Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3>New private home sales dip 2.6% MoM in Jun21; Take-up rate still holding up well above 100%</h3><ul><li>Sales of new private homes eased last month though demand is still holding up well. Developers sold 872 units in Jun, down 2.6% MoM from 895 units in May21. On a YoY basis, sales were down 12.6% from Jun20. Including ECs sold, developers moved 962 new homes last month, 22% lower MoM than in May21, and down 6.7% YoY</li><li>Developers launched 815 units in Jun21, up 58.6% MoM from 514 units in May21, and up 36.5% YoY from 597 units in Jun20. There were no new ECs launched in Jun21. Jun21 take-up rate stood at 107% (from 173% in May21 and 167% in Jun20). Hyll on Holland was the top seller last month, moving 87 units, or 27% of its 319 units, after cutting prices to a median price of S$2,387psf, from its launch price from S$2,800psf in Oct20</li><li>Sales in Jun21 were driven by Hyll on Holland, followed by Treasure at Tampines, which sold 80 units, Normanton Park, which sold 62 units and The Florence Residences, which sold 47 units. Excluding EC, sales volume in Jun21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 337 (38.7%), 329 (37.7%) and 206 (23.6%), respectively</li><li>The proportion of sale transactions from 15Jun-30Jun21, when viewing restrictions were eased, stands at 59.8%, compared with 40.2 % from 1Jun- 14Jun21. More than 40% of sales last month were priced below S$1.5m, 31% were between S$1.5- 2m, and 27% were above S$2m. The average price paid for a unit last month was S$1.82m. Despite lower sales in May21 and Jun21, the tally for the 1H21 was an estimated 6,528 new private homes sold, about 67% higher YoY.</li></ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/218/826/original/image015.png?1626400012" class="editor-image img-responsive" data-smartkarma-image-id="218826"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/218/828/original/image016.png?1626400034" class="editor-image img-responsive" data-smartkarma-image-id="218828"></figure></section>

SingaporeNew private home sales dip 2.6% MoM in Jun21; Take-up rate still holding up well above 100%Sales of new private homes eased last month though demand is still holding up well. Developers sold 872 units in Jun, down 2.6% MoM from 895 units in May21. On a YoY basis, sales were down 12.6% from Jun20. Including ECs sold, developers moved 962 new homes last month, 22% lower MoM than in May21, and down 6.7% YoYDevelopers launched 815 units in Jun21, up 58.6% MoM from 514 units in May21, and up 36.5% YoY from 597 units in Jun20. There were no new ECs launched in Jun21. Jun21 take-up rate stood at 107% (from 173% in May21 and 167% in Jun20). Hyll on Holland was the top seller last month, moving 87 units, or 27% of its 319 units, after cutting prices to a median price of S$2,387psf, from its launch price from S$2,800psf in Oct20Sales in Jun21 were driven by Hyll on Holland, followed by Treasure at Tampines, which sold 80 units, Normanton Park, which sold 62 units and The Florence Residences, which sold 47 units. Excluding EC, sales volume in Jun21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 337 (38.7%), 329 (37.7%) and 206 (23.6%), respectivelyThe proportion of sale transactions from 15Jun-30Jun21, when viewing restrictions were eased, stands at 59.8%, compared with 40.2 % from 1Jun- 14Jun21. More than 40% of sales last month were priced below S$1.5m, 31% were between S$1.5- 2m, and 27% were above S$2m. The average price paid for a unit last month was S$1.82m. Despite lower sales in May21 and Jun21, the tally for the 1H21 was an estimated 6,528 new private homes sold, about 67% higher YoY.

