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HIGHEST DECEMBER NEW CONDO SALES IN LAST 8 YEARS

1/16/2021

In total, developers launched 1,349 units for sale and sold 1,217 units in December 2020 - Huttons Asia & URA

Developers' sales in the first week of the New Year has been brisk, with foreigners picking up some luxury units. Developers' sales for the week of Jan 4-10 were 135 units, up 15 per cent over the last week of December.

The CCR accounted for 14.1 per cent while the RCR and OCR made up 30.4 per cent and 55.6 per cent. The top-selling project in the CCR was Nouvel 18, V on Shenton, followed by Kent Ridge Hill Residences in the RCR and Treasure at Tampines in the OCR. Several high-end luxury projects saw foreigners picking up units in the last week, probably an early indication that foreigners' interest may be returning.

In total, developers launched 1,349 units for sale and sold 1,217 units. Sales in December 2020 was 57.2% higher than November 2020 and 126.2% higher than the same period a year ago. The number of units sold in December was the highest December sales since 2012.

The top ten private residential projects for December 2020 - Huttons Research & URA

The exceptional performance was down to the outstanding sales notched at Clavon where 473 units were sold. An expected rebound in economic growth in 2021, arrival of vaccines for Covid-19 and the inability to travel because of Covid-19 contributed partly to the sales performance in December as well.

A total of 23 private residential projects were launched in 2020 – ten projects before the circuit breaker and 13 projects after. Several projects launched after the circuit breaker – Penrose, The Linq at Beauty World, The Landmark, Ki Residences at Brookvale and Clavon achieved very good sales on the opening day of sale. The Linq at Beauty World sold more than 96% of the total units in one day while Clavon is the best-selling project on launch day in 2020, moving more than 460 units.

Top Ten Projects by Sale Volume in 2020. - Huttons Research & URA

This month in January 2021, we just completed the sales balloting for Normanton Park which sold more than 30% on its first day of sales preview.

Towards the end of this month, we will see 2 more residential development launches for Parc Central Residences and The Reef at King’s Docks. We expect the sales momentum in December 2020 to spill over to January 2021 and possibly maintain the sales volume at around 1,000 units. If that happens, it will be the highest January sale volume since 2013.

7 property trends to watch in 2021

1/9/2021

Singapore property market outlook looks attractive for both investors and home buyers - photo from 99.co

With a healthy net absorption of new homes over the past three years, the higher take-up numbers against a conservative supply have resulted in fewer unsold, uncompleted private homes. The cumulative number of unsold units may be nearing its peak, and could start tapering this year.

With diminishing stock and the improvements in the macroeconomic outlook, the probability of home prices falling this year is not high. As it is, prices of private homes increased quarter on quarter by 2.1 per cent in the fourth quarter of last year, based on the latest flash estimates from the Urban Redevelopment Authority, after rising 0.8 per cent in the previous quarter. Overall private home prices rose 2.2 per cent for the whole of last year.

So what are the property trends to look out for in 2021 & beyond?

Property Trend 1:
2020 saw an increase in racially discriminatory violence against people of Chinese & Asian origin due to pandemic anxiety and the American president calling Covid-19 as the 'Chinese virus' as well as political instability and unrest among citizens across the globe - especially in Europe and America. Many foreign businessmen are now avoiding risky geo-politically troubled cities and looking towards Singapore and Portugal as safe havens as their 2nd home for their beloved families and children's safety.

Property Trend 2:
Limited housing inventory doesn't just drive up home prices; it also gives buyers less selection and forces them to settle. Nobody is talking about new condo 'oversupply risk' in Singapore's residential market as most developers are expected to hold no more land parcels in their stock for 2022. The number of new project launches slated for this year is expected to be lower than in previous years as developers empty out their last remaining land banks from the enbloc fever in 2018. Most of the new launches this year will be mainly in the luxury and city area projects with many of them being smaller residential developments also known as apartment style living without the full condo facilities. About 20 new developments may be released for sale in the first half of 2021. In contrast, around 25 to 30 residential projects launched in each of the half years in 2018 and 2019.

