Thursday, January 14, 2010
SG Property Outlook/New Property Launches in 2010
The Business Times today reported that on a yearly basis, 2009 saw the second highest number of new private home sold. Developers sold around 14,500 new homes last year – second only to the record take-up of 14,811 units in 2007.
However, caveats lodged show that the total value of the homes sold is only around 60% of that in 2007, in spite of the high volume of new sales last year. The lower quantum was attributed to the dominance of mass-market and mid-tier homes that were sold in 2009, compared to 2007 when high-end homes stole the limelight.
But this is expected to change in 2010. Analysts reckon that the take-up in 2010 will moderate to 8,000 – 10,000 units. But the activity is expected to move into the high-end luxury segments.
Over the last year, prices of mass and mid-range private homes have caught up with and even surpassed that seen during the previous peak. But for the high-end /luxury segment, prices are still some way off their peaks. This ranges from 19% (Goldman Sachs) to 25-30% (Savills Singapore). Goldman Sachs expect high-end prices to rise by 10-15%, while Savills are even more bullish – they are confident that high-end/luxury prices will move as much as 30% over the next 12-24 months.
The paper also provided a list of possible launches in 2010:
New Launches 2010
It sure looks like another busy year of showflat viewing for yours truly and the wife!
However, caveats lodged show that the total value of the homes sold is only around 60% of that in 2007, in spite of the high volume of new sales last year. The lower quantum was attributed to the dominance of mass-market and mid-tier homes that were sold in 2009, compared to 2007 when high-end homes stole the limelight.
But this is expected to change in 2010. Analysts reckon that the take-up in 2010 will moderate to 8,000 – 10,000 units. But the activity is expected to move into the high-end luxury segments.
Over the last year, prices of mass and mid-range private homes have caught up with and even surpassed that seen during the previous peak. But for the high-end /luxury segment, prices are still some way off their peaks. This ranges from 19% (Goldman Sachs) to 25-30% (Savills Singapore). Goldman Sachs expect high-end prices to rise by 10-15%, while Savills are even more bullish – they are confident that high-end/luxury prices will move as much as 30% over the next 12-24 months.
The paper also provided a list of possible launches in 2010:
New Launches 2010
It sure looks like another busy year of showflat viewing for yours truly and the wife!
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