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Prices of Upscale Homes Slide in 2013, but Unit Prices Gain

by • May 11, 2014 • Property Market News, Research and AnalysisComments (0)8037

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While the real estate landscape witnessed one round of mortgage rule change in 2012, it was mild in comparsion to what laid ahead in the following year. In 2013, the Government rolled out, in total, four rounds. First there was the increase in cash outlay and tigher loan-to-value (LTV) ratio for second, and subsequent homes, along with the tigher MSR ratio for HDB flats. These were coupled with a myraid of other measures. By mid-year, a radical new framework came along in the form of the TDSR. Towards the fourth quarter, the MSR ratio for loans granted by the HDB was lowered to 30 per cent to be on par with HDB loans disbursed by financial institutions. Finally, 2013 closed with the MSR ratio, for the first time, applying to buyers of ECs.

In contrast, 2012 only saw the maximum loan tenure capped at 35 years, and a lowering of the LTV ratio for certain groups of borrowers.

So how have the series of regulations in 2013 affected the market for high-end homes in District 09, 10 and 11?

For each district, based on caveats lodged with URA, we compare the median price changes for projects with 10 or more caveats lodged in each of 2012 and 2013. (Refer to Table 1-3)

Comparing 2012 and 2013, we find that for

District 09

  • 6 out of 11 projects experienced a fall in median price, but only 3 has a fall in median unit price

District 10

  • 3 out of 10 projects experienced a fall in median price, but only 2 has a fall in median unit price

District 11

  • 5 out of 8 projects experienced a fall in median price, but only 1 has a fall in median unit price

This indicates that the overall price quantum may have declined but this is due to smaller units being transacted, as attested by the corresponding fall in median area of homes that changed hands. Hence we can conclude that prices of upmarket homes are holding up well, as a matter of fact the median unit prices of most projects have soared. This can be attributed to the deep pockets of individual sellers and developers of these luxurious homes, who are not compelled to part with their properties at a discount – tepid housing market notwithstanding.

With a taming market but prices still going strong, coupled with stringent lending rules, it is more critical than ever to have a mortgage specialist helps you compare mortgage loan Singapore and work out your finances. Speak to an iCompareLoan mortgage expert today!

Figures are arrived at based on caveats lodged with URA as of 4 May 2014. Only projects with 10 or more caveats lodged in each of 2012 and 2013 are analysed.

 

Tables 1: District 09 Selected Homes Price Figures For 2012 & 2013

2012

Project Name

Street Name

Sample Size

Price Range

(S$ mil)

Unit Price Range

(S$ psf)

Median Price

(S$ mil)

Median Unit Price

(S$ psf)

Median Area (sq ft)

Aspen Heights

River Valley Road

40

1.3 – 4.75

1208-1699

2.01

1,524.50

1324

Belle Vue Residences

Oxley Walk

21

4.44 – 12.23

1510-2917

6.38

2,146.00

3175

Espada

St. Thomas Walk

11

0.84 – 1.92

2323-2920

1.1

2,590.00

377

Helios Residences

Cairnhill Circle

31

4.23 – 12.5

3130-3890

5.98

3,541.00

1668

Hilltops

Cairnhill Circle

11

3.71 – 11.41

2972-4398

5.25

3,199.00

1593

Parc Sophia

Adis Road

20

0.84 – 1.3

1411-1932

1.1

1,716.00

667

Rivergate

Robertson Quay

33

2.03 – 4.54

1778-2330

3.1

2,050.00

1507

The Scotts Tower

Scotts Road

58

1.94 – 3.31

3034-3982

2.24

3,402.50

667

The Wharf Residence

Tong Watt Road

31

1.52 – 3.95

1352-2229

2.01

1,718.00

1076

Visioncrest

Oxley Rise

16

1.37 – 2.38

1812-2215

1.88

2,009.00

920.5

Waterford Residence

Kim Yam Road

18

1.47 – 2.8

1294-1715

1.92

1,489.50

1394

2013

Project Name

Sample Size

Price Range (S$ mil)