The Government has also calibrated land supply from the Government Land Sales programme. Over the past two years, a conservative slate of land was released to maintain a moderate supply of units. For the first half of this year, about 1,600 new homes could be launched from the confirmed list, much fewer than the average of 2,700 units released in each half of 2018. Many new projects redeveloped from the 2017 to 2018 spate of sales en bloc have already sold more than 70 per cent of their units.

Kiwi Lim from Huttons Asia believes that if the government does not release more land parcels soon, we may see Singapore's available new condo stock in the market falling to historic low by end of 2021.

Property Trend 3:
Properties in the OCR (Outside Centre Region) may see a price increase as Covid-19 pandemic may change the way we work - i.e. there may be more emphasis on remote working or working from home.
New condo projects in Hougang and Serangoon has already reached $1,5xx psf and above with the OCR resale market also showing a rise in prices. These housing markets will grow in popularity due to the remote work trend according to Kiwi Lim from Huttons Asia. "Nowadays, many people are working remotely during the pandemic, and that trend is likely to continue to a certain extent even after it's safe to return to an office building." said Kiwi.

Property Trend 4:
Even as Singaporeans are moving towards OCR and RCR districts, city homes and property in the CCR may still not see a drop in prices as they are the preferred districts for foreign buyers flush with cash. Foreign buyers love the appeal of living in the city surrounded by convenience with proximity to restaurants, museums, theatres and other amenities to match or enhance their quality of life they enjoyed overseas. Many are also city dwellers and are only familiar with the prime districts in Singapore.

Property Trend 5:
Globally, we can expect affluent consumers to continue realigning their priorities to spend more on real estate that gives them and their families a sense of security, health safety, and privacy in a cocoon all of their own. The wealthy is expected to apportion a large part of their hard cash in property in 2021.

Property Trend 6:
As the trend of working from home and telecommuting looks set to become the norm, we will spend more time at home. This may spark a new trend of spending more to make our home look and feel spacious and beautiful. Kiwi Lim from Huttons Asia believe that the demand for larger apartments may increase, e.g. 3 and 4 bedders may see an increase in demand for the need to set aside an extra bedroom as a home office or proper workspace at home becomes crucial as we spend more time working from home. Home owners may be willing to spend much more on interior designing to make their homes look inviting and nicer to cocoon in.

Property Trend 7:
Property buyers may trend towards properties within close proximity to greenery & parks as they spend more time at home. Quality of living and a healthy lifestyle will take more priority in our lives as Covid-19 has placed a higher emphasis on our physical and mental health. Health professionals and gurus worldwide have always encouraged people to talk walks in parks to relief stress and the fresh clean air from greenery and parks or park connectors nearby will do a lot of good for everyone living nearby.

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Higher property prices expected in 2021 as economy recovers - Market Analysts

1/7/2021

Given ample liquidity, a low interest rate environment and improving buyer sentiment, there is room for private home prices to head upwards in 2021, say analysts. BT FILE PHOTO

2020 witnessed a terrible global pandemic known as Covid-19 and surprisingly top cities in the world also saw property prices rising last year. Singapore's private property index clocked in a 2.2 per cent gain in 2020 comparable to the private residential property index pre-Covid in 2019 which saw a 2.7 per cent growth in Singapore private property prices.

The surprising turnaround in the private property market comes in a year where the local economy contracted by 5.8 per cent, based on the government's advance estimates.

According to the Urban Redevelopment Authority's (URA) flash estimate on Monday, prices of private homes in Singapore rose 2.1 per cent quarter-on-quarter in Q4 2020 in the highest quarterly increase since the 3.4 per cent notched in Q2 2018 before the last round of cooling measures kicked in. This comes on the heels of a 0.8 per cent increase in Q3 2020.

Kiwi Lim from Huttons Asia explained that billions worth of hot money from overseas provided ample liquidity in Singapore's financial market, a very low attractive interest rate environment as well as improving buyer sentiment give plenty of room for private home prices to head upwards in 2021 and the return of foreign buyers to Singapore with the eventual easing of border control measures.

Maybank Kim Eng economist Chua Hak Bin pointed to supporting factors such as the collapse in mortgage rates - which has been a plus for the property market - while fiscal support, wage subsidies and hiring incentives from the government have also helped where jobs are concerned.

