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Home Sales Unlikely to beat last year’s high – The Straits Times, 1 Nov 11

Summary

  • Strong economy first 9 months but global economic uncertainty to take toll
  • Sales of new private homes may come close to last year’s record high, but they are unlikely to surpass the figure with global economic uncertainty affecting demand, experts say.
  • Homes sales for the first 9 months of this year came in at a slightly more robust 12,301 units compared with 12,051 units in the same period of last year
  • Experts say a slower final quarter is likely to leave the final below last year’s tally.
  • Developers sold a record-breaking 16,292 homes last year as rock-bottom interest rates and pent-up demand from first-timers and upgraders drove the property market to a new high.
  • Low interest rates and a sound local economy should underpin private home buying demand.
  • However, the gloomy economic outlook has dampened market sentiment.
  • The ongoing economic turmoil in the West will rein in demand to some extent.
  • The year-end festive season and school holidays could also sideline potential buyers.
  • Other experts noted that though cooling measures have cut demand from speculators and short-term investors, demand from genuine buyers has persisted.
  • The 3,604 units sold in the 3 months to Sept 30 was the lowest quarterly figure since the market recovery in mid-2009.
  • 13,076 resale and subsale units sold in the first 9 months of this year was also 26 percent lower than the corresponding period last year.
  • This year’s total new sales were spurred along by the 143 units sold as at yesterday evening at SIm Lian Group’s Parc Vera in Hougang Avenue 7.
  • Units were priced at an average of $800psf. Singaporeans made up 80% of the buyers.

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