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Six major market launches had been made since January, ahead of the COVID-19 outbreak in Singapore, with an agreement reached. Photo: Three blocks of houses adjacent to 2, 4 and 6 Mount Emily Road
The start of the COVID-19 pandemic has halted the slowdown in Singapore’s collective sales market, with no success in sales of residential site blocks.
According to audits with genuine real estate analysts, six launches had been made since early January prior to the arrival of the COVID-19 outbreak in Singapore, with an agreement reached, today reported.
This is in stark contrast to the five completed deals of the 40 block launches in 2019, said Lee Sze Teck, director of Huttons Asia.
With cooling measures revealed through the government in July 2018, which expanded land prices for developers and affected the collective sales market, analysts have described the COVID-19 pandemic as the last drop that broke the camel’s back.
“Cooling measures (July 2018) have killed (request for bulk sites) … COVID-19 has prolonged the caution of some developers to get more land,” said Nicholas Mak, ERA’s boss and recommendation, as quoted up to TODAY.
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Analysts expect the market to remain calm until 2022, when the oversupply of some 28,000 aircraft would have been absorbed, said Ismail Gafoor, CEO of PropNex.
Mak also noted the availability of an effective COVID-19 vaccine as something else that could revive the bulk market.
Analysts noted that all of this year’s releases were small projects.
This is Green Court in Geylang, which costs $28 million; Fairhaven and Sophia City condos, which have a combined indicative value of more than $64 million; Wing Fong Court, which sold for $108 million and Wing Fong Mansion in Geylang, which was worth $176 million.
Tivoli Lodge in Geylang is also on the market for $17.3 million, while 3 blocks of adjacent homes at 2, four and 6 Mount Emily Road have an initial value of $24 million.
Of these, only Tivoli Lodge, Green Court, Fairhaven and Sophia Ville are still for sale, while the others have finished their donations without success.
Yong Choon Fah, senior capital markets director at JLL, which is the marketing agent for Fairhaven and Sophia City, said they had earned “a point of interest,” with more than 30 parties requesting their briefing notes.
Ian Loh, head of money markets at Knight Frank Singapore, who is Green Court’s marketing agent, said they had also won inquiries, attracting the interest of developers, marketers and quartermate operators.
According to Mak, the slowdown in the collective sales market caused a cyclical phenomenon. In fact, the bulk market remained calm in 2014 and 2015 before starting to see more activity in 2016.
At the top of the bulk market in the first part of 2018, several sites were worth more than $1 billion. Pacific Mansion has the most expensive collective sales site that sells for $980 million.
While the organization’s call for sales sites has eased this year, some analysts have said homeowners have lowered their sales prices.
“Replacement homes are expensive, so the sale price of these massive transactions is at the pre-COVID-19 level. However, buyers are not in a biting condition due to the pandemic and recession. As a result, value expectations between buyers and distributors are expanding,” said Christine Li, head of Cushman and Wakefield’s studios, quoted at TODAY.
Owners check whether the costs of the new launch or resale games have decreased before making changes to their initial costs, Lee said.
And since personal housing costs fell by only 0.7% in the first part of 2020, bulk homeowners don’t see a desire to lower their sales costs as well.
However, Mak revealed that Fairhaven’s owners had reduced the value of their orders to $44.7 million.
That’s less than its $57 million reserve value in 2018 and closer to its $45 million promotion value in 2015.
“They’re realistic. However, they have a base value to which they will commit,” said Mak, quoted today.
Looking for assets in Singapore? See PropertyGuru lists, assignments, and guides.
Victor Kang, a virtual content specialist at PropertyGuru, edited this story. To touch this or stories, email [email protected]
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