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NTUC & IEA signed Partnership Agreement The National Trades Union Congress (NTUC) and the Institute of Estate Agents (IEA), Singapore signed a Partnership Agreement on 5 August 2011 at the IEA Secretariat at HDB hub at Lorong 6 Toa Payoh. The agreement is a part of the Labour Movement’s efforts to reach out and serve more professionals, managers and executives (PMEs). Mr Patrick Tay, Director (PMEs & Legal Services), NTUC and MP for Nee Soon GRC, was the Guest-of-Honor at the signing ceremony. The U Associate Programme was launched in March 2011 to extend the Labour Movement’s reach to PMEs through existing industry associations, alumni clubs, etc. The agreement, signed by Mr Herman Yeo, Chairperson (Membership) of IEA and Mr Vivek Kumar, Director (Membership) of NTUC, and witnessed by NTUC Secretary General Lim Swee Say (centre standing) and Mr Yeo Guat Kwang (right seated), marks the beginning of a close partnership between the Labour Movement and IEA. All IEA members can now enjoy the convenience of DUAL PRIVILEGES offered by the Labour Movement and IEA under this program, with just one membership. The many smiling faces after the signing ceremony… …
Above – Herman with Minister Lim Swee Say. Below – Tracey with Mr Patrick Tay
Above – Sam Gian with Mr Yeo Guat Kwang. Below – Herman with Mr Yeo Guat Kwang
Above – Ruth Gian with Minister Lim Swee Say. Below – Tracey and Jeff Foo with representative from NTUC
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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MARKET ANALYSIS
A double dip recession in the making? The only certain thing to say is that the market is correcting itself even before the recent sell-out In the April 2011 issue of this magazine I asked ‘how the private resale home segment had fared after the cooling measures were introduced on 14 January 2011’. Apparently, the market was unfazed by the tough demandside measures in the few months that followed. The statistics even showed a hint of deviance with both resale volume and transaction value soaring higher after the ‘festivalshortened’ month of February 2011 – a traditionally lull period due to the long Chinese New Year celebrations. In March and April 2011, the buyers stormed the resale market with a spectacular vengeance, pushing the transaction value of private resale homes past the $2 billion psychological threshold. For a while, there was no sign of fatigue as more and more favourable corporate results were churned out. In April 2011, the transaction figures of private resale home reached a dizzy height of 1,300 units. (See Table [1-A]). What surprised the most optimistic plaudit was the fact that the number of private resale transactions remained at a lofty height of 1,176 deals in May 2011 even after the United States, the world’s largest economy, started to send out distress signals that its government might be forced to default on sovereign debts*. *Such a prospect has been averted for now after President Barack Obama signed into law on 2 August 2011 a bill that increases the US debt limit to allow the US government some leeway to borrow more to tide itself over for the time being; but the direct consequence of the new law means that there will unlikely be any significant economic growth in the US given that its government is now unable to spend to reinvigorate the fragile job market. A day after the sovereign debt limit was raised, the entire world’s stock market went into a massive sellout not seen after the 2008 stock market meltdown. The Table below shows the first 6 months’ of private resale market performance. TABLE [1-A] - EFFECT OF THE COOLING MEASURES INTRODUCED ON 14 JANUARY 2011RESALE TRANSACTION DATA FOR COMPARISON
NONLANDED RESALE
NO. OF RESALE TRANSACTIONS
AVERAGE APARTMENT SIZE
TRANSACTION VALUE
AVERAGE PSF
1
JAN 2011
1,120
126.8 m2
1,627,908,938
$1,045
2
FEB 2011
489
125.8 m
2
686,206,576
$1,020
3
MAR 2011
1,194
145.0 m
2
$2,031,639,037
$1,016
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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4
APR 2011
1,300
133.8 m2
$2,017,747,362
$1,055
5
MAY 2011
1,176
133.9 m2
$1,906,843,816
$1,091
6
JUN 2011
998
134.0 m2
$1,660,338,027
$1,124
Statistics gleaned from URA Realis and compiled by Sam Gian
ASIA RISING? Just when the world had started to entertain the theory that Asia could be able to fill the void left by the mighty US and Europe, resale home transactions in Singapore took a decisive 15.1% dip in June 2011 when compared with the preceding month of 1,176 resale transactions. The fall would be greater at 23.2% if the June 2011 figure was compared with the impressive 1,300 transactions in April 2011. Is the sudden downswing the harbinger of things to come in the second half of the year or can the negative figure be attributed to the month’s long school holidays in June? Well, I believe the chances of the former materialising are high. At the time of writing (5 August 2011), stock markets across the globe were on the third straight day of losing streak as the dreadful economic prospect in the US started to sink in as the investors take stock of the situation. On 5 August 2011, the Singapore stock market index (STI) plunged 112 points to register the worst performance since 2008. As of now, there is no telling how the stock market turmoil will pan out and how the fallout will affect the property market. The only thing that everybody is certain is that ‘the situation is not good’. Let’s now look at the details of the market performance by segment. FREEHOLD PRIVATE RESALE PROPERTY Let’s now scrutinise a set of statistics on freehold property transactions from January 2011 to June 2011 to determine how the recent market developments have affected this particular segment. TABLE [1-B] – RESALE PERFORMANCE OF NON-LANDED FREEHOLD PRIVATE HOMES
MONTH
RESALE VOLUME
AVERAGE APARTMENT SIZE
TRANSACTION VALUE
AVERAGE PSF
1
JAN 2011
521
137.6 m2
$920,766,923
$1,156.4
2
FEB 2011
203
129 m
2
$350,119,538
$1,182.5
3
MAR 2011
512
173 m
2
$1,201,427,677
$1,135.9
4
APR 2011
646
146 m
2
$1,212,200,784
$1,161.6
5
MAY 2011
583
145.8 m
$1,147,902,555
$1,202
6
JUN 2011
470
146 m2
$950,260,462
$1,238
2
Statistics gleaned from URA Realis and compiled by Sam Gian
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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It is glaringly clear that the 470 resale transactions in June 2011 stands out as the only time in this year (except the Chinese New Year month) resale volume had dipped below 500 freehold apartment deals. In June 2011, the private resale figure dropped by 113 transactions (or 19.4% drop by percentage) when compared with the May 2011 figure. When the same June figure was compared with the April 2011 figure, the drop was greater at 176 transactions of freehold apartments (or 24.4% drop by percentage). In terms of dollar value, June’s transactions were $197,642,093 or 17.2% lower when compared with the preceding month. Likewise, when compared with April 2011, June’s transactions were poorer by $261,640,322 (or 21.6% lower). THE BROADER RESALE MARKET (FREEHOLD AND LEASEHOLD PROPERTIES) In the broader resale market (i.e. freehold and leasehold properties), the situation was consistent with the specific freehold segment, that is, June’s overall transaction volume dipped 178 deals (or 15.1% drop in resale volume) when compared with the preceding month. Likewise the drop would be greater at a deficit of 302 resale deals (or 22.2% lower) when compared with April 2011. TABLE [1-C] – OVERALL PERFORMANCE OF NON-LANDED FREEHOLD PRIVATE HOMES (FROM JAN 2011 TO JUNE 2011 )
MONTH
RESALE VOLUME
AVERAGE APARTMENT SIZE
TRANSACTION VALUE
AVERAGE PSF
1
JAN 2011
1,075
127 m2
$1,571,400,167
$1,046
2
FEB 2011
429
126 m2
$613,808,588
$1,030
3
MAR 2011
1,194
145 m2
$2,031,639,037
$1,016
4
APR 2011
1,300
133.8 m2
$2,017,747,362
$1,055
5
MAY 2011
1,176
133.9 m2
$1,906,843,816
$1,091
6
JUNE 2011
998
134 m2
$1,660,338,027
$1,124
BUYERS GOING FOR LARGER OLD APARTMENTS From the statistics, it is not hard to extrapolate that investors are now going for larger apartments (probably those with good collective sale potential). Hence, there is a discernable increase in the average apartment size with the freehold segment seeing more apartments with at least 140 m2 changing hands; while more leasehold apartments with at least 130 m2 were sold.
