Strong Q2 for home market: CBRE

Singapore’s property market will be likely to experience a strong second quarter, with new home sales volume expected to hit 4,000 units, according to real estate consultancy CB Richard Ellis (CBRE).

CBRE said this would make it 11.3 per cent higher than the 3,595 new homes sold in the first quarter and close to the 4,241 units sold in the fourth quarter of 2010.

The top five projects which have contributed to the primary sales volume so far are Eight Courtyards, Hedges Park, Foresque Residences, Terrasse and Foresta @ Mount Faber, it noted.

With the exception of Foresta @ Mount Faber, the other four projects were priced between S$790 and S$1,200 per sq ft to cater to first-timers and upgraders.

Caveat data from the Urban Redevelopment Authority show a median price of about $1 million for new homes sold in the year to date, down from around $1.2 million in the first half of last year. The median size for units sold in the first two quarters was below 900 sq ft, down some 300 sq ft from the year-ago period.

Mr Joseph Tan, CBRE’s executive director for Residential, said one reason for this could be the awareness of rising costs and higher home prices, which may have prompted home buyers to go for smaller units.

But with the Government’s plan to release more Housing and Development Board (HDB) flats and land for private homes in the second half of this year, Mr Tan said the take-up of new homes in the third quarter would be likely to be lower than the numbers in the second.

Some of the new developments expected to be launched include Leedon Residence, Thomson Grand, two mass-market projects located at Sengkang Square and Serangoon View as well as an executive condominium project on Segar Road.

Source : Today – 24 Jun 2011

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