Poorer Sales, Lower Prices For New Private Homes In The Suburbs And City-fringe

by iCompareLoan Editorial Team June 29, 2014, 7:07 pm 99 Views

Take-up rates for new private homes more than halved for the first five months of this year compared to the same period last year. The total sale figures for January to May 2014 stands at 4,006 units, a far cry from the 8,376 units over the same period in 2013. The cumulative unsold units on a monthly basis were also relatively higher this year, despite the fact that there were substantially fewer new project launches.

Table 1: Monthly Developer’s Sales, Jan – May 2013 & 2014

	Total Units (Excluding ECs) Sold in the Month	Cumulative Units Launched but Unsold		Total Units (Excluding ECs) Sold in the Month	Cumulative Units Launched but Unsold
Jan-14	572	6,733	Jan-13	2,028	5,239
Feb-14	739	6,674	Feb-13	712	4,862
Mar-14	480	6,948	Mar-13	2,793	5,550
Apr-14	745	6,754	Apr-13	1,384	5,439
May-14	1,470	7,266	May-13	1,459	5,522
Total	4,006		Total	8,376

Source: URA

Table 2: Monthly Developer’s Sales (Including ECs), Jan – May 2013 & 2014

Jan-14	620	Jan-13	2,284
Feb-14	787	Feb-13	921
Mar-14	535	Mar-13	3,072
Apr-14	793	Apr-13	1,556
May-14	1,528	May-13	1,916
Total	4,263	Total	9,749

Source: URA

New project launches were markedly fewer, particularly in the CCR and RCR, otherwise known as city and city fringe, respectively. Among the three regions, new projects in the suburb, or those in the OCR, declined the less. It fell from 20 new projects in 2013 to 12 over the same period this year.

Table 3: Monthly New Project Launches

Jan-14	3	Jan-13	8
Feb-14	3	Feb-13	1
Mar-14	2	Mar-13	17
Apr-14	2	Apr-13	12
May-14	7	May-13	13
Total	17	Total	51

Source: URA

Table 4: New Project Launches, Jan – May 2013 & 2014, by Region

	Jan- May 2014			Jan – May 2013
Region	No. of New Project Launches	Median Price ($psf) of New Project Launches	Price Range ($psf) of New Project Launches	No. of New Project Launches	Median Price ($psf) of New Project Launches	Price Range ($psf) of New Project Launches
CCR	1	2,452.0	2312 – 2507	13	2,302.5	1276 – 3336
OCR	12	1,287.5	682 – 1593	20	1,371.5	665 – 1843
RCR	4	1,291.0	972 – 2546	18	1,494.5	1031 – 2650

Source: URA

For the period of January to May 2014, sale figures were still brisk for the suburban homes, with seven out of the 12 new project launches having 50 per cent and above sales in their respective launch month. By comparison, the new launches in the city and city fringe fared dismally. The only launch in the city – The Rise @ Oxley Residences – had only about 6.7 per cent of the released units taken up. On the city fringe, of the four new projects only The Hillford posted a sale number exceeding 50 per cent. In fact, all of its released units were sold out on the first day of sales, most likely due to its novelty as the first retirement resort in Singapore.