"This recession has been very uneven, it's hit the lower-wage sectors a lot more," he went on to say, adding that there are still certain sectors in the economy that continue to expand. "At the same time, one of the peculiarities about this recession is the surge in the personal savings rate, (with) the higher income segment not being able to spend on a lot of services, including travel. Some chose to plough it back into property."

By region, prices of non-landed homes in the CCR, or prime areas, rose 3.3 per cent in Q4, reversing from a 3.8 per cent decrease in Q3. Noting that CCR had underperformed with its index shedding 3.4 per cent in the first three quarters of 2020, JLL's senior director (research & consultancy) Ong Teck Hui, said: "The lower prices could have attracted buyers and contributed to the price increase in Q420. The rise in the CCR index was accompanied by an increase in the proportion of high value transactions of S$2,700 per square foot (psf) and above during the quarter."

In the city fringe or RCR, prices increased 4.8 per cent quarter-on-quarter in Q4 2020, compared to 2.5 per cent in the previous quarter. Meanwhile, in the suburbs or outside central region (OCR), prices were up 1.7 per cent in Q4 2020, similar to the 1.7 per cent increase seen in Q3.

Analysts said that the higher prices in the RCR in Q4 were likely due to new projects that were launched in the fourth quarter. Notably, 108 units at The Landmark were sold at a median price of S$2,137 psf and 119 units were picked up at The Linq@Beauty World at a median price of S$2,171 psf - above the S$1,813 psf median price for all new non-landed homes in RCR in 2020.

Private home prices in Singapore could climb again this year as a recovering economy lifts sentiment after the private residential property index shrugged off the impact of a global pandemic. 2020's upcoming project launches in the pipeline are mainly in the luxury and city fringe areas therefore will help push the private property index in 2021 higher.

"Demand for resale homes is expected to pick up further this year, while resale prices may increase around one to 4 per cent for the full year", Head of research & consultancy at OrangeTee & Tie, Christine Sun.

Knight Frank estimates that overall private residential prices could go up by around 5 per cent this year, while PropNex forecasts home prices could climb a further 2 to 3 per cent, owing to a better market outlook and a decreasing supply of unsold units.

Huttons Asia's director of research Lee Sze Teck expects private home prices to rise by up to 3 per cent in 2021, with up to 20 new projects to launch in H121. He said: "Selling prices are expected to edge up because of recent firm land tender prices and higher construction costs because of Covid-19 safety management measures."

From Business Times article on 5 Jan 2021

Sales of nano apartments soar as young couples see chance to own their own homes in HK

1/5/2021

A sofa bed inside a nano-apartment show home in Hong Kong. Photograph: Bloomberg

Nano apartments smaller than 2 parking lot spaces accounted for record 13% of sales in 2019 and is expected to increase in demand in 2020 and beyond as young Hong Kong couples see it as their only chance to own their first matrimonial home.

These Nano apartments are usually smaller than 260 square feet (24 sqm) or smaller than 2 parking lot spaces accounted for 0.2% of total property sales just 10 years ago in 2010.

Hong Kong’s sky-high property prices have made it difficult for the younger generation to get on the housing ladder. The city’s property affordability is the worst in the world, as Hong Kong has racked up a 10th year as the world's least-affordable housing market, highlighting the inequality that has helped fuel months of protests. The city topped Vancouver, Los Angeles and Sydney as the most unaffordable housing market in 2019, according to a report Monday by urban planning policy consultancy Demographia.

Developers in recent years have turned to offering smaller homes to buyers so they can afford them. Even though these tiny apartments can still fetch more than HK$5 million (S$645,000), they can barely fit the basic necessities.

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Cramped living space has long been a problem in Hong Kong. Low-income earners have resorted to so-called coffin homes that are essentially just a bed space. Some who can’t afford residential rents but prefer a larger space live illegally live in industrial buildings or container homes.

People pay to live in illegal steel boxes in world's priciest property market. A severe shortage of housing in Hong Kong is driving some residents to rent or buy shipping containers as homes. ... The most common type of Markbox's container homes measures 30 square meters and costs around HK$150,000 (S$25,950).

Henderson Land Development Co. was the biggest seller of nano-apartments, accounting for one-third of sales in the period, the report said.