Unit Price Range (S$ psf)

Median Price (S$ mil)

Median Unit Price (S$ psf)

Median Area (sq ft)

Aspen Heights

20

1.74 – 5.3

1484-1796

2.1

1,589.50

1572

Belle Vue Residences

11

3.8 – 10.5

1550-2069

4.39

1,735.00

3563

Espada

10

0.91 – 1.9

2442-2759

1.75

2,646.00

377

Helios Residences

18

3.46 – 12

2700-3976

1.41

3,464.00

1668

Hilltops

13

2.35 – 5.9

2601-3404

2.05

3,027.00

1335

Parc Sophia

10

0.93 – 1.28

1525-2069

1.61

1,865.00

549

Rivergate

18

2.32 – 4.26

1898-2298

2.04

2,050.00

1733

The Scotts Tower

37

2.08 – 5.16

3180-4267

1.8

3,608.00

807

The Wharf Residence

10

1.86 – 8.5

1592-2151

1.12

1,912.50

1254

Visioncrest

10

1.48 – 2.5

1919-2323

3.39

2,096.50

915

Waterford Residence

14

1.59 – 2.55

1500-1746

1.84

1,582.00

1141

Project Name

% Change in Median Price

% Change in Median Unit Price

% Change in Median Area (sq ft)

Aspen Heights

15.24

4.09

0.19

Belle Vue Residences

(9.06)

(23.69)

0.12

Espada

(13.99)

2.12

0.00

Helios Residences

(0.83)

(2.22)

0.00

Hilltops

(28.15)

(5.68)

(0.16)

Parc Sophia

(5.83)

7.99

(0.18)

Rivergate

11.05

0.00

0.15

The Scotts Tower

18.35

5.70

0.21

The Wharf Residence

21.04

10.17

0.17

Visioncrest

5.53

4.17

(0.01)

Waterford Residence

(4.07)

5.85

(0.18)

Tables 2: District 10 Selected Homes Price Figures For 2012 & 2013

2012

Project Name

Street Name

Sample Size

Price Range (S$ mil)

Unit Price Range

(S$ psf)

Median Price

(S$ mil)

Median Unit Price

(S$ psf)

Median Area (sq ft)

D’leedon

Leedon Heights

228

0.96 – 3.81

1321-1937

1.7

1,469.50

1389

Leedon Residence

Leedon Heights

79

2.35 – 14.42

1413-2494

4.85

1,890.00

2131

Nathan Residences

Nathan Road

14

0.89 – 1.4

1394-1782

1.22

1,602.50

786

One Jervois

Jervois Close

16

1.5 – 3.35

1496-1799

2.3

1,623.00

1308

Parvis

Holland Hill

13

1.7 – 4.6

1650-2059

3.52

1,938.00

1991

Ridgewood

Mount Sinai Drive

14

1.55 – 3.43

845-1267

2.15

1,147.00

1873

Sommerville Park

Farrer Drive

22

1.04 – 6.55

1396-1730

2.93

1,567.00

1948

The Tessarina

Wilby Road

32

1.25 – 2.51

1250-1555

1.83

1,395.50

1318.5

The Trizon

Ridgewood Close

55

1.66 – 4.03

1101-2043

2.61

1,710.00

1550

Valley Park

River Valley Road

33

1.16 – 5.38

1357-1644

1.76

1,480.00

1216

2013

Project Name

Sample Size

Price Range

(S$ mil)

Unit Price Range

(S$ psf)

Median Price

(S$ mil)

Median Unit Price

(S$ psf)

Median Area

(sq ft)

