Based on the URA statistics, last month was a slow-moving period for the new home market. Only two new projects debut and both saw miserable take-up rates.
The Santorini in Tampines by MCC Land is a 99-year tenure condominium with 597 units. MCC Land released all units on launch but only 76 was sold. Yet it still fared better than the Ascent@456 at Balestier Road.
The Ascent@456 is a mixed development with retail units on the lower levels and apartments on the upper floors. 28 residential units were launched for sale but none changed hands.
In March altogether 625 new residences were released into the market but sale figure was merely 12.16 per cent.
This is a far cry from the same period last year when 2,076 out of the 3,399 (61.08 per cent) new homes transacted.
Table 1: New Launches In March 2013
Project Name |
New Launch in March 2013 |
Units Sold In March 2013 |
% Sold |
Bartley Ridge |
617 |
367 |
59.48 |
D’nest |
800 |
699 |
87.38 |
Hillion Residences |
250 |
191 |
76.40 |
Icon @ Pasir Panjang |
9 |
9 |
100.00 |
Kingsford . Hillview Peak |
512 |
41 |
8.01 |
Ocean Front Suites |
58 |
3 |
5.17 |
Novena Regency |
1 |
1 |
100.00 |
One Balmoral |
20 |
0 |
0.00 |
Oxley Edge |
45 |
36 |
80.00 |
Palms @ Sixth Avenue |
10 |
1 |
10.00 |
Pavilion Square |
42 |
11 |
26.19 |
R Maison |
45 |
13 |
28.89 |
Sennett Residence |
332 |
238 |
71.69 |
The Trilinq |
200 |
106 |
53.00 |
Treasures @ G20 |
38 |
12 |
31.58 |
Urban Vista |
420 |
348 |
82.86 |
Total |
3,399 |
2,076 |
61.08 |
Source: URA
The TDSR (Total Debt Servicing Ratio) framework has been pinpointed to be the culprit of the lacklustre sale volume.
Introduced on 28 June 2013 the TDSR mandates that the total monthly debt obligations, including the mortgage repayment, of a borrower do not exceed 60 per cent of his income. This has resulted in longer loan approval time and lower approval rate.
Examining the monthly new launches since the implementation of the framework, we note that only 30.19 per cent, or 16 out of 53, new projects have take-up rates above 70 per cent in their month of launch.
Table 2: Monthly New Launches After TDSR
Project Name |
Street |
Region |
Property |
Launch Month |
Units Released In Launch Month |
Units Sold In Launch Month |
% Sold |
Balestier |
RCR |
Non-Landed |
Mar-14 |
28 |
0 |
0.00 |
|
The Santorini |
Tampines |
OCR |
Non-Landed |
Mar-14 |
597 |
76 |
12.73 |
Prestige Point |
Upper Paya Lebar |
OCR |
Non-Landed |
Feb-14 |
15 |
9 |
60.00 |
Riverbank @ Fernvale |
Fernvale Close |
OCR |
Non-Landed |
Feb-14 |
250 |
211 |
84.40 |
Rivertrees Residences |
Fernvale Close |
OCR |
Non-Landed |
Feb-14 |
300 |
218 |
72.67 |
Floraview |
Ang Mo Kio |
OCR |
Non-Landed |
Jan-14 |
90 |
1 |
1.11 |
The Hillford |
Jalan Jurong Kechil |
RCR |
Non-Landed |
Jan-14 |
281 |
281 |
100.00 |
The Panorama |
Ang Mo Kio |
OCR |
Non-Landed |
Jan-14 |
120 |
58 |
48.33 |
Avant Parc |
Wak Hassan |
OCR |
Landed |
Dec-13 |
1 |
1 |
100.00 |
Alex Residences |
Alexandra View |
RCR |
Non-Landed |
Nov-13 |
200 |
171 |
85.50 |
Berkeley Residences |
Lorong N Telok Kurau |
OCR |
Non-Landed |
Nov-13 |
22 |
2 |
9.09 |
Clermont Residence |
Wallich Street |
CCR |
Non-Landed |
Nov-13 |
54 |
13 |
24.07 |
Duo Residences |
Fraser Street |
CCR |
Non-Landed |
Nov-13 |
660 |
600 |
90.91 |