Even though the city’s economy has been under pressure during the pandemic, with unemployment climbing to a 15-year high, the property market remains resilient. Home prices declined just 1% in 2020, data from Centaline show.

From Bloomberg news article on 4 Jan 2021

Higher condo prices in 2020, HDB resale prices climb 4.8%

1/4/2021

For the public housing segment, the HDB resale market posted a stronger performance than the private residential market in 2020. - photo: Mediacorp

At the beginning of the pandemic in Jan last year, many property market analysts predicted that prices of private homes could dip by 3 per cent to 8 per cent this year, while a few expected prices to fall by more than 10 per cent.

Singapore's public and private property new launch and resale market continued to recover not just from the Covid-19 fallout but also from the 2018 cooling measures, with sales volume and private properties & condo prices gaining close to 3% and nearly a 5% increase for HDB resale prices.

Demand and prices of resale homes had been muted since property cooling measures were implemented in July 2018, with monthly transactions falling below 1,000 units. But from July to November this year, monthly sales exceeded 1,000 units.

The resale market has rebounded strongly - after a slow second quarter which included the circuit breaker period - driven by pent-up demand, a better match in price expectations between sellers and buyers, as well as returning confidence as the Singapore economy continues to recover, said Ms Wong.
"With the healthy demand coming though, we expect sellers to hold asking price firm or raise the price of more attractive units," she said.

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OrangeTee & Tie head of research and consultancy Christine Sun said: "Many investors have already looked past current headwinds and are banking hopes on a vaccine success, and are optimistic that the global economy may see better days ahead.

The highest transacted price in November was for a resale luxury apartment at Nassim Jade in prime District 10 which sold for $11.7 million.

The highest transacted price in the RCR (city fringes) was $6.9 million for a unit in Corals at Keppel Bay in the Harbourfront area, while a unit in The Chuan, in Lorong Chuan, resold for $3.6 million, the highest price in the OCR.

Singapore is not the only place that has experienced a surge in property sales. Major cities across the world are also experiencing an increase in sales and prices of properties and homes in 2020.

The Covid-19 pandemic is an unprecedented global crisis that has overwhelmed healthcare systems and upended businesses around the world. While it has ravaged economies worldwide and consumer sentiment remains subdued, property prices are going up for many countries especially in Asia.

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So who are buying properties during this Covid pandemic? Due to strict travel restrictions, locals are now dominating the private residential market across all market segments. Locals made up more than 80 per cent of private non-landed homes. This is the highest proportion of properties bought by Singaporeans ever recorded since the first quarter of 2009.

Most private home buyers are HDB upgraders, middle-aged investors, families with young children, young executives, retirees and a number of former owners of homes sold en bloc.

Some of these owners do not mind paying slightly more for an older but larger property, especially if they are buying it for their own occupation. This may explain why demand for large-sized private homes has been rising.

Kiwi Lim from Huttons Asia remains optimistic about the long-term prospects of Singapore's residential market. The fundamentals of our country - political stability, pro-business environment, safe haven status, excellent healthcare system and robust legal system - have remain unchanged throughout the pandemic.

Consumer confidence will continue to pick up as Singapore is seen to be handling Covid safety measures well. The prospect of an increase in economic activities worldwide will definitely help revive many businesses this year. Many nations are already preparing to roll out large-scale vaccination programmes this year in order for countries to open up their economies.

Extracted from Channelnewsasia and Straits Times articles

New condo site at Ang Mo Kio is expected to attract many developers

12/27/2020

The first executive condo (EC) site at Tengah and a condo site at Ang Mo Kio were launched for sale on Thursday (Nov 26) under the second half of the 2020 government land sales (GLS) programme.

Both residential sites are on the GLS programme's confirmed list, which was released in June. The two sites combined can yield about 985 residential units, although the actual number may vary depending on the developers, said the Urban Redevelopment Authority (URA) and the Housing Board (HDB) on Thursday. The land parcel in Ang Mo Kio is located at Ang Mo Kio Avenue 1 with a site area of 12,679 sq m and a GFA of 31,699 sq m. The 99-year leasehold site is estimated to yield around 370 units.