ASEAN Builder's Scoop (16Jul21) - SG Jun21 New Home Sales -2.6% MoM

Singapore Property Analyst

Anni Kum

Singapore Real Deals is a fortnightly property digest that takes you through the peculiarities of Singapore's real estate market. In this issue, we analyze the data on property developers’ private home sales for the month of July 2019 released by the Urban Redevelopment Authority (URA) on 15th August 2019. Singapore property developers sold 1,556 residential units in July, a whopping 89% higher than the number of units sold in June. We note that the strong sales volume recorded in July was boosted by the launch of Piermont Grand, a high-profile executive condominium project which sold 378 units during the month. Excluding the impact of the executive condominium sales, primary transaction volume for private residential units would be lower at 1,178 units, implying a smaller 43% QoQ increase and larger 32% YoY decline.Total developers' ready-to-launch inventory stood at a high level of 20,466 units in July.  We note that the supply in the Rest of Central Region (RCR) is close to its peak level recorded since 2007 while that in the Core Central Region (CCR) may see further increase due to the potential of more approvals of en-bloc sites. Against the backdrop of negative economic indicators, we believe the overall supply pressure will weigh on the pricing power of developers in the coming months. Among the 10 new launches in the coming months to look out for, two large projects, namely Avenue South Residences and Parc Clematis, will provide a good picture of the property outlook over the next 12 months.

Singapore Real Deals is a fortnightly property digest that takes you through the peculiarities of Singapore's real estate market. In this issue, we analyze the data on property developers’ private home sales for the month of July 2019 released by the Urban Redevelopment Authority (URA) on 15th August 2019. Singapore property developers sold 1,556 residential units in July, a whopping 89% higher than the number of units sold in June. We note that the strong sales volume recorded in July was boosted by the launch of Piermont Grand, a high-profile executive condominium project which sold 378 units during the month. Excluding the impact of the executive condominium sales, primary transaction volume for private residential units would be lower at 1,178 units, implying a smaller 43% QoQ increase and larger 32% YoY decline.Total developers' ready-to-launch inventory stood at a high level of 20,466 units in July.  We note that the supply in the Rest of Central Region (RCR) is close to its peak level recorded since 2007 while that in the Core Central Region (CCR) may see further increase due to the potential of more approvals of en-bloc sites. Against the backdrop of negative economic indicators, we believe the overall supply pressure will weigh on the pricing power of developers in the coming months. Among the 10 new launches in the coming months to look out for, two large projects, namely Avenue South Residences and Parc Clematis, will provide a good picture of the property outlook over the next 12 months. 

Singapore Real Deals (Issue 8): High-Profile Projects Boost July URA Private Home Sales Data

Singapore and emerging market real estate

Royston Foo

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of June 2019.A total of 670 non-land private residential units were launched for sale in June. This was 51% fewer than the number of units launched in the preceding month and 5% fewer year-on-year.A total of 803 non-landed private residential units were sold in June. This was 14% fewer than the number of new units sold in the previous month.10 new projects received their sales approval in June, adding a substantial 4,731 units to the launch pipeline. 2 mega-launches to watch out for in the coming months are Parc Clematis  and Avenue South Residence. Total developers’ inventory available for immediate launch jumped by 22.3% MoM in June to 20,531 units. This is the highest level since Jan 2015. Rising inventory is within expectation and will continue to affect the pricing power of developers.

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of June 2019.A total of 670 non-land private residential units were launched for sale in June. This was 51% fewer than the number of units launched in the preceding month and 5% fewer year-on-year.A total of 803 non-landed private residential units were sold in June. This was 14% fewer than the number of new units sold in the previous month.10 new projects received their sales approval in June, adding a substantial 4,731 units to the launch pipeline. 2 mega-launches to watch out for in the coming months are Parc Clematis  and Avenue South Residence. Total developers’ inventory available for immediate launch jumped by 22.3% MoM in June to 20,531 units. This is the highest level since Jan 2015. Rising inventory is within expectation and will continue to affect the pricing power of developers.

Singapore Property – Jump in New Supply. Upcoming Mega-Launches to Test Buyers’ Appetite.

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of May 2019.Property developers in Singapore launched a total of 1,374 non-land private residential units for sale in the month of May and this was an increase of 214% MoM and 30% YoY.A total of 934 non-landed private residential units were sold in May. This was an increase of 29% MoM, but a decline of 15% YoY. Buyers continue to gravitate towards the earlier launched mass-market property projects that are priced at more reasonable levels in comparison to the newer projects. Interest in mid-range to high-end projects remained subdued.Total developers’ inventory available for immediate launch decreased by 3.6% MoM in May to 16,782 units, aided by the improvement in sales and fewer projects getting sales approval in May. Developers’ inventory in the CCR continued to increase in May, rising by 2.5% MoM to 3,061 units in May. This is the highest level since December 2016.

