- Published on
The Government launched the sale of a second residential site this year on 28 May 2020, offering a longer tender period of five months with the intention to give developers more time to assess the property market under the Covid-19 situation before submitting any bids.
The tender for the Tanah Merah Kechil Link land parcel will close at noon on Oct 29, after a longer tender period of five months, the Urban Redevelopment Authority (URA) said in a media release on Thursday (May 28). Tenders for government land sales (GLS) sites usually range from six to eight weeks. The tender closing for this site will thus be batched with an executive condominium site in Yishun Avenue 9 launched on April 30.
The land parcel in Tanah Merah Kechil Link is for a mixed residential development, with the first storey slated for commercial space. It has a site area of 8,880 sq m and a maximum gross floor area (GFA) of 24,864 sq m.
The 99-year leasehold land parcel, which is off New Upper Changi Road, can potentially house about 265 apartments, fewer than the 310 units initially estimated when the site was first announced in December 2019.
The tender for the Tanah Merah Kechil Link land parcel will close at noon on Oct 29, after a longer tender period of five months, the Urban Redevelopment Authority (URA) said in a media release on Thursday (May 28). Tenders for government land sales (GLS) sites usually range from six to eight weeks. The tender closing for this site will thus be batched with an executive condominium site in Yishun Avenue 9 launched on April 30.
The land parcel in Tanah Merah Kechil Link is for a mixed residential development, with the first storey slated for commercial space. It has a site area of 8,880 sq m and a maximum gross floor area (GFA) of 24,864 sq m.
The 99-year leasehold land parcel, which is off New Upper Changi Road, can potentially house about 265 apartments, fewer than the 310 units initially estimated when the site was first announced in December 2019.
Location Plan for Land Parcel at Tanah Merah Kechil Link - URA
The land parcel in Tanah Merah Kechil Link can also yield 2,000 sq m of commercial space that can be developed into strata-titled retail units or offices.
The tender for the parcel will close at noon on Oct 29, after a longer tender period of five months, the Urban Redevelopment Authority (URA) said in a media release on Thursday (May 28). Tenders for government land sales (GLS) sites usually range from six to eight weeks. The tender closing for this site will thus be batched with an executive condominium site in Yishun Avenue 9 launched on April 30.
Property consultants earlier said that extending the tender period to the end of October could help GLS sites obtain higher bids as the Covid-19 pandemic may be contained by then, boosting market sentiment.
Indeed we saw at the closing of the land parcel in Tanah Merah Kechil Link bid, amazing total of 15 developers fiercely competed for this piece of GLS land. The previous time we saw 15 bidders for a normal GLS site was for the project at Bidadari / Woodleigh named: Park Colonial. That was in 2017. Park Colonial now has sold over 80% of its total units.
The tender for the parcel will close at noon on Oct 29, after a longer tender period of five months, the Urban Redevelopment Authority (URA) said in a media release on Thursday (May 28). Tenders for government land sales (GLS) sites usually range from six to eight weeks. The tender closing for this site will thus be batched with an executive condominium site in Yishun Avenue 9 launched on April 30.
Property consultants earlier said that extending the tender period to the end of October could help GLS sites obtain higher bids as the Covid-19 pandemic may be contained by then, boosting market sentiment.
Indeed we saw at the closing of the land parcel in Tanah Merah Kechil Link bid, amazing total of 15 developers fiercely competed for this piece of GLS land. The previous time we saw 15 bidders for a normal GLS site was for the project at Bidadari / Woodleigh named: Park Colonial. That was in 2017. Park Colonial now has sold over 80% of its total units.
Real estate professional Kiwi Lim from Huttons Asia believes most developers have launched and depleted most if not all of their land banks that they procured during the last enbloc fever which saw around 90 developments being bought over by hungry developers. Land banks / land parcels are like raw materials to developers and without them, developers cannot expand their presence in the market.