Ms Wong Siew Ying, PropNex's head of research and content, noted that it is the latest GLS site to be offered in the area in six years, since the sites of two condo projects -Thomson Impressions and The Panorama - were successfully awarded for $173.6 million ($731 psf ppr) and $550 million ($790 psf ppr) respectively.

She said that apart from being in a mature town and an established residential area, the plot is also near the upcoming Mayflower MRT Station on the Thomson-East Coast Line. She predicted that demand for the site would be "buoyant" and that it would attract more than 10 bidders, with the top bid at $273 million to $290 million or $800 to $850 psf ppr.

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Sites on the confirmed list are launched according to schedule regardless of demand, while a site on the reserve list is put up for tender when a developer's indicated minimum price is acceptable to the Government.

Kiwi Lim from Huttons Asia believe this Ang Mo Kio land parcel will attract quite a few interested parties as most developers have already depleted their existing land parcels and 2021 will see much lesser new condo launches in the pipeline as compared to 2019 and 2020 with the biggest blockbuster being Normanton Park and an extremely rare seafront condo at Keppel Bay - The Reef at King's Dock.

URA and HDB will offer a longer tender period of six months to allow developers more time to make their assessment in view of the ongoing Covid-19 situation. Tender for the two land parcels will close at noon on May 25, 2021.

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The Tengah parcel at Tengah Garden Walk - a road that has yet to be built - has a site area of around 22,020 sq m and a maximum Gross Floor Area (GFA) of 61,659 sq m. The 99-year leasehold site is expected to yield some 615 EC units.

Located next to the upcoming Garden Vines @ Tengah Build-To-Order (BTO) project, it will be the first EC housing project in the "forest town" of Tengah.

Developers are likely to view the EC market "favourably", as there are only four EC projects in the launch pipeline and demand could pick up under better market conditions next year. While the Tengah plot is in a relatively less developed area, it could be in fair demand due to the lack of new EC projects in the west and could offer first-mover advantage to the successful bidder.

The last time an EC site was sold in the area was the Sol Acres parcel in Choa Chu Kang in 2014. ERA Realty's head of research and consultancy Nicholas Mak estimated that the site could attract six to nine bids, with the top bid varying from $331.8 million to $352 million, which translates to $500 to $530 per sq ft per plot ratio (psf ppr).

Singapore property in 2021 expected to be driven by vaccinations, low int rates, liquidity & foreign buyers

12/25/2020

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PROPERTY investment sales in Singapore are likely to rebound as vaccination programmes are rolled out next year, with business sentiment picking up and border restrictions gradually eased, announced Michael Tay, head of capital markets for Singapore at CBRE on Monday (21 Dec 2020). The Singapore investment market has been resilient and has demonstrated its ability to recover from crisis situations in the past. This was apparent post-global financial crisis when real estate investment sales volume improved by a strong 265.4 per cent in 2010.

December 2020 sales is also expected to spike with one prediction that sales could be 70 per cent more than November's 767 as December sales of new private homes may hit 1,300 units - including new launches Clavon and Ki Residences - plus another 500 from older projects.

With economic growth predicted for 2021, prices could go higher and is one reason people buy now," said Nicholas Mak, ERA Realty, head of research & consultancy. "Instead of winding down and preparing for the new year, developers are gearing up for more launches and some buyers are hunting for attractive deals," he said.

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In total, developers sold 8,791 private residential units in the first 11 months of this year despite global Covid-19 pandemic - described as the worst economic crisis to hit the world. The property market during this pandemic period also surprised analysts as prices risen across all sectors - HDB resale, private resale and private new residential condos.

In fact, Singapore's new condo sales market is on its way to end the year with a total sale of 10,000 to 10,500 new private housing units for the whole of 2020. Total new condo sales in 2019 was 9,912.

Life seem to be returning to normal with larger crowds at malls, restaurants and supermarkets. GDP is expected to recover by 2021 with 5.5 per cent growth according to economists. Public confidence in the government's handling of the economy and Covid-19 situation is also high while looking forward to the government's Budget 2021 announcement in the coming February 2021.

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Huttons Asia's real estate professional Kiwi Lim believes that with healthy demand from new and resale markets, coupled with the declining unsold stock of new condos in the market, 2021 may continue to see an increase in local property prices especially when its spurred by the low interest rate environment and ample liquidity. Singapore has proven its ability to handle the pandemic while maintaining macroeconomic stability and keeping a politically-neutral stance amidst the chaos of the world. All these make Singapore very very attractive as an investment destination.

