Thursday, March 8, 2012

Landbanks 'healthy' despite strong sales

Straits Times: Thu, Mar 08
THE bumper supply ramp-up of new land sites has allowed developers to keep their landbanks stocked up in the face of roaring home sales.


Most big-gun builders have thousands of units in their landbanks, says DTZ Research. A landbank comprises unsold units - including executive condominiums - from projects with planning approval and estimated units from sites that have yet to obtain approval.


City Developments and its parent company Hong Leong Group have the biggest stock with 6,053 homes - made up of land parcels in Pasir Ris and projects like Bartley Residences and Hedges Park that are being built. Next is privately held Far East Organization with 2,592 units.


Most other major developers are far behind. Frasers Centrepoint, Allgreen Properties, CapitaLand and Keppel Land have fewer than 2,000 units each in their landbanks while UOL Group, GuocoLand and Wheelock Properties have fewer than 1,000 homes each.


Most of CapitaLand's stock comes from d'Leedon in Leedon Heights with 1,255 unsold and unbuilt units and its upcoming Sky Habitat in Bishan with 509 units. This project has yet to be launched.


Allgreen acquired a site in Upper Serangoon that can yield about 860 homes last September on top of its upcoming projects RV Residences and Riverbay.


The landbank Top 10 list includes some new foreign players that have moved into the local market on the back of bumper government land sales (GLS).


Chinese firm Qingjian Realty is at No. 9, followed by Malaysian-based IOI Corp at No.10. Another Chinese firm MCC Land is at No. 12...

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Martin Koh/ Sherry Tang
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