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

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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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