Guillemard Suites |
Guillemard Road |
RCR |
Non-Landed |
Nov-13 |
146 |
25 |
17.12 |
Hills Twoone |
Hillview Terrace |
OCR |
Non-Landed |
Nov-13 |
71 |
12 |
16.90 |
Rezi 3two |
Geylang |
RCR |
Non-Landed |
Nov-13 |
65 |
3 |
4.62 |
Skypark Residences |
Sembawang |
OCR |
EC |
Nov-13 |
506 |
272 |
53.75 |
The Creek @ |
Toh Tuck Road |
RCR |
Non-Landed |
Nov-13 |
90 |
47 |
52.22 |
Waterwoods |
Punggol Field |
OCR |
EC |
Nov-13 |
373 |
131 |
35.12 |
Goodwood Grand |
Balmoral |
CCR |
Strata- |
Oct-13 |
10 |
1 |
10.00 |
Grandview |
Geylang |
RCR |
Non-Landed |
Oct-13 |
52 |
37 |
71.15 |
Liv On Wilkie |
Wilkie Terrace |
CCR |
Non-Landed |
Oct-13 |
40 |
24 |
60.00 |
Nine Residences |
Yishun |
OCR |
Non-Landed |
Oct-13 |
186 |
96 |
51.61 |
Ritz @ Farrer |
Race Course |
RCR |
Non-Landed |
Oct-13 |
18 |
1 |
5.56 |
The Centren |
Geylang |
RCR |
Non-Landed |
Oct-13 |
34 |
12 |
35.29 |
The Inflora |
Flora Drive |
OCR |
Non-Landed |
Oct-13 |
396 |
388 |
97.98 |
The Venue Residences |
Tai Thong |
RCR |
Non-Landed |
Oct-13 |
50 |
39 |
78.00 |
Tk One |
Lorong N |
OCR |
Strata- |
Oct-13 |
5 |
5 |
100.00 |
Alana |
Sunrise |
OCR |
Strata- |
Sep-13 |
11 |
1 |
9.09 |
Belgravia Villas |
Belgravia |
OCR |
Strata- |
Sep-13 |
59 |
20 |
33.90 |
Onze @ |
Kee Seng |
RCR |
Non-Landed |
Sep-13 |
56 |
9 |
16.07 |
Sea Horizon |
Pasir Ris Rise |
OCR |
EC |
Sep-13 |
495 |
317 |
64.04 |
Sky Vue |
Bishan |
RCR |
Non-Landed |
Sep-13 |
505 |
433 |
85.74 |
The Glades |
Bedok |
OCR |
Non-Landed |
Sep-13 |
200 |
89 |
44.50 |
The Skywoods |
Dairy Farm |
OCR |
Non-Landed |
Sep-13 |
420 |
37 |
8.81 |
Thomson Three |
Bright Hill |
RCR |
Strata- |
Sep-13 |
320 |
255 |
79.69 |
Victory Ville |
Toh Drive |
OCR |
Strata- |
Sep-13 |
8 |
8 |
100.00 |
28 Rc Suites |
Race Course |
RCR |
Non-Landed |
Aug-13 |
45 |
4 |
8.89 |
8 Farrer Suites |
Sing Joo Walk |
RCR |
Non-Landed |
Aug-13 |
34 |
9 |
26.47 |
Cluny Park |
Cluny Park Road |
CCR |
Non-Landed |
Aug-13 |
52 |
12 |
23.08 |
Ecopolitan |
Punggol Walk |
OCR |
EC |
Aug-13 |
512 |
335 |
65.43 |
Floraville |
Cactus Road |
OCR |
Non-Landed |
Aug-13 |
50 |
13 |
26.00 |
Kensington |
Jalan Lokam |
OCR |
Non-Landed |
Aug-13 |
112 |
61 |
54.46 |
Lush Acres |
Fernvale Close |
OCR |
EC |
Aug-13 |
380 |
311 |
81.84 |
Rv Residences |
River Valley Road |
CCR |
Non-Landed |
Aug-13 |
83 |
39 |
46.99 |
The Bently |
Kovan Road |
OCR |
Non-Landed |
Aug-13 |
3 |
3 |
100.00 |
The Tembusu |
Tampines |
OCR |
Non-Landed |
Aug-13 |
337 |
218 |
64.69 |
Geylang |
RCR |
Non-Landed |
Aug-13 |
2 |
2 |
100.00 |
|
Devonshire 8 |
Devonshire Road |
CCR |
Non-Landed |
Jul-13 |
30 |
1 |
3.33 |
Riverside |
St. Michael’S |
RCR |
Non-Landed |
Jul-13 |
41 |
3 |
7.32 |
The Quinn |
Bartley Road |
OCR |
Non-Landed |
Jul-13 |
139 |
8 |
5.76 |
The Serenno |
Haig Road |
RCR |
Non-Landed |
Jul-13 |
33 |
3 |
9.09 |
Vue 8 |
Pasir Ris |
OCR |
Non-Landed |
Jul-13 |
100 |
63 |
63.00 |
Source: URA
Nevertheless, more private home projects are expected to be introduced into the market in the months ahead. House-hunters who are planning to acquire a private home do keep a look-out, and speak to an iCompareLoan mortgage broker today for some free mortgage loan planning.
For advice on a new home loan.
For refinancing advice.
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