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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HOW DID FREEHOLD PROPERTIES IN PRIME AREAS FARE IN THE AFTERMATH OF ALL THE NEGATIVE NEWS? In this case study, the second quarter (Q2) resale performances of the following districts were compared with the preceding quarter of Q1 2011and with the first quarter of last year (i.e. Q1 2010): DISTRICT 9 – FREEHOLD NON-LANDED PRIVATE HOMES TABLE [1-D] – COMPARING Q1 2010, Q1 2011 & Q2 2011 D9 NON-LANDED RESALE OF FREEHOLD PRIVATE HOME UNITS
District 9 PRIVATE FREEHOLD Resale Transactions RESALE VOLUME
TOTAL RESALE VALUE ($)
AVERAGE PSF
MEDIAN PSF
AVERAGE APT SIZE
Q1 2010
178
414,080,470
$1,598
$1,548
133 m2
Q1 2011
217
701,625,887
$2,061
$2,050
140.8 m2
Q2 2011
175
505,393,866
$1,898
$1,900
142 m2
Statistics gleaned from URA Realis and compiled by Sam Gian
In District 9, there was a loss of 42 deals (or 19.35% drop in resale volume); and the total resale value also dropped by $196,232,021(or 27.9% drop in value) in District 9 alone in Q2 2011. The average unit psf price also fell from $2,061 to $1,898; and this translates to a drop of $163 psf or an almost 8% drop. DISTRICT 10 – FREEHOLD NON-LANDED PRIVATE HOMES TABLE [1-E] – COMPARING Q1 2010, Q1 2011 & Q2 2011 D10 NON-LANDED RESALE OF FREEHOLD PRIVATE HOME UNITS
District 10 PRIVATE FREEHOLD Resale Transactions RESALE VOLUME
TOTAL RESALE VALUE ($)
AVERAGE PSF
MEDIAN PSF
AVERAGE APT SIZE
Q1 2010
220
572,340,021
$1,470
$1,346
156 m2
Q1 2011
258
828,685,825
$1,868
$1,814
148 m2
Q2 2011
197
618,184,058
$1,731
$1,560
161 m2
Statistics gleaned from URA Realis and compiled by Sam Gian
In District 10, there were 61 deals fewer freehold private apartment deals (or a loss of 23.6% in resale volume) in Q2 2011; and the total resale value dropped $210,501,767 (or 25.4% drop in value) in District 10 in Q2 2011. The unit psf price of freehold private homes is now cheaper by $137 psf on the average, falling from $1,868 psf to $1,731 psf in Q2 2011. By percentage term, the drop was 7.33%.
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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DISTRICT 11 – FREEHOLD NON-LANDED PRIVATE HOMES TABLE [1-F] – COMPARING Q1 2010, Q1 2011 & Q2 2011 D11 NON-LANDED RESALE OF FREEHOLD PRIVATE HOME UNITS
District 11 PRIVATE FREEHOLD Resale Transactions RESALE VOLUME
TOTAL RESALE VALUE ($)
AVERAGE PSF
MEDIAN PSF
AVERAGE APT SIZE
Q1 2010
173
275,118,814
$1,245
$1,193
121 m2
Q1 2011
143
304,312,349
$1,511.50
$1,493
131 m2
Q2 2011
128
238,204,575
$1,400
$1,334
127 m2
Statistics gleaned from URA Realis and compiled by Sam Gian
It was equal misery in District 11 with resale volume of freehold non-landed home sale receding to 128 deals from 143 deals in the preceding quarter. By percentage term, the drop in volume was 10.5%. The total resale value dropped $66,107,774 or 21.7% when compared with Q1 2011. The average unit psf price of freehold apartments also dropped $111.5 psf or 7.4% when compared with Q1 2011. DISTRICT 15 – FREEHOLD NON-LANDED PRIVATE HOMES TABLE [1-G] – COMPARING Q1 2010, Q1 2011 & Q2 2011 D15 NON-LANDED RESALE OF FREEHOLD PRIVATE HOME UNITS
District 15 PRIVATE FREEHOLD Resale Transactions RESALE VOLUME
TOTAL RESALE VALUE ($)
AVERAGE PSF
MEDIAN PSF
AVERAGE APT SIZE
Q1 2010
316
382,282,167
$889
$853
125 m2
Q1 2011
398
806,950,830
$1,204.4
$1,161
151.5 m2
Q2 2011
326
602,800,041
$1,117
$1,015
144 m2
Statistics gleaned from URA Realis and compiled by Sam Gian
In District 15, the drop was moderate due to the higher number of transactions. Nonetheless, it still lost 72 freehold resale deals in Q2 2011 falling from the 398 resale deals in Q1 2011 to 326 deals in Q2 2011. The drop was 18.1% quarter-on-quarter. The total resale value dropped $204,150,789 (or 25.3% by percentage term) from $806,950,830 in Q1 2011 to $602,800,041 in Q2 2011. The average unit psf price of freehold resale apartments in D15 dropped $87.4 psf (or 7.3%) in Q2 2011.
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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FINDING It is now clear that buyers of freehold private homes in prime districts including Districts 9, 10 and 11 and popular area such as District 15 have turned cautious towards private apartments with higher price tag in the face of more uncertain prospects ahead. The string of negative news coming out from the EU zone, the United State’s sovereign debt woes, the likely economic ‘hard landing’ of China, the rebuilding of Japan, and the intended effects of the cooling-off measures (introduced on 14 January 2011) by the Singapore government had come together to sedate the raging bull.