Table 5: New Project Launches, Jan – May 2014

Project Name	Street	Region	Property Type	Launch Month	Units Released In Launch Month	Units Sold In Launch Month	% Sold	Median Price ($psf) in the Launch Month	Price Range ($psf) in the Launch Month
The Rise @ Oxley Residences	Oxley Rise	CCR	Non-Landed	May-14	120	8	6.7	2,452	2312 – 2507
Floraview	Ang Mo Kio	OCR	Non-Landed	Jan-14	90	1	1.1	1,396	1396 – 1396
Singa Hills	Jalan Singa	OCR	Non-Landed	May-14	58	2	3.4	1,210	1101 – 1319
Sunnyvale Residences	Lorong K Telok Kurau	OCR	Non-Landed	May-14	10	1	10	1,487	1487 – 1487
The Santorini	Tampines	OCR	Non-Landed	Mar-14	597	76	12.7	1,108	1022 – 1274
The Panorama	Ang Mo Kio	OCR	Non-Landed	Jan-14	120	58	48.3	1,343	1234 – 1591
Waterfront@Faber	Faber Walk	OCR	Non-Landed	May-14	147	81	55.1	1,257	853 – 1351
Prestige Point	Upper Paya Lebar	OCR	Non-Landed	Feb-14	15	9	60	1,338	1000 – 1593
Rivertrees Residences	Fernvale Close	OCR	Non-Landed	Feb-14	300	218	72.7	1,111	943 – 1276
Riverbank @ Fernvale	Fernvale Close	OCR	Non-Landed	Feb-14	250	211	84.4	1,033	837 – 1250
Lakeville	Jurong Lake Link	OCR	Non-Landed	Apr-14	230	210	91.3	1,318	1143 – 1505
Coco Palms	Pasir Ris Grove	OCR	Non-Landed	May-14	600	590	98.3	1,018	682 – 1251
The Sorrento	West Coast Road	OCR	Non-Landed	Apr-14	131	131	100	1,414	1115 – 1513
Ascent@456	Balestier	RCR	Non-Landed	Mar-14	28	0	0	NA	NA
Loft 33	Lorong 32 Geylang	RCR	Non-Landed	May-14	30	12	40	1,291	1078 – 1307
Kallang Riverside	Kampong Bugis	RCR	Non-Landed	May-14	212	96	45.3	2,111	1921 – 2546
The Hillford	Jalan Jurong Kechil	RCR	Non-Landed	Jan-14	281	281	100	1,105	972 – 1437