"As the market finally re-opens for foreigners to enter Singapore's borders, the property market may see a pickup from foreign demand. These few months have seen almost all property sales fuelled by domestic pent-up demand." - said Kiwi Lim.
"As the market finally re-opens for foreigners to enter Singapore's borders, the property market may see a pickup from foreign demand. These few months have seen almost all property sales fuelled by domestic pent-up demand." - said Kiwi Lim.
- Published on
Natura Loft DBSS in Bishan continually see its resale flats being sold for above $1 million - The New Paper
Flats at Natura Loft in Bishan continue to fetch a handsome price, with the recent sale of a five-room unit there again crossing the $1 million mark. According to data from the Housing Board, the flat, with just under 90 years of its lease left, was sold for $1,208,000 this month. This is believed to be the highest resale price for a Design, Build and Sell Scheme (DBSS) unit, Chinese newspaper Shin Min Daily News reported yesterday.
The new record is not a surprise, given that the housing market has been on the rebound after the circuit breaker as the market is seeing an increase in HDB resale prices in tandem with what has been happening across all segments of the housing market.
Even during this circuit breaker, Singapore's housing market saw private residential and HDB property sales volume going up and especially in good locations. Flash estimates from real estate portal SRX revealed last Thursday that prices of Housing Board resale flats increased for the third consecutive month last month.
DBSS flats are Housing Board flats designed, built and sold by private developers but are still considered as HDB public housing flats. Meant to provide condominium-style homes, the scheme was suspended in 2011 after public unhappiness over high selling prices.
The new record is not a surprise, given that the housing market has been on the rebound after the circuit breaker as the market is seeing an increase in HDB resale prices in tandem with what has been happening across all segments of the housing market.
Even during this circuit breaker, Singapore's housing market saw private residential and HDB property sales volume going up and especially in good locations. Flash estimates from real estate portal SRX revealed last Thursday that prices of Housing Board resale flats increased for the third consecutive month last month.
DBSS flats are Housing Board flats designed, built and sold by private developers but are still considered as HDB public housing flats. Meant to provide condominium-style homes, the scheme was suspended in 2011 after public unhappiness over high selling prices.
City View @ Boon Keng
The Pinnacle @ Duxton in Tanjong Pagar
Housing Board resale prices rose by 0.8 per cent last month compared with August, a faster rate than the previous two months. In all, 2,489 HDB flats were sold last month, a 2.2 per cent increase from August. The previous record price for a DBSS unit was the $1,205,000 paid for a five-room flat on the 39th-storey at City View in Boon Keng which also saw a few units sold for more than $1 million.
Eight resale flats also sold for above $1 million, one of them a five-room flat at The Pinnacle@Duxton in Tanjong Pagar, which sold for $1.258 million. It is believed to be a record for a resale HDB flat.
Launched as an HDB Build-to-Order (BTO) project back in May 2004, The Pinnacle@Duxton is the one and only BTO project to date that’s located in the city. Completed in 2010, the project began selling at record prices soon after the flat owners attained their five-year Minimum Occupation Period (MOP) towards the end of 2014.
Eight resale flats also sold for above $1 million, one of them a five-room flat at The Pinnacle@Duxton in Tanjong Pagar, which sold for $1.258 million. It is believed to be a record for a resale HDB flat.
Launched as an HDB Build-to-Order (BTO) project back in May 2004, The Pinnacle@Duxton is the one and only BTO project to date that’s located in the city. Completed in 2010, the project began selling at record prices soon after the flat owners attained their five-year Minimum Occupation Period (MOP) towards the end of 2014.
The private home market continues to defy gravity amid the pandemic, with last month’s sales up for a fifth straight month to hit levels not seen for more than two years. The robust numbers – 1,329 units sold, 5.6 per cent more than the 1,258 in August – came despite a fall in the number of new homes launched last month. This was the highest number of private new home transactions since July 2018, when 1,724 units were transacted after new property cooling measures fuelled a surge in sales from buyers rushing to beat the deadline.
