month or early next month.

Marketing material suggests that prices will start from $650,000 with agents giving an indicative price of more than $1,400 psf on average.

A three-bedroom apartment, for instance, of more than 800 sq ft is expected to cost between $1.2 million and $1.35 million.

Landed project The Whitley Residences, which will have 58 strata semi-detached and three strata terraces, will also be launched.

But some of this month’s launches have already done well.

The freehold 52-unit development SeaSuites in Pasir Panjang, launched earlier this month, is almost sold out. Prices were at an average of $1,650 psf.

Mr Lee Sze Teck, senior manager of training, research and consultancy at Dennis Wee Group, said that developers are pushing out new projects as they had held back many of their launches in November and last month.

The year-end school holiday period and Christmas festivities typically keep home buyers away from the market.

But experts say the total number of new home sales this year might not surpass the record number last year as a cap on the number of homes that can be built on a site – which limits the number of tiny shoebox homes that can be built in a project – takes effect.

(Source: The Straits Times)

 
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Posted by on January 15, 2013 in General, Residential

 

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