From Business Times article on 22 Dec 2020

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Low land supply may revive the en-bloc market in 2022

12/20/2020

Normanton Park is an upcoming residential condo project (same site as former Normanton Park) and will be expected to be a blockbuster in 2021. Click to visit website & receive ebrochure & floorplans

URA recently announced the government land sales (GLS) tender for a mixed-use site at Tanah Merah Kechil Link closed with 15 bids on Oct 29, while an executive condominium (EC) site at Yishun Avenue 9 drew seven bids at the close of its tender on the same day.

Huttons Asia real estate adviser Kiwi Lim believes that such a rare strong turnout of developers for these two plots of government land sales (GLS) sites in OCR locations is a good indication that most developers in Singapore are running out of land banks for future residential condo launches. According to Kiwi Lim, developers in Singapore have launched almost all their land banks secured during the en-bloc frenzy of 2017 and 2018, with transaction values at S$8.3 billion & S$10.3 billion respectively.

According to analysts who are familiar with the Singapore property market, the muted collective sales market could see a revival in 2022, as developers turn to the private residential scene to feed a growing appetite for land.

This comes as the property market has remained resilient in the face of the COVID-19 pandemic and consequent economic uncertainty, said analysts.

This year saw just two en bloc deals totalling S$77.2 million, Yuen Sing Mansion in Geylang, which was transacted in August, and adjoining sites Fairhaven and Sophia Ville, which were taken off the market in early December. Last year, Roxy-Pacific Holdings forked out S$93 million for 15 terraced houses in the Guillemard Road area and a consortium bought a plot with 11 homes near Haig Road for S$32.8 million.

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Many agree that developers are running out of stock and with current unsold private residential condo units in the market standing at around 26,600 units as at Q3 2020, property experts felt that the start of the previous en bloc cycle was in 2Q 2016, when inventory fell to 23,300 units… That may serve as benchmark to the point at which developers would start looking for land.

The GLS supply is very competitive and there are many eyeing it. For smaller developers, it’s a bit harder to compete, so they may go for en bloc sites as an alternative source. Developers need to start shoring up their land banks to plan for future projects, and en bloc sales are a “quick way” to do that.

While this could be good news for owners looking to sell, the return of the en bloc market could also drive up overall land and property prices. However, the upcoming interest in the collective sales market may not match the extent of the fervour seen in 2017 and 2018, due to more economic uncertainty.

UOL sells 70% of units at Clavon on launch weekend at an average of $1,640 psf

12/17/2020

Jesline Goh of UOL Group (left) on Dec 12, where sales were conducted by balloting of units (Photo: UOL Group)

Singapore-listed UOL Group and its subsidiary, United Industrial Corp (UIC) announced that about 70% of Clavon has been taken up on the first weekend of launch. This works out to about 442 out of a total of 640 units at the 99-year leasehold condo located at Clementi Avenue 1, which was launched on Dec 12.

Units were sold at an average price of $1,640 psf, according to UOL. Demand was seen across all unit types, including the large format units, such as the three-, four- and five-bedroom apartments. “We believe the buyers like the well-designed layouts with strong product attributes that meet changing lifestyles and integrate live, work and play,” says Jesline Goh, UOL Group chief investment and asset officer. For a project with over 600 units, to have sold more than 70% of the total in one day is outstanding, especially following the Controller of Housing’s restrictions on the reissue of options to purchase.

The 660-unit, 999-year leasehold Ki Residences where 143 units were sold on the first weekend of launch (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Ki Residences at Brookvale sold 143 out of a total of 660 units on its launch weekend, according to joint venture partners Hoi Hup Realty and Sunway Development in a statement on the evening of Dec 6. This translates to 22% of the units in the 999-year leasehold private condominium project located on Brookvale Drive, off Sunset Way in District 21.