Attractively priced projects in the city fringe – known as the rest of central region – continued to fuel sales last month, accounting for nearly 65 per cent of total transactions, analysts noted. The standout among three new non-landed launches last month was Penrose in Sims Drive, while existing top sellers such as JadeScape and The Woodleigh Residences also fared well.
Real estate professional Kiwi Lim from Huttons Asia said "the Covid pandemic this year in 2020 did not put a dent in local property prices as many property analysts predicted early this year. Instead, we are seeing an average increase of around 2% to 4% in property prices across the private residential and public housing sector in various locations in Singapore. This is mainly from local pent-up demand as foreign buyers for the first time ever are mostly kept out of Singapore during this Covid period. As Singapore opens up for foreigners to enter our borders, we may expect to see increased foreign interest in our property market."
Attractively priced projects in the city fringe – known as the rest of central region – continued to fuel sales last month, accounting for nearly 65 per cent of total transactions, analysts noted. The standout among three new non-landed launches last month was Penrose in Sims Drive, while existing top sellers such as JadeScape and The Woodleigh Residences also fared well.
Real estate professional Kiwi Lim from Huttons Asia said "the Covid pandemic this year in 2020 did not put a dent in local property prices as many property analysts predicted early this year. Instead, we are seeing an average increase of around 2% to 4% in property prices across the private residential and public housing sector in various locations in Singapore. This is mainly from local pent-up demand as foreign buyers for the first time ever are mostly kept out of Singapore during this Covid period. As Singapore opens up for foreigners to enter our borders, we may expect to see increased foreign interest in our property market."
- Published on
Eric Tsang Just Earned S$16.8mil From Selling This Mansion He Bought For S$705K In 1988 - Today Online
Hongkong star Eric Tsang may have just made a huge killing on the property market.
Property prices in land-starved Hongkong have always been super high, but according to this report, 67-year-old Eric just made an enormous profit — we’re talking millions here — from the sale of this mansion he bought in 1988.
Property prices in land-starved Hongkong have always been super high, but according to this report, 67-year-old Eric just made an enormous profit — we’re talking millions here — from the sale of this mansion he bought in 1988.
Rainbow Villas along 1 Silver Lake Road in Hong Kong's Clear Water Bay, New Territories.
According to an insider, Eric had bought a mansion in a landed property development named Rainbow Villas in 1988, two years after it was completed in 1986. At that time, the mansion was valued at HKD$4.03mil (S$705,000), which was the price Eric had paid for the 1,789 sqft house.
After 32 years, it appears that the value has increased astronomically, with Eric selling his mansion to a buyer for a whopping HKD$100mil (S$17.5mil). Yup, your eyes aren’t deceiving you. Eric just earned S$16.8mil from that sale.
The insider then went on to share that the buyer apparently owns another mansion in the same development. Fellow celeb Liza Wang also owns a mansion there, having bought it for HKD$2.93mil (S$513,000) in 1987. She currently lives there as well. When reached for a comment, Liza shared that she has no intentions to sell her home, and that the sky-high price of said property was beyond her expectations.
After 32 years, it appears that the value has increased astronomically, with Eric selling his mansion to a buyer for a whopping HKD$100mil (S$17.5mil). Yup, your eyes aren’t deceiving you. Eric just earned S$16.8mil from that sale.
The insider then went on to share that the buyer apparently owns another mansion in the same development. Fellow celeb Liza Wang also owns a mansion there, having bought it for HKD$2.93mil (S$513,000) in 1987. She currently lives there as well. When reached for a comment, Liza shared that she has no intentions to sell her home, and that the sky-high price of said property was beyond her expectations.
Perched on top the green forest Pearl's Hill City Park, One Pearl Bank is set to be the tallest residential condo in the Outram-Chinatown district by Capitaland
If you also desire to live on top of a hill to enjoy the awesome hilltop view of Singapore, there is one condo development that you cannot miss. This condo project is called One Pearl Bank and it is developed by the reputable listed developer in Singapore - Capitaland.