LEASEHOLD PROPERTIES IN PRIME AND POPULAR DISTRICTS Having ascertained that freehold apartments in prime areas had felt the cooling-off effect, let’s now look at how the leasehold properties fared in the same prime and popular residential areas. DISTRICT 9 – LEASEOLD NON-LANDED PRIVATE HOMES TABLE [1-H] – COMPARING Q1 2010, Q1 2011 & Q2 2011 D9 NON-LANDED RESALE OF LEASEHOLD PRIVATE HOME UNITS
District 9 PRIVATE LEASEHOLD Resale Transactions RESALE VOLUME
TOTAL RESALE VALUE ($)
AVERAGE PSF
MEDIAN PSF
AVERAGE APT SIZE
Q1 2010
57
126,025,659
$1,370
$1,305
152 m2
Q1 2011
28
70,383,037
$1,670
$1,450
136 m2
Q2 2011
39
94,609,600
$1,570
$1,488
147 m2
Statistics gleaned from URA Realis and compiled by Sam Gian
In District 9, resale of leasehold properties increased 39.3% to register 39 deals in Q2 2011 – 11 more than in the preceding quarter. The transaction value went up by $24,226,563 (or 34.4%) from $70,383,037 in Q1 2011 to $94,609,600 IN q2 2011. DISTRICT 10 – LEASEOLD NON-LANDED PRIVATE HOMES TABLE [1-I] – COMPARING Q1 2010, Q1 & Q2 2011 D10 NON-LANDED RESALE OF LEASEHOLD PRIVATE HOME UNITS
District 10 PRIVATE LEASEHOLD Resale Transactions RESALE VOLUME
TOTAL RESALE VALUE ($)
AVERAGE PSF
MEDIAN PSF
AVERAGE APT SIZE
Q1 2010
77
154,652,165
$1,275
$1,251
149 m2
Q1 2011
51
109,180,442
$1,411
$1,380
138 m2
Q2 2011
82
196,274,620
$1,446
$1,399
148 m2
Statistics gleaned from URA Realis and compiled by Sam Gian
In District 10, resale of leasehold properties soared 60.8% over the previous quarter to register 82 deals in Q2 2011 – 31 deals more. The transaction volume also powered Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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ahead with an increase of $87,094,178 from the total transaction value of $109,180,442 in Q1 2011 to $196,274,620 in Q2 2011. DISTRICT 11 – LEASEOLD NON-LANDED PRIVATE HOMES TABLE [1-J] – COMPARING Q1 2010, Q1 & Q2 2011 D11 NON-LANDED RESALE OF LEASEHOLD PRIVATE HOME UNITS
District 11 PRIVATE LEASEHOLD Resale Transactions RESALE VOLUME
TOTAL RESALE VALUE ($)
AVERAGE PSF
MEDIAN PSF
AVERAGE APT SIZE
Q1 2010
51
81,237,491
$1,132
$1,140
137 m2
Q1 2011
15
3,631,500
$1,122
$1,056
203 m2
Q2 2011
21
41,413,000
$1,220.9
$1,182
153 m2
Statistics gleaned from URA Realis and compiled by Sam Gian
In District 11, resale of leasehold properties gained 40% with 21 deals – 6 better than the previous quarter. The transaction value spiked $37,781,500 to close at $41,413,000. DISTRICT 15 – LEASEOLD NON-LANDED PRIVATE HOMES TABLE [1-K] – COMPARING Q1 2010, Q1 & Q2 2011 D15 NON-LANDED RESALE OF LEASEHOLD PRIVATE HOME UNITS
District 15 PRIVATE LEASEHOLD Resale Transactions RESALE VOLUME
TOTAL RESALE VALUE ($)
AVERAGE PSF
MEDIAN PSF
AVERAGE APT SIZE
Q1 2010
159
217,220,625
$940
$923
159 m2
Q1 2011
124
179,368,957
$1,008
$973
134 m2
Q2 2011
190
305,871,128
$1,053
$1,056
143 m2
Statistics gleaned from URA Realis and compiled by Sam Gian
In District 15, resale of leasehold properties rose by 53.2% to register 190 deals in Q2 2011 – 66 deals more than the previous quarter. The transaction value saw a whopping increase of $126,502,171 from $179,368,957 in Q1 2011 to $305,871,128 in Q2 2011. This was an incredible 70.5% surge in transaction value within a short span of 3 months. FINDING – the Q2 2011 resale performance of leasehold private properties was a stark opposite to the freehold segment in the same localities in this case study. There were significantly higher resale transactions and higher unit psf prices. The leasehold segment in the first half of this year can now be described as VOLATILE. However, like its freehold counterpart, the leasehold segment is expected to take the brunt of the expected slowdown from August 2011 onwards.
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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LEASEHOLD PROPERTIES IN NON-PRIME DISTRICTS TABLE [1-L] – COMPARING Q1 & Q2 2011 RESALE OF NON-LANDED LEASEHOLD PRIVATE HOME IN NON-PRIME DISTRICTS
Non-Prime Districts PRIVATE LEASEHOLD Resale Transactions RESALE VOLUME
TOTAL RESALE VALUE ($)
AVERAGE PSF
MEDIAN PSF
AVERAGE APT SIZE
Q1 2011
1,342
1,456,372,977
$883
$801
117 m2
Q2 2011
1,527
1,758,276,754
$936
$848
117 m2
Statistics gleaned from URA Realis and compiled by Sam Gian
The leasehold segment in non-prime areas actually went through the same experience with resale volume going up to 1,527 deals in Q2 2011 - 185 deals more (or 13.8% higher in volume) than the preceding quarter. The total resale value improved by $301,903,777 (or 20.73% gain) from $1,456,372,977 in Q1 2011 to $1,758,276,754 in Q2 2011. Average unit price also went up by $53 psf or 6% from $883 psf on the average in Q1 2011 to $936 psf in Q2 2011. CONCLUSION – The two market segments (freehold in prime areas and leasehold in non-
prime areas) behaved quite differently in the aftermath of the new cooling measures and in the culmination of ‘by now’ much publicised economic uncertainties. While the demand-side measures appear to be very effective on the freehold market in prime areas, probably due to the already unsustainable pricing of properties there, the leasehold market in outer areas was still buzzing with increasing number of ‘newly rich’ and HDB upgraders making uninformed buying decision in Q2 2011, despite the warning signs. However, one should not lose sight of the big picture of the larger market illustrated in Table [1-A] which shows the month-on-month developments. In fact, after the larger market reached its dizzy height in April 2011, things had already been going downhill from May 2011 onwards. The market seems to have lost a lot of steam in June 2011, not to mention that most recent round of stock market sell-out in early August 2011. It is still early days yet and the market correction that we are seeing now would not be over anytime sooner.
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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MARKET ANALYSIS
The World is in Topsy-turvy Foreign ownership of private homes in Singapore Did more foreigners take advantage of the recent market lull to snap up more of our real estate in Singapore? Is it good or bad for us if foreign investors were to keep their funds off from Singapore? Let’s look at some recent transaction numbers before we make any informed guess. In the last issue of this magazine, it was ascertained that the cooling-off measures that were introduced on 14 January 2011 seemed to have scared off more locals than they did the foreign investors as the percentage share of the local buyers dropped to 65.03% at the same time when the total number of transactions receded. In this issue, the March 2011 data will be used as the ‘basis for comparison’ to gauge whether foreign ownership of prized real estate in Singapore had indeed gone up or gone down.
