{"id":34824,"date":"2016-11-18T10:39:54","date_gmt":"2016-11-18T03:39:54","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/primary-sales-take-up-prices-may-not-be-sustainable\/"},"modified":"2016-11-18T10:49:01","modified_gmt":"2016-11-18T03:49:01","slug":"primary-sales-take-up-prices-may-not-be-sustainable","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/primary-sales-take-up-prices-may-not-be-sustainable\/","title":{"rendered":"Primary sales take-up, prices may not be sustainable"},"content":{"rendered":"


\nIndustry sources have said it is too early to tell if primary property sales take-up and prices will be sustainable.
\nThe sustainability of primary sales take-up and prices remain unclear, given the bleak economic outlook and the substantial new supply coming onstream, reported The Business Times, citing the Real Estate Developers\u2019 Association of Singapore (Redas).
\n\u201cIt is too early to conclude that recovery in primary sales take-up and current prices will be sustainable,\u201d said Redas president Augustine Tan at the association\u2019s 57th anniversary dinner at Ritz Carlton Millenia.
\n\u201cThis year, Singapore\u2019s economy continues to move slowly due to a confluence of global uncertainties, social and political insecurity and tension in the international arena. The weak market will cause asset values and rentals to keep falling, create financial stress on businesses which will inadvertently affect employment,\u201d noted Tan, citing weaknesses across residential, office, retail and industrial markets.
\nLast month, official data showed that private home rents and prices fell more steeply in Q3 2016 from the previous quarter, with 12 straight quarters of decline culminating in a 10.7 percent drop in rents and 10.8 percent fall in prices since the Q3 2013 peak. This came on top of a supply pipeline of 43,693 uncompleted private residential units, of which 20,577 remained unsold.
\nRegarding the punitive fees facing developers for unsold units, Tan revealed that as of end-October, about 500 unsold units in 12 developments will be affected by the qualifying certificate (QC) conditions by end-2016, with charges amounting to around S$47 million. The remission claw-back of the additional buyer\u2019s stamp duty (ABSD) is also set to affect around 4,000 unsold units across 42 developments by 2018.
\nFigures from the Singapore Land Authority (SLA) indicate that the government had collected around S$58.2 million in extension fees under QC regulations as of 27 October, an increase from just S$24.9 million for the whole of 2015. In light of this, several property developers have offloaded their units in bulk \u2014 either directly or indirectly \u2014 to avoid paying the extension fees.
\nSome developers also noticed the unsteadiness in the market, with UOL deputy group CEO Liam Wee Sin pointing to the mixed performance in recent launches. \u201cIt means if you get your product, price point and location right in the micro-market, you can create some success factor, even in a sluggish market.\u201d
\nBut while recent launches registered strong take-ups, this year\u2019s overall number of launches were fewer than in 2015, said Qingjian Realty General Manager Li Jun. As such, he expects upcoming launches to witness fluctuations in take-up rates.
\nThe company is expected to launch its executive condominium (EC) project in Choa Chu Kang Avenue 5 next March or April.
\n\u00a0
\nCheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories, email cheryl@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Primary sales take-up, prices may not be sustainable<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Industry sources have said it is too early to tell if primary property sales take-up...<\/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-34824","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\/p75ss1-93G","jetpack-related-posts":[{"id":68246,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-fast-paced-land-acquisitions-at-higher-prices-not-sustainable\/","url_meta":{"origin":34824,"position":0},"title":"REDAS: Fast-paced land acquisitions at higher prices not sustainable","date":"October 5, 2017","format":false,"excerpt":"\r Augustine Tan, President of Redas. (Photo: Far East Organization) While City Developments and Hong Realty acquired Amber Park for a record $1,515 per square foot per plot ratio, Real Estate Developers\u2019 Association of Singapore (Redas) president Augustine Tan warned that the fast rate by which developers acquire private residential\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114035,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-residential-market-to-remain-stable-redas\/","url_meta":{"origin":34824,"position":1},"title":"Private residential market to remain stable, Redas","date":"February 3, 2020","format":false,"excerpt":"\r Redas president believes that\u00a0the government will act where and when necessary to keep a stable and sustainable property market. Despite the uneven new home sales performance across different projects and segments, Real Estate Developers\u2019 Association of Singapore (Redas) president Chia Ngiang Hong expects the private residential market to remain\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":60298,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-too-soon-to-say-property-market-has-recovered\/","url_meta":{"origin":34824,"position":2},"title":"Redas: Too soon to say property market has recovered","date":"July 10, 2017","format":false,"excerpt":"\r Augustine Tan, President of Redas. (Photo: Far East Organization) Despite signs of the property market picking up, Real Estate Developers\u2019 Association of Singapore (Redas) President Augustine Tan believes that it is still too early to assume that the market has finally turned positive and recovery has kicked in, reported\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43917,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/review-property-tax-urges-redas\/","url_meta":{"origin":34824,"position":3},"title":"Review property tax, urges Redas","date":"February 13, 2017","format":false,"excerpt":"\r Redas has called on the government to review its property tax policies as part of its budget wish-list. The Real Estate Developers\u2019 Association of Singapore (Redas) has called on the government to review the property tax for vacant private land, and to grant property tax exemption for land slated\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103066,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-names-cdl-group-general-manager-as-new-president\/","url_meta":{"origin":34824,"position":4},"title":"REDAS names CDL group general manager as new president","date":"January 18, 2019","format":false,"excerpt":"\r Augustine Tan will be stepping down as president of REDAS. (Photo: Far East Organization) The Real Estate Developers\u2019 Association of Singapore (REDAS) has named Chia Ngiang Hong, group general manager at City Developments Limited (CDL), as its new president for the 2019\/2020 term, reported the Business Times. He will\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113765,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-strikes-back-against-nus-for-developer-collusion-study\/","url_meta":{"origin":34824,"position":5},"title":"Redas strikes back against NUS for 'developer collusion' study","date":"January 20, 2020","format":false,"excerpt":"\r \u00a0 The Real Estate Developers\u2019 Association of Singapore (Redas) has strongly denied the suggestion that the industry is engaged in insider trading, price fixing or collusion, reported Today. This strong sentiment follows the National University of Singapore (NUS) Business School\u2019s recent publication of a research paper that claimed the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/34824"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=34824"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/34824\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=34824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=34824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=34824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}