Pearl's Hill is a tall hill almost the height of Fort Canning Hill and it is located right smack in the city surrounded by Clark Quay, Tiong Bahru, Chinatown, Outram Park and Tanjong Pagar. The location of One Pearl Bank is both rare and enviable for property investors and homebuyers and it offers a very privileged chance of living on top of a hill in Singapore - something few can enjoy in land scare Singapore. Truly a collectors gem and an iconic building to replace the old Pearl Bank apt.
Pearl's Hill is a tall hill almost the height of Fort Canning Hill and it is located right smack in the city surrounded by Clark Quay, Tiong Bahru, Chinatown, Outram Park and Tanjong Pagar. The location of One Pearl Bank is both rare and enviable for property investors and homebuyers and it offers a very privileged chance of living on top of a hill in Singapore - something few can enjoy in land scare Singapore. Truly a collectors gem and an iconic building to replace the old Pearl Bank apt.
Click to read about the first condo launch in Hong Kong after 1 year of violent anti-government protests amid Covid pandemic
Hong Kong is showing that its affinity for real estate has been unaffected by a year of anti-government protests and concerns over the coronavirus, with a large housing project launched this month registering the highest response in over two decades.
When the Pavilia Farm development in the New Territories district opened for subscription on 17 Oct 2020, eager buyers stocked up on food and water as they prepared for a long wait at the end of a snaking queue where signs read: "Expected waiting time: 8 hours."
The condo project, attractively priced and close to the busy Kowloon district, received close to 23,000 subscriptions for its first phase of 391 units. When completed in late 2022 it will have 3,000 apartments. All 391 units were sold, with prices from Singapore dollars $3,7xx psf onwards (HK$21,000 psf) the developer will be launched more units soon possibly at higher prices after seeing the take-up at Pavilia being the strongest in more than 20 years in one of the world's most expensive property markets and matched the frenzy seen at the time of the 1997 handover of the former British colony to China.
It is interesting to note that this rush to buy property in Hong Kong comes after social upheaval in the past year over China's plans to introduce a national security law in Hong Kong, which has led many investors to question the future of the global financial hub.
Real estate advisor Kiwi Lim from Huttons Asia believes that as Singapore looks to open the doors to Hongkongers thru our special travel bubble arrangement allowing Hongkongers to visit Singapore without needing to appy for special business visas, we may see an increase in property demand here.
When the Pavilia Farm development in the New Territories district opened for subscription on 17 Oct 2020, eager buyers stocked up on food and water as they prepared for a long wait at the end of a snaking queue where signs read: "Expected waiting time: 8 hours."
The condo project, attractively priced and close to the busy Kowloon district, received close to 23,000 subscriptions for its first phase of 391 units. When completed in late 2022 it will have 3,000 apartments. All 391 units were sold, with prices from Singapore dollars $3,7xx psf onwards (HK$21,000 psf) the developer will be launched more units soon possibly at higher prices after seeing the take-up at Pavilia being the strongest in more than 20 years in one of the world's most expensive property markets and matched the frenzy seen at the time of the 1997 handover of the former British colony to China.
It is interesting to note that this rush to buy property in Hong Kong comes after social upheaval in the past year over China's plans to introduce a national security law in Hong Kong, which has led many investors to question the future of the global financial hub.
Real estate advisor Kiwi Lim from Huttons Asia believes that as Singapore looks to open the doors to Hongkongers thru our special travel bubble arrangement allowing Hongkongers to visit Singapore without needing to appy for special business visas, we may see an increase in property demand here.
- Published on
Hong Kong's new condo saw highest response in two decades despite violent anti-govt protests & Covid
Prospective buyers wearing protective masks wait in line outside the sales office for the Pavilia Farm project by New World Development in Hong Kong, China October 14, 2020. — Reuters pic
Property prices in Singapore grew 0.8% in 3Q 2020 and are up 1.1% from 1Q 2020. Reasons for firmer prices include strengthening demand, low interest rates and high savings rate. This increase is expected as Singapore has a stable government and resilient economy with reasonably priced property with very limited land space for new property on the small island nation.
