Singapore Residential Leasing Briefing Q3/2011

By Savills Research | Singapore

“Leasing volume reached a new high with 13,028 leases signed in Q3, defying cautionary headwinds sparked by the deepening crises in the US and eurozone.”

Key findings:

• Singapore’s economy grew by 5.9% in the reviewed quarter, driven mainly by an expansion in the biomedical manufacturing cluster.

• In view of the on going weakness in the global economy, Singapore’s GDP growth forecast for 2011 has been downgraded by the Ministry of Trade and Industry (MTI) from 5%–7% to around 5%.

• Hiring expectations fell from 56% in Q3 to 42% in Q4, with the banking and fi nancial services sector reporting the lowest expectations.

• Leasing demand continued to surge with an impressive 13,028 leases signed in Q3.

• Rents of private residential properties rose at a slower pace of 0.8%.

• The average monthly rent for high-end non-landed residential properties tracked by Savills held steady at S$5.37 per sq ft per month.

• Rental growth for luxury residential homes is expected to hover between 1% and 2% for the full year of 2011.

Please click here to see the full report.

Property news summary: 16th to 31st Oct 2011

1) Property Market Activities

New private home sales hit high for year (ST, 18 October 11)
New private home sales rocketed to 1,621 units in September, 21% more than that in August. Suburban homes continue to drive market activity. In particular, Sim Lian’s A Treasure Trove, located near Punggol MRTstation, sold 683 units in September at an average price of $915 psf. Other mass market projects such as EuHabitat and the Boathouse Residences also saw healthy sale figures.

Singapore Private Residential Market as at 3Q2011

By OrangeTee Research & Consultancy

Private Residential Market

Overall price index at new historical high albeit on declining growth rate

Overall price growth falls for the 8th consecutive quarter
The overall private residential property price index increased by 1.3% in 3Q2011, compared with 2.0% growth in 2Q2011, according to URA’s latest statistics. Though the index is now at a new historical high, the 3Q number marks the 8th consecutive quarters of slower price growth. By property type, prices of landed property continues to lead growth for 7th consecutive quarter. Landed property prices increased by 2.4% whilst non-landed property prices achieved only 1.3% growth in the quarter. Within the non-landed property segment, price growth in the Outside Central Region(OCR) took the lead with 2.1%, followed by the Rest of Central Region(RCR) at 1.2% and the Core Central Region(CCR) at 0.7%.

Property news summary: 1st to 16th Oct 2011

1) Property Market Activities

Mass-market condo prices rise again in Q3 (BT, 4 October 11)
Prices of HDB resale flats and mass-market private condominiums climbed in 3Q2011. URA estimates showed that the overall private home price index rose 1.3% QoQ in 3Q2011, slower than the 2% QoQ increase in 2Q2011.

Nine units sold in Hijauan on Cavenagh (BT, 4 October 11)
Selangor Dredging Berhad (SDB) has sold nine apartments in its 41-unit Hijauan on Cavenagh over the past two weeks. Eight units were sold to Malaysian buyers and one was bought by a Singaporean purchaser. SDB bought the site for $42.4mil in July 2010 in a collective sale. The apartments at the high-end freehold project are priced from $2,200-2,500 psf.

How to protect your money in property sales transactions – Part 2

Published on the Ministry of Law’s website.

How to protect your money in property sales transactions – Part 1

Published on the Ministry of Law’s website.

Research Flash: Primary home sales in May 2011 decreased by 12%

Published 15 June 2011
OrangeTee Research & Consultancy

Primary home sales – May sales update of uncompleted private properties

Sales volume climbed to 1,575 units in May
Developers sold a total of 1,575 private residential units in May according to the latest URA data. This is a 12% m-o-m decrease in volume compared with the 1,788 units sold in April. The fall in sales volume was due to lesser major launches in the month as compared to the previous month. Projects in the Outside of Central Region continues to dominate sales in the month at 60%. Islandwide median prices fell 0.7% m-o-m, compared to a previous increase of 2.2% m-o-m. Median prices in the Outside of Central Region saw the greatest increase of 5.0% m-o-m.

Singapore Residential Leasing Briefing Q1-2011

Published 16 May 2011
Savills Research | Singapore

Market overview

Having undergone several phases of expansion, Singapore’s economy progressed to a more advanced stage of recovery in Q1. The growth was driven mainly by the manufacturing, services-producing and electronics and precision engineering sectors.

Based on advance estimates, Singapore’s growth paced ahead by 8.5% year-on-year in the first quarter. The expansion was unexpected following a year in which the country experienced one of the highest growth rates (14.5%) in the world. On a seasonally adjusted quarter-on-quarter annualised basis, overall GDP grew by 23.5% in Q1.

Primary private home sales monthly – February 2011

Analysis of Primary Home Sales Data for February 2011
Released 15 March 2011
By OrangeTee Research & Consultancy

Primary home sales fell to 1,101 units in February 2011
Developers sold a total of 1,101 private residential units in February according to the latest URA data. This is a 7.4% m-o-m decrease in volume compared with the 1,189 units sold in January. This decline was contributed largely by the lack of major launches in the month and due to the cooling measures announced in January. Projects in Outside of Central Region continues to dominate sales. Median prices islandwide has fallen by 7.7% on average, compared to a 1.8% increase in the previous month.