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of May 2019.Property developers in Singapore launched a total of 1,374 non-land private residential units for sale in the month of May and this was an increase of 214% MoM and 30% YoY.A total of 934 non-landed private residential units were sold in May. This was an increase of 29% MoM, but a decline of 15% YoY. Buyers continue to gravitate towards the earlier launched mass-market property projects that are priced at more reasonable levels in comparison to the newer projects. Interest in mid-range to high-end projects remained subdued.Total developers’ inventory available for immediate launch decreased by 3.6% MoM in May to 16,782 units, aided by the improvement in sales and fewer projects getting sales approval in May. Developers’ inventory in the CCR continued to increase in May, rising by 2.5% MoM to 3,061 units in May. This is the highest level since December 2016.

Singapore Property – 29% Increase in Property Sales in May but No Recovery in Sight Yet.

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of April 2019.Property developers in Singapore launched a total of 438 non-land private residential units for sale in the month April, a decline of 76% MoM and 30% YoY.A total of 726 non-landed private residential units were sold in April, a decline of 30% MoM.Take-up rate rebounded in April to 166% after falling to the lowest level since November 2014 but the recovery was attributable to the decline in launches, rather than an improvement in sales.Total developers’ inventory available for immediate launch increased by 5.3% MoM in April to 17,411 units, reaching the highest level since August 2015.The deleveraging of Oxley’s balance sheet with the Chevron House sale and the planned divestment of Novotel and Mercure on Stevens, and the healthy sales momentum at Oxley’s residential projects in Singapore are expected to reduce Oxley’s risk profile in the coming months and could be potential catalysts for re-rating.

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of April 2019.Property developers in Singapore launched a total of 438 non-land private residential units for sale in the month April, a decline of 76% MoM and 30% YoY.A total of 726 non-landed private residential units were sold in April, a decline of 30% MoM.Take-up rate rebounded in April to 166% after falling to the lowest level since November 2014 but the recovery was attributable to the decline in launches, rather than an improvement in sales.Total developers’ inventory available for immediate launch increased by 5.3% MoM in April to 17,411 units, reaching the highest level since August 2015.The deleveraging of Oxley’s balance sheet with the Chevron House sale and the planned divestment of Novotel and Mercure on Stevens, and the healthy sales momentum at Oxley’s residential projects in Singapore are expected to reduce Oxley’s risk profile in the coming months and could be potential catalysts for re-rating.  

Singapore Property – 30% Decline in Property Sales in April; Rising Inventory Remains a Concern

Singapore

UOL Group is a leading Singapore-listed property and hospitality company with a diversified portfolio of development and investment properties, hotels, and serviced suites. The company develops residential units, commercial offices, shopping malls, and operates hotels under brands like Pan Pacific and PARKROYAL. UOL Group Limited was founded in 1963 and is headquartered in Singapore.

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UOL Group (UOL SP)

ASEAN Builder's Scoop (16Jul21) - SG Jun21 New Home Sales -2.6% MoM

SG Jun21 new home sales -2.6% MoM, take-up rate still above 100%; UOL launching Watergardens this wkd; BC to privatise BL, set up hospitality REIT;...

SCCM Asia Research

Singapore Real Deals (Issue 8): High-Profile Projects Boost July URA Private Home Sales Data

Singapore Real Deals is a fortnightly property digest that takes you through the peculiarities of Singapore's real estate market. In this issue, we...

Anni Kum

Singapore Property – Jump in New Supply. Upcoming Mega-Launches to Test Buyers’ Appetite.

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of June 2019.A...

Royston Foo

Singapore Property – 29% Increase in Property Sales in May but No Recovery in Sight Yet.

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of May...

Royston Foo

Singapore Property – 30% Decline in Property Sales in April; Rising Inventory Remains a Concern

Singapore’s Urban Redevelopment Authority (URA) today released the data on property developers’ private home sales for the month of April...

Royston Foo

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