Source: URA

Table 6: New Project Launches, Jan – May 2013

Project Name	Street	Region	Property Type	Launch Month	Units Released In Launch Month	Units Sold In Launch Month	% Sold	Median Price ($psf) in the Launch Month	Price Range ($psf) in the Launch Month
One Balmoral	Balmoral Road	CCR	Non-Landed	Mar-13	20	0	0	NA	NA
Treasure On Balmoral	Balmoral Road	CCR	Non-Landed	Jan-13	12	1	8.3	2408	2408 – 2408
Palms @ Sixth Avenue	Sixth Avenue	CCR	Non-Landed	Mar-13	10	1	10	1276	1276 – 1276
Grove Residence	Grove Drive	CCR	Non-Landed	Mar-13	6	1	16.7	2462	2462 – 2462
Ferra	Leonie Hill	CCR	Non-Landed	Apr-13	33	6	18.2	3209	3034 – 3336
Hallmark Residences	Ewe Boon Road	CCR	Non-Landed	May-13	20	4	20	2130	1538 – 2302
Mon Jervois	Jervois Road	CCR	Non-Landed	Apr-13	22	5	22.7	2049	1680 – 2195
The Siena	Tan Kim Cheng Road	CCR	Non-Landed	May-13	29	7	24.1	2297	2110 – 2467
Robin Suites	Robin Road	CCR	Non-Landed	Jan-13	92	26	28.3	2530	2401 – 2715
Liv On Sophia	Adis Road	CCR	Non-Landed	May-13	32	23	71.9	2492	2265 – 2552
Oxley Edge	River Valley Road	CCR	Non-Landed	Mar-13	45	36	80	2002	1889 – 2283
Novena Regency	Thomson Road	CCR	Non-Landed	Mar-13	1	1	100	2308	2308 – 2308
Lloyd Sixtyfive	Lloyd Road	CCR	Non-Landed	Apr-13	9	9	100	2150	1571 – 2150
Ocean Front Suites	Jalan Loyang Besar	OCR	Non-Landed	Mar-13	58	3	5.2	1559	1552 – 1574
Kingsford Hillview Peak	Hillview Rise	OCR	Non-Landed	Mar-13	512	41	8	1351	1085 – 1460
Serenity Breeze	Lorong J Telok Kurau	OCR	Non-Landed	Jan-13	12	1	8.3	1350	1350 – 1350
Charlton 27	Surin Avenue	OCR	Non-Landed	Apr-13	27	3	11.1	738	678 – 796
E Maison	Braddell Road	OCR	Non-Landed	Apr-13	130	19	14.6	1471	1352 – 1517
Garden Park Residences	Lorong M Telok Kurau	OCR	Non-Landed	Apr-13	36	8	22.2	1515	1405 – 1599
Cambio Suites	Lim Tua Tow Road	OCR	Non-Landed	May-13	53	15	28.3	1392	1122 – 1632
R Maison	Sommerville Walk	OCR	Non-Landed	Mar-13	45	13	28.9	1435	1348 – 1537
Midtown Residences	Upper Serangoon Road	OCR	Non-Landed	Apr-13	160	51	31.9	1479	1220 – 1660
Newest	West Coast	OCR	Non-Landed	May-13	136	68	50	1488	900 – 1684
The Trilinq	Jalan Lempeng	OCR	Non-Landed	Mar-13	200	106	53	1513	1193 – 1843
Stratum	Elias Road	OCR	Non-Landed	May-13	380	269	70.8	925	755 – 1282
Q Bay Residences	Tampines Street 86	OCR	Non-Landed	Jan-13	520	372	71.5	1012	823 – 1277
Twin Fountains	Woodlands Avenue 6	OCR	Non-Landed	May-13	418	316	75.6	741	665 – 813
Hillion Residences	Jelebu Road	OCR	Non-Landed	Mar-13	250	191	76.4	1340	1225 – 1698
Jade Residences	Lew Lian Vale	OCR	Non-Landed	Apr-13	100	79	79	1592	1374 – 1693
La Fiesta	Sengkang Square	OCR	Non-Landed	Jan-13	500	404	80.8	1163	956 – 1359
Urban Vista	Tanah Merah Kechil Link	OCR	Non-Landed	Mar-13	420	348	82.9	1503	1193 – 1692
D’nest	Pasir Ris Grove	OCR	Non-Landed	Mar-13	800	699	87.4	963	737 – 1299
Spazio@Kovan	Upper Serangoon Road	OCR	Non-Landed	Apr-13	48	48	100	1299	821 – 1453
# 1 Suites	Lorong 20 Geylang	RCR	Non-Landed	May-13	112	1	0.9	1462	1462 – 1462
One Eighties Residences	Joo Chiat Terrace	RCR	Non-Landed	May-13	52	1	1.9	1374	1374 – 1374
# 1 Loft	Lorong 24 Geylang	RCR	Non-Landed	Jan-13	80	3	3.8	1315	1309 – 1315
Cosmo Loft	Balestier Road	RCR	Non-Landed	May-13	56	4	7.1	1773	1746 – 1898
Pavilion Square	Geylang Road	RCR	Non-Landed	Mar-13	42	11	26.2	1532	1406 – 1592
Treasures @G20	Lorong 20 Geylang	RCR	Non-Landed	Mar-13	38	12	31.6	1151	1127 – 1291
Riverbay	Mar Thoma Road	RCR	Non-Landed	Apr-13	63	26	41.3	1342	1260 – 1430
Leville Isuites	Ceylon Road	RCR	Non-Landed	Feb-13	42	24	57.1	1495	1072 – 1727
Sant Ritz	Pheng Geck Avenue	RCR	Non-Landed	Apr-13	176	104	59.1	1494	1166 – 1634
Bartley Ridge	Mount Vernon	RCR	Non-Landed	Mar-13	617	367	59.5	1296	1031 – 1514
Sennett Residence	Pheng Geck Avenue	RCR	Non-Landed	Mar-13	332	238	71.7	1474	1290 – 1730
Kap Residences	King Albert Park	RCR	Non-Landed	May-13	142	105	73.9	1839	1264 – 1988
Seasuites	Pasir Panjang Road	RCR	Non-Landed	Jan-13	52	42	80.8	1665	1502 – 1784
Whitehaven	Pasir Panjang Road	RCR	Non-Landed	May-13	100	82	82	1609	1285 – 1757
Corals At Keppel Bay	Keppel Bay Drive	RCR	Non-Landed	May-13	160	132	82.5	2150	1770 – 2957
Spottiswoode Suites	Spottiswoode Park Road	RCR	Non-Landed	Jan-13	100	91	91	2227	1665 – 2650
Icon @ Pasir Panjang	Pasir Panjang Road	RCR	Non-Landed	Mar-13	9	9	100	1754	1599 – 1807
The Octet	Lorong 24 Geylang	RCR	Non-Landed	Apr-13	5	5	100	1324	1293 – 1359

Source: URA

Developers probably anticipated the subdued demand for homes in the CCR and RCR, and put off new launches there.

In the area of prices, median price ($ psf) for new projects in the suburbs, between January to May, dipped by about 6.1 per cent from $1,371.5 psf (2013) to $1,287.5 psf (2014). However the minimum price had soared from $665 psf to $682 psf, while the maximum price slided to $1,593 psf.

More severe price decline was seen in the RCR. There, median prices for new launches slipped by
13.6 per cent relative to the same period in 2013. Minimum and maximum prices, likewise, experienced a downdraft.

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