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Private home sales drop by almost 60 percent from a year ago

by • April 17, 2018 • Mortgage Broker, Property Launches, Property Market News, Residential Property LoanComments (0)392

The number of private homes sales by developers dropped  by 59.77 per cent on a yearly basis in March 2018. The Urban Redevelopment Authority (URA) which released this figure today based on its survey of licensed housing developers said the number of private home sales by developers in March jumped 86.5 per cent from 384 units in February to 716 units in March 2018.

The data for private home sales excludes executive condominiums (EC). Including ECs, developers sold 788 units which is 65.5 per cent higher than 476 units in February but 66.5% lower from 2,358 units last year. URA will release the final figure for the first quarter on April 27.

JLL national director Ong Teck Hui said the 716 new private homes sales by developers in March seems like a slow pick-up, “but it is the month after Chinese New Year which was in mid-February.”

He added: “In 2017, Chinese New Year was in late January and we also saw a modest pick-up in the following month, that is, February when 979 units were sold. However, market activity resumed more robustly in March 2017, with 1,527 units launched and 1,780 units sold.”

private home sales

Image credit: CDL Residential

The Tapestry by City Developments contributed to 46 per cent of the private home sales by developers in March 2018. Tapestry, a new condo launch in Tampines saw saw strong sales activity over the last weekend of March 2018.

Mr Chia Ngiang Hong, CDL Group General Manager said, “With the boost in sentiment for Singapore’s residential market, there has been high anticipation for The Tapestry which is the first premium suburban condominium to be launched in 2018. We are very encouraged by the overwhelming response on our first weekend launch.”

All unit types at the new condo launch have enjoyed a good take-up rate, particularly the one- and two-bedroom types. Early bird average selling price is S$1,310 per square foot.

“Buyers are drawn to The Tapestry’s much sought-after location in the mature Tampines estate and attractive early bird pricing. It is an ideal residence with good rental potential, being near major transportation nodes, popular schools, amenities, offices and business parks,” Mr Chia added.

76% of the buyers are Singaporeans, while the remaining 24% are Permanent Residents and foreigners from Malaysia, China, India, Indonesia and Hong Kong.

The new condo launch at a time where several banks have started a mortgage war to lure the home buyers who are coming back to the non landed property market.  The Fed interest rates have gone up once again, which means that the interest rates for bank loans here will follow suit soon. But the truth is, not all 16 lenders revise their mortgage packages as soon as the the SIBOR rises. There is often a laggard response from the lenders and this would be your opportunity to grab the right loan for you, and that too with the lowest interest rates.

Not all home loans in Singapore are created equal but you can find the best one

Paralympic swimmer and medallist, Ms Theresa Goh, bought a two-bedroom premium unit and plans to reside in it with her parents and four cats.

The first-time homeowner said, “Unlike most condominiums, The Tapestry’s unit layout is very well-spaced, which is essential for me to manoeuvre my wheelchair with ease. The 100-metre Infinity Pool is a rare facility and, hopefully, this will encourage my mom to learn swimming. Our family used to live in the East side of Singapore before shifting to the West, so moving into The Tapestry will be a ‘home-coming’ for my parents and I. Besides the ideal location, the attractive pricing is another draw for me.”

With a good number of local and foreign financial institutions here, the choice of a lender and the available packages for home buyers like Theresa Goh can be mind boggling. Imagine having to compare over hundreds of different loan packages and wondering which is best for you. Even if you are a specialist in finance, differences between the loans in Singapore are not so straight forward, because there are quite a few variables.

This is where an independent loan specialist maybe useful for you in your search for a loan which is the right fit for your needs.  Without any partiality, the independent loan specialist can compare a range of products and lenders. This will help you save time and money, avoid confusion, and improve your chances of getting approved, as well.

Besides the Tapestry, the other top developments in March 2018 were Grandeur Park Residences (40 units), Signature at Yishun (39 units), Kingsford Waterbay (32 units), and Parc Botannia (30 units). All the top five developments reflected in URA’s data for private home sales were Outside Central Region and 537 units of total units sold in March (75 per cent) were from the region as well.


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