MARCH 2011
China
India
Indonesia
Malaysia
Singapore
SUB-TOTAL
OTHERS
TOTAL
TABLE [2-A] – PERCENTAGE OF FOREIGNERS OWNING NON-LANDED HOME UNITS IN SINGAPORE IN MARCH 2011
Total
247
131
141
166
1,553
2,238
244
2,482
%
9.9%
5.27%
5.6%
6.69%
62.6%
-
9.8%
100%
Statistics gleaned from URA Realis and compiled by Sam Gian
[Note: the latest update was collected in August 2011. In the previous issue, the March 2011 statistics were flash estimates published by the URA before the final numbers were update in late April 2011.] Compared with the preceding months, Singaporean’s share of non-landed home units continued to slide vis-a-vis foreign buyers to 62.6% in March 2011. In the meantime, the foreigner’s share of 37.4% translated to 929 non-landed home units while the locals accounted for 1,553 non-landed home units in the same month. Now, let’s look at how Singaporean buyers fared in April 2011. APRIL 2011STATISTICS
SUB-TOTAL
OTHERS
TOTAL
0 0 2
Singapore
India
2 8 4
Malaysia
China
1 2 3
Indonesia
APRIL 2011
TABLE [2-B] – PERCENTAGE OF FOREIGNERS OWNING NON-LANDED HOME UNITS IN SINGAPORE IN APRIL 2011
2 9
3 7 2
13 72 39
18 89 56
5 12 19
23 101 75
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4 5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 25 26 27 28 Total
3 5 2 1 13 18 8 6 2 10 35 13 7 11 15 11 11 9 13 5 4 4 5 225
1 5 0 1 4 2 4 1 0 2 18 11 1 15 8 1 2 4 8 0 1 4 1 96
9 2 1 3 18 18 9 14 2 4 18 3 1 5 3 2 7 1 3 0 3 0 3 140
6 7 2 3 14 9 6 9 1 11 21 3 3 7 6 5 5 3 5 2 0 7 7 154
30 52 7 22 87 79 51 91 13 81 272 99 62 55 75 32 72 32 76 6 12 36 140 1,606
49 71 12 30 136 126 78 121 18 108 364 129 74 93 107 51 97 49 105 13 20 51 156 2,221
7 11 2 7 23 32 9 11 3 51 40 17 4 7 8 2 12 5 9 0 0 2 2 300
56 82 14 37 159 158 87 132 21 159 404 146 78 100 115 53 109 54 114 13 20 53 158 2,521
%
8.93%
3.8%
5.56%
6.1%
63.7%
-
11.9%
100%
Statistics gleaned from URA Realis and compiled by Sam Gian
It seems that the situation improved for Singaporean buyers in April 2011 with a marginal 1.1% increase over the preceding month in local’s share of the non-landed home sale. In absolute number, the foreigners bought 915 non-landed units in April 2011, 14 units fewer than the preceding month. Investors from PRC China continued to be the busiest among the lots in Singapore, followed by buyers from our two closest neighbours, i.e. Malaysia and Indonesia. Foreign buyer’s share of the non-landed property segment was about a third overall at 36.3% in April 2011. Given the cosmopolitan outlook of this city state and our aspiration to be a global financial hub, such a take-up rate by foreign buyers of our non-landed properties is healthy and acceptable. MAY 2011 STATISTICS
India
Indonesia
Malaysia
Singapore
SUB-TOTAL
3 7 0
3 0 4
4 1 10
0 4 4
18 27 28
28 46
TOTAL
China
1 2 3
OTHERS
MAY 2011
TABLE [2-C] – PERCENTAGE OF FOREIGNERS OWNING NON-LANDED HOME UNITS IN SINGAPORE IN MAY 2011
10 7 4
38 46 50
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4 5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 25 26 27 28
5 8 0 1 18 6 7 8 2 10 26 21 6 14 7 10 11 6 9 2 2 23 1
4 6 1 2 2 3 1 1 0 0 18 19 7 21 3 1 0 5 13 2 1 5 2
0 1 0 2 34 15 10 15 0 1 17 2 2 2 7 3 9 5 5 0 3 7 1
4 8 0 2 11 10 5 9 1 16 21 6 15 4 11 3 4 3 5 2 0 33 1
37 51 2 21 81 72 68 86 25 142 236 98 169 74 97 33 84 31 69 11 11 231 48
50 74 3 28 146 106 91 119 28 169 318 146 199 115 125 50 108 50 101 17 17 299 53
7 13 0 8 33 29 20 4 0 13 36 11 6 9 7 4 3 8 6 2 1 9 2
57 87 3 36 179 135 111 123 28 182 354 157 205 124 132 54 111 58 107 19 18 308 55
Total
213
124
156
182
1,850
2,525
252
2,777
%
7.67%
4.46%
5.62%
6.55%
66.62%
-
9.07%
100%
Statistics gleaned from URA Realis and compiled by Sam Gian
In May 2011, the situation improved for Singaporeans who chalked up a 2.92% increase in local’s share of the non-landed properties transacted, bringing the local’s share of the overall market from 63.7% from the previous month to 66.62% in May 2011. In absolute number, the foreigners bought 927 non-landed units in May 2011, 12 units more than the preceding month. [Residential districts with high foreign ownership include Districts 9, 10, 12, 14 – 19, 21, 23 and 27.] There are no change in the ranking of foreign nationalities in terms of participation with the PRC Chinese, Malaysians and Indonesians being the top investors here. Foreign buyer’s share of the non-landed property segment was about a third overall at 33.38% in May 2011. JUNE 2011 STATISTICS
JUNE 2011
China
India
Indonesia
Malaysia
Singapore
SUB-TOTAL
OTHERS
TOTAL
TABLE [2-D] – PERCENTAGE OF FOREIGNERS OWNING NON-LANDED HOME UNITS IN SINGAPORE IN JUNE 2011
1 2 3
10 3 4
0 1 3
3 0 5
1 1 1
16 18 14
30 23 27
7 4 10
37 27 37
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4 5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 25 26 27 28
6 8 1 0 7 16 8 8 1 12 37 9 1 13 8 3 6 7 15 7 2 5 0
0 1 1 2 4 3 0 0 0 3 16 11 3 13 10 0 0 0 9 1 1 1 0
3 4 0 2 19 16 9 6 1 1 10 1 0 1 3 3 3 0 4 0 2 1 1
9 6 0 0 3 7 7 22 1 3 21 7 5 6 9 0 3 1 13 7 1 12 0
67 41 6 15 50 58 45 71 20 63 161 63 60 46 183 24 42 21 129 23 11 63 24
85 60 8 19 83 100 69 107 23 82 245 91 69 79 213 30 54 29 170 38 17 82 25
10 8 4 1 22 41 13 10 2 26 24 20 3 5 10 2 10 3 9 0 2 3 3
95 68 12 20 105 141 82 117 25 108 269 111 72 84 223 32 64 32 179 38 19 85 28
Total
197
83
98
146
1,334
1,858
252
2,110
%
9.33%
3.93%
4.64%
6.92%
63.2%
-
11.94%
100%
Statistics gleaned from URA Realis and compiled by Sam Gian
In June 2011, buyer’s mood turned increasingly cautious and Singaporean’s share of non-landed properties transacted dropped back to 63.2%. In tandem with the overall slide in resale transactions in the same month, Singaporeans accounted for 516 fewer private homes compared with May 2011. Foreign investors took up 151 units fewer than the preceding month, accounting for only 776 non-landed units in June 2011, even though their market share improved by 3.42% over the preceding month. The shaded areas in the above table show residential districts with high foreign ownership of private home units. Interestingly, foreigner’s participation waned in June 2011 with District 9 transactions dropping below 100 deals. Foreign buyer’s share of the non-landed property segment was about a third overall at 36.8% in June 2011. FINDING – it is established that investors from PRC China, Malaysia and Indonesia continue to provide the lead in the buying activities, regardless of the overall market sentiments. The foreign investor’s share of the local non-landed home segment continued to hover around a third to slightly over 36% through Q2 2011. Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
14 | Page
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FOREIGNER OWNING LANDED HOME UNITS IN Q2 2011 Just as in the case study of non-landed home transactions, the March 2011 data will be used as the ‘basis for comparison’ to ascertain the percentage share of foreign owners.
MAR 2011
China
Malaysia
S’pore
OTHERS
TOTAL
TABLE [2-E] – PERCENTAGE OF FOREIGNERS OWNING LANDED HOME UNITS IN SINGAPORE IN MARCH 2011
Total %
2 0.6%
4 1.2%
299 92%
20 6.15%
325 100%
Statistics gleaned from URA Realis and compiled by Sam Gian
In March 2011, foreigners only accounted for 8% of the total 325 landed home transactions, with two buyers from PRC China, four from Malaysia and 20 other nationalities. Singaporeans still take up the lion’s share of 92% of the total transactions of landed homes in March.
APRIL 2011
Malaysia
U.K.
S’pore
OTHERS
TOTAL
TABLE [2-F] – PERCENTAGE OF FOREIGNERS OWNING LANDED HOME UNITS IN SINGAPORE IN APRIL 2011
Total %
3 0.81%
2 0.54%
326 88.58%
37 10.05%
368 100%
Statistics gleaned from URA Realis and compiled by Sam Gian
In April 2011, the local’s share of total landed home sale eased marginally by 3.42% in a much improved market which saw 368 landed properties changing hands. By and large, foreigner ownership of prized land in Singapore is negligible. In absolute term, only 42 landed home units were sold to foreigners.
MAY 2011
India
Indonesia
Malaysia
U.K.
