New private home sales hit a high in Sept

New exclusive home sales appreciated their best September in 7 years, while getting to heights not seen given that the cooling measures were enforced in July in 2014.

The sales rise – 1,270 new private residences were sold, up 13 per cent from August – came as programmers accelerated launches after the Hungry Ghost month, with some in the city-fringe area proving catnip for customers. 4 of five new launches last month – Avenue South Residence, Meyer Manor, The Antares and Uptown@Farrer – are in the city fringe, while Cuscaden Reserve is in prime area 10.

Virtually 60 per cent of last month’s sales were in the city edge, known in the sector as the remainder of main area.
Method South Home in Silat Avenue rode on the buzz around the future Greater Southern Beachfront growth revealed in August to make leading seller last month, with 361 units moved at an average rate of $1,941 per sq ft.

“However Meyer Estate, The Antares, Uptown@Farrer as well as Cuscaden Get did not make out so well, relocating in between five and also 31 units in their very first month,” noted Ms Tricia Song, head of research for Singapore at Colliers International.

The 1,270 new exclusive houses got last month were additionally 36 per cent greater than the 932 systems offered in September in 2015, according to Urban Redevelopment Authority (URA) information the other day. The numbers omit executive condos.

The last time new sales in September were higher was in 2012, when 2,621 devices were marketed.

Last month’s figure brings the number of brand-new private houses offered in the third quarter to 3,572 systems – 19 per cent greater than in the third quarter of last year, said JLL elderly supervisor of research study as well as consultancy Ong Teck Hui. It is likewise the highest quarterly sales quantity because the 2nd quarter of 2013, when tighter loan-to-income policies under the overall financial obligation servicing ratio were presented, he noted.
“The rises in the URA exclusive residence consumer price index in the 2nd and third quarters could be translated (as an indicator) that costs are most likely to be secure with minimal downside, and this would give confidence to programmers to continue introducing their tasks,” Mr Ong claimed.

Developers introduced 1,714 personal homes last month, up 69 per cent from 1,015 devices in August, and nearly 47 per cent greater than the 1,169 devices in September in 2015, URA information revealed.

Ms Christine Sunlight, head of research study and working as a consultant at OrangeTee & Tie, noted that last month’s new-sales quantity was driven primarily by Singaporeans and Singapore permanent residents.

“This suggests that many Singaporeans continue to be positive concerning the long-term potential customers of private properties right here. Many investors have actually reassessed their danger cravings … possibly turning to safer financial investment possessions like realty in Singapore,” she included.
Experts believe private brand-new residence sales will certainly go beyond 9,000 this year and defeat in 2014’s 8,795 units.

However some preserve the marketplace is not overheating. Despite the fact that the URA’s flash estimate for the 3rd quarter suggests that private residence rates rose 0.9 per cent over the previous quarter, the price of growth is decreasing, noted Mr Nicholas Mak, head of research and also consultancy at PERIOD Realty. This adhered to the 1.5 per cent quarter-on-quarter rise in the second quarter.

Mr Mak kept in mind that last month’s take-up price slipped to 74.1 percent amid high sales volumes. Comparative, the take-up rate ranged in between 110 per cent and 130 percent a month in the June to August duration.

 

Source: The Straits Times

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