Hong Kong however is showing that its affinity for real estate has been unaffected by a year of anti-government protests and concerns over the coronavirus, with a large housing project launched this month registering the highest response in over two decades.
When the Pavilia Farm development in the New Territories district opened for subscription, eager buyers stocked up on food and water as they prepared for a long wait at the end of a snaking queue where signs read: "Expected waiting time: 8 hours." This response is possibly due to its attractively priced units from around Singapore dollars S$3,8xx psf onwards and located close to the busy Kowloon district. The first phase launch of the Pavilia Farm development received close to 23,000 subscriptions for its first 391 units and totally sold out all first phased units within hours prompting developer to consider increasing pricing for its upcoming second phase launch. When completed in late 2022 it will have 3,000 apartments consisting of 1 Bedroom (saleable area 278 sqft) to 4 Bedrooms (saleable area 1,383sq.ft.).
From what we understand, Hong Kong condo property's saleable area includes a portion of the common area directly outside the apartment and property buyers usually have to pay extra hundreds of thousands of dollars to buy a separate parking lot if they own a car.
Hong Kong however is showing that its affinity for real estate has been unaffected by a year of anti-government protests and concerns over the coronavirus, with a large housing project launched this month registering the highest response in over two decades.
When the Pavilia Farm development in the New Territories district opened for subscription, eager buyers stocked up on food and water as they prepared for a long wait at the end of a snaking queue where signs read: "Expected waiting time: 8 hours." This response is possibly due to its attractively priced units from around Singapore dollars S$3,8xx psf onwards and located close to the busy Kowloon district. The first phase launch of the Pavilia Farm development received close to 23,000 subscriptions for its first 391 units and totally sold out all first phased units within hours prompting developer to consider increasing pricing for its upcoming second phase launch. When completed in late 2022 it will have 3,000 apartments consisting of 1 Bedroom (saleable area 278 sqft) to 4 Bedrooms (saleable area 1,383sq.ft.).
From what we understand, Hong Kong condo property's saleable area includes a portion of the common area directly outside the apartment and property buyers usually have to pay extra hundreds of thousands of dollars to buy a separate parking lot if they own a car.
The Pavilia Farm condo project, attractively priced and close to the busy Kowloon district, received close to 23,000 subscriptions for its first 391 units. When completed in late 2022 it will have 3,000 apartments.
Realtors said the take-up at Pavilia was the strongest in more than 20 years in one of the world's most expensive property markets and matched the frenzy seen at the time of the 1997 handover of the former British colony to China.
But it comes after social upheaval in the past year over China's plans to introduce a national security law in Hong Kong, which has led many investors to question the future of the global financial hub. However, Hong Kong's home prices dropped just 4 per cent since a peak in May last year before the outbreak of protests and the spread of the coronavirus, supported by strong demand, a severe land shortage and low interest rates. This followed a six-fold rise in the index of private home prices since 2003.
The property market has accumulated over a year of demand since the social movement last June; the monthly transaction volume has been lower than usual, however people's confidence has come back after seeing (residential) prices have stayed resilient even during the Covid-19 outbreak.
Pavilia Farm is being built by New World Development and MTR Corp above the Tai Wai railway station, on the train line into Kowloon and Hong Kong Island, and will have a large shopping mall in its lower floors.
But it comes after social upheaval in the past year over China's plans to introduce a national security law in Hong Kong, which has led many investors to question the future of the global financial hub. However, Hong Kong's home prices dropped just 4 per cent since a peak in May last year before the outbreak of protests and the spread of the coronavirus, supported by strong demand, a severe land shortage and low interest rates. This followed a six-fold rise in the index of private home prices since 2003.
The property market has accumulated over a year of demand since the social movement last June; the monthly transaction volume has been lower than usual, however people's confidence has come back after seeing (residential) prices have stayed resilient even during the Covid-19 outbreak.