S’pore
OTHERS
TOTAL
TABLE [2-G] – PERCENTAGE OF FOREIGNERS OWNING LANDED HOME UNITS IN SINGAPORE IN MAY 2011
Total %
2 0.65%
1 0.32%
1 0.32%
3 0.97%
277 89.6%
25 8.1%
309 100%
Statistics gleaned from URA Realis and compiled by Sam Gian
In May 2011, the landed home sale volume was still strong though slightly thinner by 59 units (or 16.03% lower) compared with April 2011. Singaporean buyers maintained their absolute dominance in the landed segment with 89.6% share of the market action.
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
15 | Page
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JUNE 2011
Malaysia
S’pore
OTHERS
TOTAL
TABLE [2-H] – PERCENTAGE OF FOREIGNERS OWNING LANDED HOME UNITS IN SINGAPORE IN JUNE 2011
Total %
3 1.1%
247 90.5%
23 8.4%
273 100%
Statistics gleaned from URA Realis and compiled by Sam Gian
In June 2011, landed home sale dropped by 36 units to 273 deals; and it was an 11.65% drop from the 309 landed deals in May 2011. Singaporean’s share edged up to 90.5% at 247 deals, 30 deals fewer than a month before. CONCLUSION – Truth is, there has never been any doubt that the landed home segment
is well protected against speculation (but no participation) by foreigners. This segment comprises houses which are classified as ‘restricted properties’ with strict ownership control against foreigners. This segment is also less vulnerable to speculators. The absolute dominance of Singaporeans, month after month, in this segment is evident. A QUICK GLANCE AT THE OVERALL LANDED MARKET PERFORMANCE TABLE [2-I] – SALE PERFORMANCE OF DETACHED HOUSES WITH TOTAL VALUE AND AVERAGE UNIT PSF PRICE
DETACHED HOUSES
NO. OF TRANSACTIONS
TRANSACTION VALUE ($)
AVERAGE PSF
JAN 2011
26
$241,985,000
$1,110
FEB 2011
27
$224,153,847
$1,104
MAR 2011
36
$388,425,000
$1,166
APR 2011
22
$283,943,246
$1,093
MAY 2011
29
$275,963,958
$1,190
JUN 2011
25
$298,788,000
$1,173.8
Statistics gleaned from URA Realis and compiled by Sam Gian TABLE [2-J] – SALE PERFORMANCE OF SEMI-D HOUSES WITH TOTAL VALUE AND AVERAGE UNIT PSF PRICE
SEMI-D HOUSES
NO. OF TRANSACTIONS
TRANSACTION VALUE ($)
AVERAGE PSF
JAN 2011
70
233,740,980
$982
FEB 2011
31
115,343,080
$1,082
MAR 2011
67
242,493,270
$1,031.6
APR 2011
84
284,254,295
$981.9
MAY 2011
78
269,526,890
$999
JUN 2011
57
204,943,276
$1,018
Statistics gleaned from URA Realis and compiled by Sam Gian TABLE [2-K] – SALE PERFORMANCE OF TERRACE HOUSES WITH TOTAL VALUE AND AVERAGE UNIT PSF PRICE
TERRACE HOUSES
NO. OF TRANSACTIONS
TRANSACTION VALUE ($)
AVERAGE PSF
JAN 2011
143
$293,950,864
$987
FEB 2011
80
$165,495,995
$1,102
MAR 2011
152
$295,730,520
$984
APR 2011
195
$402,665,148
$1,034
MAY 2011
152
$321,552,128
$1,016.8
JUN 2011
155
$375,197,938
$1,135
Statistics gleaned from URA Realis and compiled by Sam Gian
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
16 | Page
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MARKET ANALYSIS
It’s still the economy Rents are the results of Demand/Supply The improving economy (up till June 2011 at least) had brought in more tenants especially in Q2 2011 before the Singapore government sounded the alarm bell that the second half of the year might be more challenging than we would have preferred due to the global uncertainties ahead. The latest available rental data of June 2011 shows a very robust rental take-up rate. It seems that all was well for the landlords, as far as the statistics go. TABLE [3-A] – PERCENTAGE OF FOREIGNERS OWNING NON-LANDED HOME UNITS IN SINGAPORE IN MARCH 2011
QUARTER
Q4 2010
Q1 2011
Q2 2011
MONTHS
No. of rental transactions
Total transaction value ($)
OCT 2010
3,240
13,641,731
NOV 2010
2,895
12,006,608
DEC 2010
2,864
11,950,001
TOTAL
8,999
37,598,340
JAN 2011
3,333
14,197,052
FEB 2011
2,493
10,908,346
MAR 2011
3,263
14,399,175
TOTAL
9,089
39,504,573
APR 2011
3,712
16,016,489
MAY 2011
3,226
14,155,099
JUN 2011
3,513
15,560,291
TOTAL
10,451
45,731,879
Statistics gleaned from URA Realis and compiled by Sam Gian
The take-up rate was in favour of the landlord and was growing from strength-tostrength since the final quarter (i.e. Q4 2010) of last year. MONTHLY RENTS COLLECTED AT THE RESPECTIVE RESIDENTIAL DISTRICTS Districts 9 and 10 are the most popular places with more affluent tenants consistently exceeding $2 million in monthly rental collection. District 15 is ranked third on the popularity and money list with consistently more than $1.4 million in monthly rental collection. Other than the 3 aforementioned districts, no other areas exceed $1 million in monthly income.
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
17 | Page
The Only FREE Quarterly Property Market Magazine in Singapore
TABLE [3-B] – COMPARISON OF MON THLY TOTAL IN RENTAL VALUE FROM JAN 2011 TO JUNE 2011
DISTRICT
MONTHLY RENTAL VALUE ($) IN 2011 JUNE
MAY
APRIL
MARCH
FEBRUARY
JANUARY
1
439,050
503,875
547,339
482,279
442,750
668,491
2
251,575
221,950
340,640
207,650
135,100
176,825
3
644,708
500,200
708,864
521,692
243,725
528,436
4
409,650
483,050
436,394
530,365
279,450
411,975
5
773,568
709,971
814,425
786,150
530,582
943,030
6
8,500
0
3,300
13,082
17,400
6,725
7
179,250
126,150
154,590
125,750
152,500
112,700
8
435,594
532,370
492,200
395,650
264,430
282,900
9
2,801,561
2,663,947
2,905,228
2,462,659
1,851,898
1,981,844
10
2,806,256
2,393,505
2,591,483
2,924,865
2,119,111
2,579,477
11
838,476
757,671
869,436
686,271
620,235
736,688
12
338,000
259,500
387,890
328,070
248,750
363,005
13
109,750
84,600
57,750
59,110
59,400
65,850
14
577,590
560,127
657,923
539,517
373,727
542,080
15
1,450,830
1,530,491
1,920,089
1,522,040
1,402,430
1,710,087
16
598,238
524,615
654,675
511,288
368,839
559,863
17
172,790
178,550
185,300
181,500
122,170
128,220
18
209,175
213,671
177,250
185,467
119,788
149,500
19
345,500
287,536
365,748
297,300
250,790
405,041
20
203,300
127,350
201,876
186,150
130,171
216,215
21
775,458
525,115
566,180
561,630
390,130
620,150
22
355,972
362,925
345,350
327,050
325,450
382,380
23
554,500
412,880
438,029
388,710
288,120
411,770
25
70,850
25,600
40,290
29,700
28,750
50,900
26
64,250
75,750
68,640
56,650
52,800
65,150
27
86,350
65,550
63,300
52,180
76,600
72,550
28
59,550
28,150
22,300
36,400
13,250
25,200
TOTAL
15,560,291
14,155,099
16,016,489
14,399,175
10,908,346
14,197,052
Statistics gleaned from URA Realis and compiled by Sam Gian
ABSOLUTE NUMBER OF PRIVATE APARTMENTS BEING RENTED MONTHLY District 9, 10 and 15 are the most coveted addresses for expatriate tenants throughout the years. Coming in 4th position is District 21 with 222 units rented in June 2011.
