{"id":114670,"date":"2020-03-03T11:28:33","date_gmt":"2020-03-03T04:28:33","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/rising-number-of-unsold-invetories-give-buyers-the-upper-hand-cbre\/"},"modified":"2020-03-03T12:03:13","modified_gmt":"2020-03-03T05:03:13","slug":"rising-number-of-unsold-invetories-give-buyers-the-upper-hand-cbre","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rising-number-of-unsold-invetories-give-buyers-the-upper-hand-cbre\/","title":{"rendered":"Rising number of unsold invetories give buyers the upper hand: CBRE"},"content":{"rendered":"


\nThe increasing number of unsold units coupled with the COVID-19 outbreak will see buyers having the upper hand.\u00a0\u00a0
\nBuyers in Singapore are seen to have the upper hand in the private residential market this year due to the rising number of unsold inventories, reported The Straits Times.
\nAround 40 new project launches are currently in the pipeline, while unsold inventory last year stood at 30,473 units, according to CBRE Research.
\nThe continuous increase in the number of unsold inventories predicted this year is also attributed to the falling demand from China due to the coronavirus outbreak.
\nChinese buyers accounted for 19.3% of new home purchases in the Core Central Region (CCR) last year.
\nProperty price growth: Which districts had the highest price psf growth?
\n\u201cNow, in the light of the COVID-19 outbreak, Chinese buyers are unlikely to feature in the short term,\u201d noted CBRE.
\nHence, CBRE foresees that Singapore will be a buyer\u2019s market this year and sellers may need to check prices and sweeten their offers to attract buyers.
\nWhile this year\u2019s figures seem manageable compared to the previous peak of 39,184 units in 2011, developers may still be motivated to lower their prices or offer discounts as the stock of unsold homes increase in view of the upcoming launches.
\nIt can be recalled that a record 52 launches last year boosted the new-sales segment, leading it to dominate the private residential market with 9,912 units sold, a 12.7% increase from 2018.
\n\u201cThe healthy absorption of new homes indicates the underlying strength of the market and improving buyer sentiment despite the weaker macroeconomic environment even with cooling measures in place,\u201d said CBRE.
\nDeveloper reputation, a key differentiation in location, and pricing are also seen as factors for projects to do well.
\nIn pricing particularly, the median price quantum for new homes hovered around $1.2 million per unit, although per sq ft (psf) prices were made at higher levels through smaller unit sizes.
\nThe median size for units transacted fell to 721 sq ft in 2019 from 828 sq ft in 2017.
\nUnits priced below $2 million accounted for 88.6% of all new homes sold.
\nCBRE believes that buyers will remain price-sensitive this year and will continue to be inclined towards smaller unit sizes. Thus, $2 million is expected to remain the sweet spot for investors.
\nAnd given the high land costs and poor consumer sentiment, home prices are expected to increase by about 1% this year.
\nThe pressure on developers to lower prices or offer discounts is still not that significant as projects with ABSD deadline in 2020 have already sold all units or are almost fully sold.
\nDespite a challenging first half, CBRE still expects this year\u2019s new home sales to hover between 7,000 and 8,000 units, while resale volume is expected to stand within the range of 6,000 to 7,000 units.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Rising number of unsold invetories give buyers the upper hand: CBRE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The increasing number of unsold units coupled with the COVID-19 outbreak will see buyers having...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-114670","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tPw","jetpack-related-posts":[{"id":133786,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-developers-likely-to-offer-incentives-to-lure-buyers-as-they-brace-for-glut-of-new-units-in-2023-says-cbre\/","url_meta":{"origin":114670,"position":0},"title":"Hong Kong developers likely to offer incentives to lure buyers as they brace for glut of new units in 2023, says CBRE","date":"January 19, 2023","format":false,"excerpt":"\r With unsold stock of between 16,000 and 18,000 units, and new supply in the pipeline, about 45,000 new flats are likely to become available this year, says CBRE, roughly four times the number that sold in 2022.\r \r Source : South China Morning Post\r Read more...Hong Kong developers likely\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113098,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/growth-in-private-home-prices-still-possible-in-2020-say-experts\/","url_meta":{"origin":114670,"position":1},"title":"Growth in private home prices still possible in 2020, say experts","date":"December 16, 2019","format":false,"excerpt":"\r \u00a0 Private home prices in Singapore is expected to grow modestly in 2020 amid resilient rental demand, according to property analysts and experts. 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