Pavilia Farm is being built by New World Development and MTR Corp above the Tai Wai railway station, on the train line into Kowloon and Hong Kong Island, and will have a large shopping mall in its lower floors.
Click to find out the upcoming new condo launches expected in the remaining part of 2020 and beyond
On one of the early days of the launch, organisers stopped people queuing from 11.30 am local time as lines extended from a show flat to a footbridge outside despite social distancing concerns.
Buyers said they were unconcerned about the exodus of residents following the protests last year as well as the possibility of a crash in prices.
Early this year in Jan 2020, media in Hong Kong reported many experienced property analysts predicting that Hong Kong's property market will experience a "double whammy" of coronavirus and protests which analysts expected to send Hong Kong’s home prices plunging in 2020.
Now Hong Kong's property analysts are singing another tune as they believe that the overwhelming response for this project demonstrates a rebound in the Hong Kong property sector and confidence from home buyers as property is still seen as a better way of capital conservation. Hong kong public felt there's limited investment channels right now and equity is believed as being too volatile for the masses.
Buyers said they were unconcerned about the exodus of residents following the protests last year as well as the possibility of a crash in prices.
Early this year in Jan 2020, media in Hong Kong reported many experienced property analysts predicting that Hong Kong's property market will experience a "double whammy" of coronavirus and protests which analysts expected to send Hong Kong’s home prices plunging in 2020.
Now Hong Kong's property analysts are singing another tune as they believe that the overwhelming response for this project demonstrates a rebound in the Hong Kong property sector and confidence from home buyers as property is still seen as a better way of capital conservation. Hong kong public felt there's limited investment channels right now and equity is believed as being too volatile for the masses.
Extracted from Business Times online article on 20 Oct 2020 & Pavilia Farm (Hong Kong) marketing information
- Published on
Penrose is jointly developed by Hong Leong Holdings and CDL in District 14 comprising five 18-storey towers, only a short walk to Aljunied MRT station near the Pan-Island Expressway and Kallang-Paya Lebar Expressway. The Central Business District is about 15 minutes' drive away. Click to find out more about this 'hot' condo project
The reputable Hong Leong group sold more than 60 per cent of its highly anticipated city fringe condo in Aljunied area called Penrose condominium over its launch last weekend on 26 September 2020, with the reception among buyers in line with recent data showing bullish new home sales defying the ongoing coronavirus pandemic.
Till today (1 Oct 2020), more than 380 units out of 566 in the 99-year leasehold development at Sims Drive had been taken up, said Hong Leong. The units were sold at prices starting from $788,000 for a one-bedroom apartment, $943,000 for a two-bedder, $1.33 million for a three-bedder and $2.11 million for a four-bedder, with some one bedroom condo units selling close to $1,800 psf.
The project's apartment sizes range from 474 square feet (sq ft) for a one-bedroom unit to 1,389 sq ft for a four-bedroom unit. Take-up was good across all unit types, with the selling prices working out to $1,500 to $1,700 per square foot, said Hong Leong with nearly 85 per cent of buyers being Singaporeans and permanent residents and foreigners making up the rest. Keen interest was also seen from HDB upgraders across areas islandwide.
Till today (1 Oct 2020), more than 380 units out of 566 in the 99-year leasehold development at Sims Drive had been taken up, said Hong Leong. The units were sold at prices starting from $788,000 for a one-bedroom apartment, $943,000 for a two-bedder, $1.33 million for a three-bedder and $2.11 million for a four-bedder, with some one bedroom condo units selling close to $1,800 psf.
The project's apartment sizes range from 474 square feet (sq ft) for a one-bedroom unit to 1,389 sq ft for a four-bedroom unit. Take-up was good across all unit types, with the selling prices working out to $1,500 to $1,700 per square foot, said Hong Leong with nearly 85 per cent of buyers being Singaporeans and permanent residents and foreigners making up the rest. Keen interest was also seen from HDB upgraders across areas islandwide.