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
18 | Page
The Only FREE Quarterly Property Market Magazine in Singapore
TABLE [3-C] – COMPARISON OF RENTAL TRANSACTION VOLUME (BY MONTH ) BETWEEN JAN 2011 AND JUNE 2011
DISTRICT
MONTHLY RENTAL TRANSACTION VOLUME ($) IN 2011 JUNE
MAY
APRIL
MARCH
FEBRUARY
JANUARY
1
88
101
108
97
86
129
2
61
55
83
48
33
42
3
148
110
160
121
56
127
4
62
68
67
86
45
70
5
209
187
216
198
139
263
6
1
0
1
2
3
1
7
45
35
40
34
40
29
8
118
140
138
111
69
84
9
438
429
488
391
309
347
10
427
390
426
461
339
403
11
174
161
185
149
128
158
12
97
82
123
99
74
105
13
33
26
18
20
19
21
14
180
170
206
179
120
168
15
372
386
466
379
329
402
16
172
152
194
155
116
166
17
61
65
67
64
44
46
18
65
67
55
57
40
48
19
105
92
114
98
83
131
20
57
38
66
55
40
62
21
222
158
171
165
116
186
22
103
104
104
98
103
124
23
184
140
148
137
101
147
25
20
9
13
10
10
16
26
23
28
23
19
18
23
27
30
23
24
20
28
26
28
18
10
8
10
5
9
TOTAL
3,513
3,226
3,712
3,263
2,493
3,333
Statistics gleaned from URA Realis and compiled by Sam Gian
14 DISTRICTS SEEING SLIGHT DIP IN MEDIAN RENT IN JUNE 2011 TABLE [3-D] – ASCERTAINING THE MOVEMENTS OF MEDIAN RENTAL RATES OVER THE PAST 6 MON THS (FROM JAN TO JUN )
DISTRICT
Median PER-SQ-FOOT/PER MONTH RENT IN 2011 JUNE
MAY
APRIL
MARCH
FEBRUARY
JANUARY
1
5.21 ↓ [1]
5.7
5.42
5.1
5.59
5.32
2
5.86 ↑ [1]
5.61
5.6
4.93
5.93
5.74
3
3.88 ↑ [2]
3.81
4.07
3.91
3.81
3.94
4
4.65 ↑ [3]
4.58
4.82
4.75
4.59
4.89
5
3.15 ↓ [2]
3.31
3.19
3.21
3.12
3.29
6
8.4 ↑ [4]
0
6.39
10.57
7.91
9.76
7
4.31 ↑ [5]
4.06
4.39
3.97
4.37
4.64
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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8
3.87 ↓ [3]
4.09
4.14
4.12
4.05
3.86
9
4.72 →
4.72
4.73
4.69
4.62
4.63
10
3.93 ↓ [4]
3.98
3.95
4.06
4.13
3.77
11
3.9 ↓ [5]
3.98
4.17
4.19
3.89
3.76
12
3.15 ↑ [6]
2.84
2.96
3.01
3.1
3.1
13
2.79 ↓ [6]
3.14
2.93
2.85
2.74
2.6
14
2.8 ↓ [7]
2.86
2.8
2.87
2.77
2.79
15
3.24 ↑ [7]
3.1
3.16
3.05
3.18
3.25
16
3.06 ↓ [8]
3.1
3.05
2.94
2.89
2.98
17
2.47 ↑ [8]
2.45
2.48
2.28
2.43
2.4
18
2.84 ↑ [9]
2.76
2.87
2.77
2.72
2.82
19
2.83 ↑ [10]
2.81
2.76
2.7
2.6
2.71
20
2.8 ↓ [9]
3.05
2.62
2.99
2.75
2.79
21
2.59 ↓ [10]
2.64
2.58
2.61
2.54
2.51
22
2.97 ↓ [11]
3.02
2.86
3.07
3.16
3.15
23
2.49 ↓[12]
2.5
2.49
2.49
2.5
2.45
25
2.52 ↓ [13]
2.73
2.72
2.73
2.83
2.65
26
2.71→ →
2.71
2.8
2.65
2.61
2.78
27
2.35 ↓ [14]
2.48
2.4
2.28
2.19
2.4
28
2.19 ↑ [11]
2.11
2.2
2.27
2.21
2.28
Statistics gleaned from URA Realis and compiled by Sam Gian
Despite June 2011 achieving one of the record high total rental volume, only 11 out of 28 individual districts (or 39.3%) across the island enjoyed higher median rent; while 14 out of 28 (or 50%) of the residential districts are suffering from lower median rent. Three districts are seeing unchanged median rents. This means that keen competition – made possible by the 12,000 newly T.O.P quality condo and apartments so far this year – has kept rental rate at bay. This is the reason why while the total rental volume (number of transactions) and rental value (in dollar term) have both gone up, they did not translate into higher rental rate for individual landlords due to the keen competition. AVERAGE RENT COLLECTION IN POPULAR DISTRICTS Nine popular areas with relatively higher rental income have been selected for this study to ascertain the dynamics of the rental market. TABLE [3-E] – ASCERTAINING THE DYNAMICS OF THE RENTAL MARKET (FROM MAR 2011 TO JUNE 2011)
DISTRICT
AVERAGE MONTHLY RENT IN 2011 JUNE
MAY
APRIL
MARCH
1
4,989
4,988
5,067
4,971
2
4,124
4,035
4,104
4,326
3
4,356
4,547
4,430
4,311
4
6,607
7,103
6,513
6,167
5
3,701
3,796
3,770
3,970
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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9
6,396
10
6,572
6,137
6,083
6,344
11
4,818
4,706
4,699
4,605
15
3,900
3,965
4,120
4,015
6,209
5,953
6,298
Statistics gleaned from URA Realis and compiled by Sam Gian
DID THE NEWLY COMPLETED RESIDENTIAL PROJECT FARE ANY BETTER IN INVESTMENT INCOME? TABLE [3-F] – ASCERTAINING THE RENTAL INCOME IN NEWER T.O.P. PROJECTS – COMPARISON BETWEEN Q4 2010, Q1 & Q2 2011
PROJECTS RECEIVING TOP RECENTLY
MEDIAN MONTHLY PSF RENT ($) Q2 2011
Q1 2011
Q4 2010
1
MARINA BAY RESIDENCES
5.35
5.54
5.42
2
THE SAIL @ MARINA BAY
5.99
5.66
5.70
3
THE METROPOLITAN CONDO
4.26
3.90
4.05
4
THE AZURE
4.09
4.54
4.24
5
THE OCEANFRONT @ SENTOSA COVE
4.09
4.30
4.44
6
ONE-NORTH RESIDENCES
4.59
5.02
4.56
7
THE PARC
3.27
3.10
2.96
8
CITY SQUARE RESIDENCES
4.17
4.53
4.53
9
THE COSMOPOLITAN
5.24
5.06
5.06
*<10
*<10
5.03
10 TRIBECA 11 THE TRILLIUM
4.84
4.93
-
12 WATERFORD RESIDENCE
*<10
3.78
4.31
13 ARDMORE II
4.45
4.78
-
14 ST REGIS RESIDENCES SINGAPORE
5.13
5.84
5.83
15 SKY@ELEVEN
*<10
*<10
3.96
16 THE ARTE
3.27
3.06
3.10
17 DAKOTA RESIDENCES
3.68
3.64
3.54
18 AALTO
3.93
3.83
3.76
19 ONE AMBER
3.80
3.27
3.65
20 THE ESTA
3.42
3.40
-
21 THE SEAFRONT ON MEYER
3.74
3.60
3.49
22 CASA MERAH
3.26
3.30
3.27
SOURCE OF DATA: URA WEBSITE *<10 denotes less than 10 rental transactions in the quarter
FINDING – There is no evidence to suggest that tenants (and therefore landlord ) are getting any more affluent as the median rents in the most affluent projects (see Table 3-F) and the average rent in the most popular districts (see Table 3-E) are being kept at bay by ample supply of quality T.O.P projects in prime areas. The rents are hovering around the same rate since January 2011 and given the looming uncertainties, private home rents may take a hit in the second half of the year.
