11,849 homes left unsold in launched private projects

[Watchman]

11,849 homes left unsold in launched private projects
By Uma Shankari
Sat, Dec 18, 2010
The Business Times

DEVELOPERS are sitting on close to 12,000 unsold units in private residential projects that have already been launched.
Data compiled by The Business Times using information from the Urban Redevelopment Authority (URA) shows that as at end-November this year, developers had a stockpile of 11,849 units in projects that they have already started marketing - that is, projects in which at least one unit has been sold.
While some developments have just a handful of units left unsold, a total of 138 launched projects scattered across the island have 10 or more unsold units left. And of these, 28 projects have more than 100 unsold units each.
The more recently-launched projects include Kheng Leong's The Minton; Frasers Centrepoint's Flamingo Valley; and City Developments' Residences At W Singapore Sentosa Cove - all of which were put on the market in the first half of this year when sentiment was buoyant.Usher in 2011 at Asia's Grooviest Beach Countdown Party!
But six projects with more than 100 unsold units each have been on the market for at least three years. These include prime developments such as Keppel Land's Reflections at Keppel Bay; SC Global Developments' Hilltops; Allgreen Properties' The Cascadia; and Wheelock Properties' Scotts Square.
The 11,849 units are held by the entire range of both big and small developers and include landed projects, though the majority are condominium developments

 

[scoobyhoo]

i'm a poor man cannot afford such luxury of buying a private property. from the newspapers, i have an impression that these private house/apartments are sold like hot cake. this report must be somehow inaccurate as this will give a false signal to the foreign and local rich people.

work hard, work hard, work from dawn to mid-night, work for the whole 35 years, yet what can i afford?????????????

 

[IceLemonT]

Some expert forecast there will be an influx of angmo FTs in sg, so chiongster developers chop chop finish everything. But later discover most angmo in USA or EU are also at the brink of bankruptcy.
Investers also see lesser tenant come to them.
Pty agents cannot survive most of them already left the industry.
Gov told HDB owners to keep their house.

So...

HDB market - almost close to a stop
PTE market - over supply, collect spider web

whats next?

Nose dive is the only way down to reset market value.

 

[zuoom]

so, with supply on the up.
and demand which is driven by PR n new citizens (which is on the down side with the recent tightening of policies).

what should happen next?

 

[besotted]

CapitaLand, CDL and all the developers should have exhibition in major Chinese cities, attract the PRC here

 

[kukubird58]

knn...one day said developers running out of houses to seel.
another day said there are nearly 12,000 homes unsold.
this is too confusing for my tiny bird brain.

 

[annexa]

Thy price will not drop one. These people have money ot wait 10 years and still not blink an eye on the unsold unit money not earned. In the meantime you and I the poor fucks will still cannot catch up with ever increasing property price benchmark on last sold price instead of real cost!

 

[Watchman]

Thy price will not drop one. These people have money ot wait 10 years and still not blink an eye on the unsold unit money not earned. In the meantime you and I the poor fucks will still cannot catch up with ever increasing property price benchmark on last sold price instead of real cost!

That's right .
The rich will have money to hold out .
The poor don't even have time to cash out .

 

[Watchman]

COV going down down down

Last month, the COV of resale HDB units fell to $22,000, which is a good thing, according to National Development Minister Mah Bow Tan. He believes that the existing COV value will fall further, an indication that the cooling measures are working.

HDB Buyers: Hurray!!! HDB Upgraders: Booo!
In the previous two quarters the COV remained in the $30,000 region, and this meant that some first-time HDB flat buyers might not be able to afford units with high COV.

The fall in transaction volumes also reflect this downward trend in COV, and experts expect a further fall in COV. This could be due to the festive period coming up, school holidays as well as cooling measures.

 

[cathylmg]

Temporary one lah. If all drop drop drop then election time also voters will drop drop drop. 80% voters in HDB hor? siow siow! Drop somemore I'll also drop them liao.

 

[Watchman]

So here comes another piece of news to brighten your day .

Credit Suisse: Property prices to rise; invest in Singapore
According to Credit Suisse, residential property prices are expected
to rise approximately 5% next year. Why? Low interest rates,
increasing population and economic growth.
(Yes, it's the same old reasons again, what's new?)
So along with us and other experts, Credit Suisse also says
prices will go up. This means yay for investors, nay for homebuyers.
They also advise people to 'exit' their property investments in
China and pour them into Hong Kong, Japan and Singapore.
Waaaait a minute! Isn't it kind of a self-fulfilling prediction?
If investors invest in Singapore property, wouldn't our prices
rise as a result? Well at least that's how we see it.
For more read Today.

 

[GoldenDragon]

this is too confusing for my tiny bird brain.

kukubird58:

Tiny bird brain is not a problem. S'pore very tiny, we reclaim land. Brain also can reclaim something?

 

[manokie]

So here comes another piece of news to brighten your day .

Credit Suisse: Property prices to rise; invest in Singapore
According to Credit Suisse, residential property prices are expected
to rise approximately 5% next year. Why? Low interest rates,
increasing population and economic growth.
(Yes, it's the same old reasons again, what's new?)
So along with us and other experts, Credit Suisse also says
prices will go up. This means yay for investors, nay for homebuyers.
They also advise people to 'exit' their property investments in
China and pour them into Hong Kong, Japan and Singapore.
Waaaait a minute! Isn't it kind of a self-fulfilling prediction?
If investors invest in Singapore property, wouldn't our prices
rise as a result? Well at least that's how we see it.
For more read Today.

this report is probably saying that the average price for landed property will rise... not for those unsold condominium...

 

[Leongsam]

work hard, work hard, work from dawn to mid-night, work for the whole 35 years, yet what can i afford?????????????

That's because you're working for someone else. You need to work for yourself. Earning $500,000 a year is a lot easier when you call the shots.

 

[kukubird58]

kukubird58:

Tiny bird brain is not a problem. S'pore very tiny, we reclaim land. Brain also can reclaim something?

hahaha...maybe reclaiming wrongly...been eating pig brain...now becuming more and more stupig.

 

[redlightmeansgo]

i'm a poor man cannot afford such luxury of buying a private property. from the newspapers, i have an impression that these private house/apartments are sold like hot cake. this report must be somehow inaccurate as this will give a false signal to the foreign and local rich people.

work hard, work hard, work from dawn to mid-night, work for the whole 35 years, yet what can i afford?????????????

Well, your blood, sweat and tears went a long way in allowing some shameless git toll a hearse from Orchard to Mandai.