CLAVON condo is developed by reputable UOL at Clementi Ave 1 only a few minutes walk to Clementi MRT and Clementi Central. Clavon is located near famous educational schools and close to Jurong CBD and Future Cross Island Line. Click to find out more about this upcoming condo project
Sales of new homes - mostly newly-launched condominiums - hit an 11-month high last month, defying the Hungry Ghost Month, and more importantly, the pandemic, the resultant recession and a surge in job losses. Real estate analysts believe the "pent-up demand" after Singapore's two-month circuit breaker upended sales and planned launches as well as buyers parking their money in property, which they see as a safe-haven asset amid an uncertain economy and volatile markets, and record-low interest rates making it seem a "good time" to get a home loan.
To promote a sustainable residential property market where prices move in line with economic fundamentals, the Singapore Government introduced a series of control measures since 2011. Among them are the Additional Buyer’s Stamp Duty (ABSD), Seller’s Stamp Duty (SSD) and the Loan-to-Value (LTV) ratio.
Huttons Asia real estate professional Kiwi Lim believe these cooling measures have effectively removed property speculators from Singapore's property market and managed Singapore's real estate prices to a realistic affordable level for upgraders and for local genuine demand.
To promote a sustainable residential property market where prices move in line with economic fundamentals, the Singapore Government introduced a series of control measures since 2011. Among them are the Additional Buyer’s Stamp Duty (ABSD), Seller’s Stamp Duty (SSD) and the Loan-to-Value (LTV) ratio.
Huttons Asia real estate professional Kiwi Lim believe these cooling measures have effectively removed property speculators from Singapore's property market and managed Singapore's real estate prices to a realistic affordable level for upgraders and for local genuine demand.
Myra Condo is an upcoming freehold condominium situated in a prime area in Meyappa Chettiar Road in Potong Pasir, District 13 only within less than 2 mins walk to Potong Pasir MRT, shopping mall, eateries & amenities. Click to find out more about this condo
With new sales regaining their momentum in recent months and the six-month ABSD extension announced by the government to help developers by giving them more time to sell their units without penalty, developers should not face much problems to sell out their units.
With developers running out of land banks for future condo project launches, it is possible that developers will start to buy land and kickstart the en bloc cycle in 2021. The last en bloc cycle started in 2016. 2021 marks the fifth year from 2016 and most, if not all developers would have sold out their units.
The last en bloc cycle started in 2016 when the uncompleted unsold units dropped to 20,000 units. As of 2Q 2020, the uncompleted unsold units stand at 27,977 units. In 1H 2020, developers have sold more than 3,800 units. July and August developer sales are expected to be more than 2,000 units in total. Even if the monthly sales for the remaining four months of 2020 slowed to 600 to 700 units, developers could be looking at selling 4,400 to 4,800 units in 2H 2020 or 8,200 to 8,700 units for 2020. If the sales momentum continues in 1H 2021, the number of uncompleted unsold units will dip below 20,000 units by 1H 2021. That is going to be a record low number of unsold units in recent years.
With developers running out of land banks for future condo project launches, it is possible that developers will start to buy land and kickstart the en bloc cycle in 2021. The last en bloc cycle started in 2016. 2021 marks the fifth year from 2016 and most, if not all developers would have sold out their units.
The last en bloc cycle started in 2016 when the uncompleted unsold units dropped to 20,000 units. As of 2Q 2020, the uncompleted unsold units stand at 27,977 units. In 1H 2020, developers have sold more than 3,800 units. July and August developer sales are expected to be more than 2,000 units in total. Even if the monthly sales for the remaining four months of 2020 slowed to 600 to 700 units, developers could be looking at selling 4,400 to 4,800 units in 2H 2020 or 8,200 to 8,700 units for 2020. If the sales momentum continues in 1H 2021, the number of uncompleted unsold units will dip below 20,000 units by 1H 2021. That is going to be a record low number of unsold units in recent years.
Extracted from news article in the print edition of The Straits Times on September 28, 2020