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
21 | Page
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COMPARISON OF Q1 & Q2 2011 MEDIAN RENT AT POPULAR CONDO PROJECTS A total of 196 condo projects [out of 233 projects – with at least 10 rental transactions in a quarter – which made it to the URA rental record] are selected for this case study to ascertain if median rents in the different residential districts in Singapore have gone up, down or sideway. CONDO PROJECTS THAT COMMAND HIGHER MEDIAN RENTS IN Q2 2011 The first set of 111 projects (or 56.6%) shown in Table 3-G has experienced higher median rents when compared with the preceding Q1 2011.
15 out of the 18 (or 83.34%) District 15 condo projects that had at least 10 rental transactions in Q2 are enjoying higher median rents.
10 out of the 16 (or 62.5%) District 23 condo projects that had at least 10 rental transactions in Q2 are enjoying higher median rents.
It means that median rents are still rising in non-prime districts due to the lower supply of newly T.O.P condo units to meet the generally rising demand there. TABLE [3-G] – COMPARISON BETWEEN Q1& Q2 2011 MEDIAN RENTS (BY PROJECTS ) – PROJECTS WITH HIGHER MEDIAN RENTS IN Q2 2011
Q2 11 MEDIAN RENT
Q1 11 MEDIAN RENT
PEOPLE'S PARK COMPLEX
3.96
2.94
1
THE SAIL @ MARINA BAY
5.99
5.66
3
2
THE BEACON
4.44
4.06
4
3
THE ANCHORAGE
3.12
3.12
5
3
CENTRAL GREEN CONDO
3.72
3.48
6
3
MERAPRIME
4.95
4.82
7
3
THE METROPOLITAN CONDO
4.26
3.90
8
3
QUEENS
4.21
4.12
9
3
TANGLIN VIEW
4.37
4.31
10
4
THE BERTH BY THE COVE
4.75
4.54
11
4
CARIBBEAN AT KEPPEL BAY
5.61
5.4
12
4
THE PEARL @ MOUNT FABER
4.53
4.05
13
5
BLUE HORIZON
3.75
3.74
14
5
BOTANNIA
3.37
2.95
15
5
THE INFINITI
2.80
2.66
16
5
THE PARC CONDO
3.27
3.10
17
5
PARC IMPERIAL
6.28
5.80
18
5
REGENT PARK
3.36
3.22
19
5
VARSITY PARK CONDO
3.58
3.50
SR NO
DISTRICT
1
1
2
PROJECT NAME
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20
5
WESTCOVE CONDO
2.91
2.89
21
7
THE BENCOOLEN
4.82
4.76
22
7
BURLINGTON SQUARE
4.36
4.19
23
7
SUNSHINE PLAZA
4.94
4.58
24
8
KERRISDALE
3.67
3.55
25
9
ASPEN HEIGHTS
4.00
3.9
26
9
CAIRNHILL CREST
4.88
4.49
27
9
THE COSMOPOLITAN
5.24
5.06
28
9
MIRAGE TOWER
4.21
4.01
29
9
PACIFIC MANSION
2.64
2.54
30
9
PARC EMILY
5.31
4.77
31
9
ROBERTSON 100
5.87
5.49
32
10
BELMOND GREEN
4.28
4.21
33
10
CUSCADEN RESIDENCES
5.06
4.97
34
10
ONE JERVOIS
4.85
4.71
35
10
SPRING GROVE
4.27
4.22
36
10
THE TESSARINA
3.78
3.71
37
10
VALLEY PARK
3.70
3.60
38
11
AMARYLLIS VILLE
5.19
4.92
39
11
THOMSON EURO-ASIA
4.61
4.40
40
11
ZEDGE
5.22
5.17
41
12
THE ARTE
3.27
3.06
42
14
ATRIUM RESIDENCES
2.77
2.76
43
14
CENTRAL GROVE
3.10
2.93
44
14
DAKOTA RESIDENCES
3.68
3.64
45
14
THE SUNNY SPRING
2.88
2.71
46
14
VISTAYA VIEW
3.02
2.69
47
14
THE WATERINA
3.15
3.07
48
14
WING FONG MANSIONS
2.39
2.28
49
15
AALTO
3.93
3.83
50
15
COSTA RHU
3.39
3.13
51
15
COTE D'AZUR
3.83
3.82
52
15
EASTERN LAGOON
3.22
2.9
53
15
THE ESTA
3.42
3.4
54
15
FERNWOOD TERRACE
2.52
2.25
55
15
THE MAKENA
2.94
2.82
56
15
MANDARIN GARDEN
3.27
2.87
57
15
NEPTUNE COURT
2.34
2.25
58
15
ONE AMBER
3.80
3.27
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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The Only FREE Quarterly Property Market Magazine in Singapore
59
15
PEBBLE BAY
3.56
3.54
60
15
THE SEAFRONT ON MEYER
3.74
3.60
61
15
VILLA MARINA
3.15
2.91
62
15
WATER PLACE
3.60
3.52
63
15
THE WATERSIDE
3.09
3.01
64
16
AQUARIUS BY THE PARK
3.10
2.99
65
16
BAYSHORE PARK
3.26
3.2
66
16
THE BAYSHORE
3.06
3.01
67
16
CHANGI COURT
2.79
2.73
68
16
CHANGI GREEN
2.60
2.58
69
16
COSTA DEL SOL
3.70
3.69
70
16
EAST MEADOWS
3.15
3.02
71
16
SUNHAVEN
2.67
2.63
72
17
AZALEA PARK CONDO
2.14
2.13
73
17
BALLOTA PARK CONDO
2.11
2.08
74
17
CARISSA PARK CONDO
2.71
2.49
75
17
FERRARIA PARK CONDO
2.90
2.85
76
17
LOYANG VALLEY
2.25
2.16
77
18
CHANGI RISE CONDO
2.85
2.8
78
18
EASTPOINT GREEN
2.98
2.92
79
18
MELVILLE PARK
2.65
2.51
80
18
SAVANNAH CONDOPARK
3.14
3.04
81
19
CHILTERN PARK
2.60
2.56
82
19
CHUAN PARK
2.44
2.38
83
19
KOVAN MELODY
3.54
3.53
84
19
REGENTVILLE
2.60
2.55
85
19
RIO VISTA
2.71
2.48
86
20
BISHAN 8
3.35
3.35
87
20
FAR HORIZON GDNS
2.69
2.42
88
20
THE GARDENS AT BISHAN
3.42
3.1
89
21
THE HILLSIDE
2.68
2.63
90
21
HILLVIEW GREEN
2.34
2.16
91
21
HUME PARK 2
2.21
2.13
92
21
MAPLEWOODS
3.09
3.02
93
21
PINE GROVE
2.41
2.26
94
21
SIGNATURE PARK
2.30
2.29
95
22
THE CENTRIS
3.79
3.5
96
22
THE LAKESHORE
3.75
3.57
97
22
PARC OASIS
2.79
2.75
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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The Only FREE Quarterly Property Market Magazine in Singapore
98
22
PARC VISTA
2.80
2.73
99
23
CASHEW HEIGHTS
2.08
1.97
100
23
THE DAIRY FARM
2.18
2.16
101
23
GLENDALE PARK
2.41
2.25
102
23
GUILIN VIEW
2.76
2.7
103
23
HAZEL PARK CONDO
2.23
2.1
104
23
HILLVIEW REGENCY.
