Introduction – Monthly Property Market Update for May 2008
May 2008 was an uneventful month as the same old story of ‘uncertainties in the global financial market’ was replayed again and again. The buyers continue to adopt the ‘wait-and-see’ attitude while the developers continue to hold back launches. While waiting for a new market impetus and direction, the market looks set to slide into oblivion in June 2008.
The table below shows the lacklustre market performances in the past 3 months.
Table [ 1 ] – Sale performance of private homes in the past three months [All sales refer to non-landed properties]
Months
|
Number of Transactions [via caveats lodged] |
Total
|
New home market |
Secondary market |
May 2008 |
85 |
455 |
540 |
April 2008 |
226 |
824 |
1,050 |
March 2008 |
126 |
765 |
891 |
Source of info - SISVREALINK
- Contents of the Monthly Update
(A) Uncertainties reign in the larger market
- (A.1) Singapore economy faces triple threat
- (A.2) Regional instability may impact Singapore’s real estate market
- (A.3) PM Lee said slowdown may stretch into next year but MAS disagreed
- (A.4) Financial gurus’ take on the on-going crisis in the US
- (A.5) A quick review of the aftermath of the sub-prime mortgage crisis
- (A.6) A new world order created the newly rich
(B) Private Property Sale in Singapore
- (B.1) Developers face higher funding costs
- (B.2) Price correction for private homes appears to be on the card
- (B.3) A number of high profile transactions of luxury homes
- (B.4) Singapore luxury homes ninth most expensive globally
(C) Non-residential property and the Rental market
- (C.1) Sales of strata offices down, may fall further
- (C.2) Rental continue to hold up
- (C.3) Sale of NTUC Income Beach Road property keenly watched
- (C.4) Real estate investment trust (REIT) market may see some M&A or privatisation
(D) News on en bloc sales
- (D.1) Developers renting rather than building new project on en bloc sites
(E) Foreign interest in commercial buildings in Singapore
- (E.1) Beach Road building sold for $70m
- (E.2) JLL re-entering housing project sales business
(F) News on GLS programme
- (F.1) Plot ratio increases not needed for now
(G) Analysis on HDB resale transactions
- (G.1) Sign of resistance spotted in HDB rental market
- (G.2) Transactions of HDB resale flats in May 2008
- (G.3) Case study of transacted prices of E-flats in Tampines over the past 5 months
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