D’leedon

680

1.02 – 7.1

1244-2120

2.1

1485

1475

Leedon Residence

37

2.32 – 14.8

1708-2685

4.39

2100

2110

Nathan Residences

12

1.1 – 1.74

1357-2078

1.23

1910

592

One Jervois

12

1.26 – 4.25

1548-1984

3.05

1789

1701

Parvis

10

1.94 – 4

1835-2009

3.29

1934.5

1701

Ridgewood

16

1.6 – 3.65

1052-1399

2.51

1260.5

2002

Sommerville Park

13

1.26 – 3.5

1453-2018

2.17

1618

1302

The Tessarina

12

1.44 – 2.24

1495-1660

1.83

1581

1173

The Trizon

26

1.76 – 3.71

1500-1911

3.42

1707

2067

Valley Park

15

1.16 – 2.88

1394-1727

2.1

1567

1216

 

Project Name

% Change in Median Price

% Change in Median Unit Price

% Change in Median Area (sq ft)

D’leedon

19.05

1.04

0.06

Leedon Residence

(10.48)

10.00

(0.01)

Nathan Residences

0.81

16.10

(0.25)

One Jervois

24.59

9.28

0.30

Parvis

(6.99)

(0.18)

(0.15)

Ridgewood

14.34

9.00

0.07

Sommerville Park

(35.02)

3.15

(0.33)

The Tessarina

0.00

11.73

(0.11)

The Trizon

23.68

(0.18)

0.33

Valley Park

16.19

5.55

0.00

 

Tables 3: District 11 Selected Homes Price Figures For 2012 & 2013

2012

Project Name

Street Name

Sample Size

Price Range (S$ mil)

Unit Price Range(S$ psf)

Median Price

(S$ mil)

Median Unit Price

(S$ psf)

Median Area (sq ft)

Amaryllis Ville

Newton Road

24

1.03 – 4

1373-1657

1.45

1,494.00

958

Cube 8

Thomson Road

13

0.88 – 3.35

1108-1662

1.27

1,424.00

904

Lincoln Suites

Khiang Guan Avenue

20

0.97 – 3.77

1864-2948

2.29

2,068.50

1109

L’viv

Newton Road

27

1.29 – 2.5

2103-2541

2.15

2,277.00

990

Park Infinia At Wee Nam

Lincoln Road

28

1.12 – 5.37

1523-2153

2.15

1,887.00

1221.5

Soleil @ Sinaran

Sinaran Drive

34

1.04 – 3.44

1548-2202

2.02

1,849.50

1098

Suites @ Newton

Surrey Road

23

0.95 – 1.43

1810-2377

1.29

2,140.00

603

The Lincoln Residences

Surrey Road

14

2.25 – 3.89

1598-1923

3.00

1,766.00

1841

2013

Project Name

Sample Size

Price Range

(S$ mil)

Unit Price Range (S$ psf)

Median Price (S$ mil)

Median Unit Price (S$ psf)

Median Area (sq ft)

Amaryllis Ville

12

1.14 – 2.6

1500-1741

1.75

1,542.00

1119.5

Cube 8

14

0.96 – 2.2

1394-1787

1.41

1,538.50

904

Lincoln Suites

11

1.18 – 2.4

1979-2798

2.05

2,143.00

1033

L’viv

12

1.3 – 2.46

2119-2544

1.61

2,442.00

657

Park Infinia At Wee Nam

11

1.2 – 3.03

1810-2144

2.04

2,039.00

1001

Soleil @ Sinaran

11

0.98 – 2.32

1346-2228

1.80

1,954.00

936

Suites @ Newton

16

0.97 – 1.49

1910-2460

1.12

2,045.00

517

The Lincoln Residences

14

2.4 – 5.3

1640-1884

3.39

1,773.00

1884

 

 

Project Name

% Change in Median Price

% Change in Median Unit Price

% Change in Median Area (sq ft)

Amaryllis Ville

17.14

3.11

0.17

Cube 8

9.93

7.44

0.00

Lincoln Suites

(11.71)

3.48

(0.07)

L’viv

(33.54)

6.76

(0.34)

Park Infinia At Wee Nam

(5.39)

7.45

(0.18)

Soleil @ Sinaran

(12.22)

5.35

(0.15)

Suites @ Newton

(15.18)

(4.65)

(0.14)

The Lincoln Residences

11.50

0.39

0.02

 

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