3.10
2.88
105
23
THE JADE
3.83
3.51
106
23
PALM GARDENS
2.39
2.22
107
23
PARKVIEW APARTMENTS
2.58
2.51
108
23
REGENT HEIGHTS
2.57
2.54
109
25
ROSEWOOD
2.75
2.71
110
26
CASTLE GREEN
2.83
2.82
111
27
ORCHID PARK CONDO
2.55
2.48
Statistics gleaned from URA Realis and compiled by Sam Gian
CONDO PROJECTS THAT COLLECTED LOWER MEDIAN RENTS IN Q2 2011 76 out of the 196 selected condo projects (or 38.8%) suffered lower median rents in Q2 2011.
13 out of the 20 (or 65%) District 9 condo projects that had at least 10 rental transactions in Q2 2011 were having lower median rents in Q2 2011.
13 out of the 19 (or 68.4%) District 10 condo projects that had at least 10 rental transactions in Q2 2011 were having lower median rents in Q2 2011.
It shows that median rents in prime areas such as districts 9 and 10 are losing steam due to high supply of newly T.O.P quality condo to compete for tenant’s attention and the same value for money. TABLE [3-H] – COMPARISON BETWEEN Q1& Q2 2011 MEDIAN RENTS (BY PROJECTS ) – PROJECTS WITH LOWER MEDIAN RENTS IN Q2 2011
Q2 11 MEDIAN RENT
Q1 11 MEDIAN RENT
EMERALD GARDEN
3.95
3.96
1
MARINA BAY RESIDENCES
5.35
5.54
3
1
RIVERWALK APARTMENT
3.52
4.02
4
2
ICON.
6.56
6.74
5
2
INTERNATIONAL PLAZA
3.12
3.53
6
3
EMERALD PARK
3.53
3.75
7
4
THE AZURE
4.09
4.54
8
4
THE COAST AT SENTOSA COVE
4.20
4.21
SR NO
DISTRICT
1
1
2
PROJECT NAME
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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The Only FREE Quarterly Property Market Magazine in Singapore
9
4
HARBOURLIGHTS
3.66
3.95
10
4
THE OCEANFRONT @ SENTOSA COVE
4.09
4.30
11
5
ONE-NORTH RESIDENCES
4.59
5.02
12
5
VISTA PARK
2.92
3.09
13
5
WEST BAY CONDO
2.97
3.23
14
7
THE PLAZA
4.04
4.40
15
8
CITY SQUARE RESIDENCES
4.17
4.53
16
8
CITYLIGHTS
5.37
5.55
17
9
8 @ MOUNT SOPHIA
5.62
5.66
18
9
BELLE VUE RESIDENCES
4.72
5.02
19
9
THE IMPERIAL
5.40
5.67
20
9
KIM SIA COURT
3.07
3.22
21
9
LEONIE CONDOTEL
4.26
4.39
22
9
THE PIER AT ROBERTSON
6.76
6.90
23
9
RIVERGATE
5.18
5.26
24
9
TIARA
3.98
4.24
25
9
THE TRILLIUM
4.84
4.93
26
9
UE SQUARE
3.72
3.75
27
9
VISIONCREST
6.47
6.70
28
9
WATERMARK ROBERTSON QUAY
4.76
4.93
29
9
YONG AN PARK
4.15
4.19
30
10
ARDMORE II
4.45
4.78
31
10
ARDMORE PARK
5.78
6.16
32
10
ASTRID MEADOWS
4.37
4.4
33
10
DUCHESS CREST
3.75
3.99
34
10
FOUR SEASONS PARK
4.84
4.87
35
10
MELROSE PARK
4.46
4.52
36
10
THE MERASAGA
3.88
4.30
37
10
REGENCY PARK
3.86
3.95
38
10
RIDGEWOOD
2.82
2.88
39
10
SOMMERVILLE PARK
3.49
3.54
40
10
ST REGIS RESIDENCES SINGAPORE
5.13
5.84
41
10
TANGLIN PARK
4.57
4.68
42
10
TANGLIN REGENCY
4.00
4.35
43
11
PARK INFINIA AT WEE NAM
5.04
5.16
44
11
RESIDENCES @ EVELYN
5.18
5.37
45
11
THOMSON 800
3.02
3.08
46
12
OLEANDER TOWERS
3.28
3.39
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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The Only FREE Quarterly Property Market Magazine in Singapore
47
12
TRELLIS TOWERS
3.35
3.39
48
14
ASTORIA PARK
3.15
3.18
49
14
SIMSVILLE
2.86
2.99
50
15
SANCTUARY GREEN
3.69
3.91
51
15
THE SEA VIEW
3.76
4.01
52
15
TANJONG RIA CONDO
2.86
3.01
53
16
CASA MERAH
3.26
3.3
54
17
AVILA GARDENS
2.21
2.25
55
17
EDELWEISS PARK CONDO
2.71
2.9
56
19
COMPASS HEIGHTS
3.05
3.08
57
20
GRANDEUR 8
3.10
3.18
58
21
THE BLOSSOMVALE
2.73
2.87
59
21
CLEMENTI PARK
2.43
2.63
60
21
GARDENVISTA
3.54
3.77
61
21
HUME PARK I
2.25
2.35
62
21
PANDAN VALLEY
2.40
2.44
63
21
SOUTHAVEN II
2.34
2.48
64
21
SPRINGDALE CONDO
2.60
2.61
65
21
SUMMERHILL
2.66
2.68
66
21
SYMPHONY HEIGHTS
2.45
2.48
67
22
THE MAYFAIR
2.94
3.24
68
23
HILLINGTON GREEN
2.48
2.53
69
23
HILLVIEW PARK
2.27
2.28
70
23
MAYSPRINGS
2.63
2.69
71
23
NORTHVALE
2.40
2.42
72
23
REGENT GROVE
2.49
2.55
73
23
THE WARREN
2.89
2.90
74
25
CASABLANCA
2.84
2.87
75
26
BULLION PARK
2.75
2.85
76
26
SEASONS PARK
2.54
2.55
Statistics gleaned from URA Realis and compiled by Sam Gian
CONDO PROJECTS THAT HAVE STAGNANT MEDIAN RENTS IN Q2 2011 9 out of the 196 selected condo projects (or 4.6%) have the same median rents in Q2 2011.
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
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The Only FREE Quarterly Property Market Magazine in Singapore
NTUC & IEA signed Partnership Agreement [on 5 August 2011 at IEA] Wish you were there
Herman Yeo receiving the membership certificate from Mr Patrick Tay [MP for Nee Soon GRC]
Margaret Chan receiving the membership certificate from Mr Patrick Tay [MP for Nee Soon GRC]
Philip See receiving the membership certificate from Mr Patrick Tay [MP for Nee Soon GRC]
S.K. Low receiving the membership certificate from Mr Patrick Tay [MP for Nee Soon GRC]
A new milestone for IEA now that all IEA members are entitled to NTUC membership benefits as well – it’s Two-in-One membership benefits!
Mr Yeo Guat Kwang [MP for Ang Mo Kio GRC] [centre] mingling with the participants – there were smiles & congratulations all over.
Written by Sam Gian – The Independent Real Estate Sales Training Consultant (www.update.sg)
28 | Page