The project has a mix of two- to five-bedroom units. Average price of units sold was $1,790 psf, although starting prices were from $1,668 psf, 60% of the units sold were the four- and five-bedroom units, making up the “Luxury Collection” at Ki Residences. Four-bedroom units account for 58 units, with sizes from 1,245 to 1,711 sq ft. Premium five-bedroom apt, with sizes from 1,819 to 2,239 sq ft, make up just four units in the entire project. Prices of these units are upwards of $2.15 million ($1,707 psf).

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Black Friday discounts did not distract a group of shoppers looking at bigger deals: homebuyers. At The Landmark, a 396-unit, 99-year leasehold condo on Chin Swee Road, virtual balloting started at 10am on Nov 28. It was done via Zoom across five different locations: The Landmark sales gallery as well as the respective offices of the appointed marketing agencies.

By 7pm that evening, buyers had snapped up 110 of the 120 units released. This translates to 92% of units released, or about 28% of the total units in the development.

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Starting next year will see a mega blockbuster new condo launch by developer Kingsford & MCC Land is Normanton Park condo - an exciting new condominium development, located at Normanton Park, Singapore. Developed by a partnership of experienced developer and main contractor Kingsford Development & MCC Land, Normanton Park condo is set to be the new iconic development with panoramic sea views, well located near nature parks.

Huttons Asia's Kiwi Lim believe Normanton Park condo will perform very well during its preview next month in Jan 2021 as its strategically located next to S'pore Science Park, well connected to One-North Biz Park, 5 Mins Drive To NUS, NUH and beside the green nature of Kent Ridge Park. Price is attractive too as the developer has hinted that their one bedder may be priced from $7xx k onwards.

New home sales rebound in November on new launches and vaccine optimism boosting market sentiment

12/11/2020

November's figures were boosted by strong demand at new launches - The Linq @ Beauty World and The Landmark as home buyers snapped up 228 units at these two new condos launches last month, pushing new private home sales in November to 749, up 16.7 per cent from October's 642.

Total sales from January - November this year total 8,770 units, according to consultants who looked at caveats filed. With the momentum continuing this month, full year 2020 new sales volume is expected to come between 9,000 and 10,000 units possibly matching pre-Covid sales figure last year.

According to Christine Sun, OrangeTee & Tie head of research & consultancy, November's good showing was due to "vaccine optimism" and hopes of economic recovery. It was a very good month for November, said Lee Sze Teck, Huttons Asia director (research).

Ismail Gafoor, PropNex chief executive, offers a further reason for November's robust performance. "We have observed that there is a strong correlation between monthly new private home sales and whether there are new project launches during the month," he said.

The Landmark is the most attractively priced CCR condo in the market from $2,1xx psf on the elevated hillside of Pearl's Hill near Clark Quay, Chinatown, Singapore River, Tanjong Pagar, Tiong Bahru and SGH

Forett at Bukit Timah is a freehold new condo only minutes walk to Beauty World MRT and future integrated transport hub in the heart of Bukit Timah near top schools like Methodist Girls' School and Pei Hwa Presbyterian.

Huttons Asia's real estate professional Kiwi Lim said private condo prices have remained very resilient throughout this Covid pandemic and some buyers may also have turned to the HDB resale market for flats that better fit their budget and housing needs. A family-size private condo in the suburbs could cost $1.5 million, but for $1 million or so, the buyer can get a relatively similar-sized HDB resale unit on a high floor and in a prime spot near the city.

Covid-19 mass vaccination has begun in the UK and Singapore should not be too far behind. The economy appears on track to shrink 6 per cent in 2020, although unemployment could rise further by year-end, according to private-sector economists polled by the Monetary Authority of Singapore in the latest quarterly survey. But GDP is expected to recover by 2021 with a 5.5 per cent growth, say the economists. Kiwi Lim believes that news of Covid vaccines being tested and possibly even be ready by Feb next year as some analysts predicted has also lifted property market sentiments in the HDB sector.

The number of Housing Board resale flats sold for $1 million or more has hit a new high, following 13 transactions done last month, according to data from real estate portal SRX released yesterday.

The 72 million-dollar flats sold from January to last month compare with 64 such units for the whole of last year. SRX's flash estimates for last month also reveal that HDB resale prices rose for the fifth consecutive month, though the volume of transactions dipped.

In the overall HDB resale market, prices rose 1 per cent last month from October.

Article from The Business Times on 11 Dec 2020

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