Friday, April 13, 2012

Few buyers for new units, data shows

Straits Times: Fri, Apr 13
NEW high-end homes are proving hard to shift, but the resale market is in far better shape, according to data from consultancy Jones Lang LaSalle (JLL).

There were 192 non-landed resale caveats lodged in the first quarter, yet developers managed to sell only 30 new units, said Dr Chua Yang Liang, JLL's head of research for South-east Asia.

This ratio is the most lopsided in at least eight years.

The high-end segment refers to transactions in the prime districts of 9, 10 and11.

JLL's analysis of caveats lodged with the Urban Redevelopment Authority also shows that total transactions in general have been falling for the past three quarters, due to general market uncertainty and cooling measures.

Some experts said the sales gap is high simply because there have been few launches of new high-end projects.

DTZ Asia-Pacific research head Chua Chor Hoon also noted that there is a larger stock of secondary units for sale, so transactions will be higher as well.

Buyers picked up new units at The Scotts Tower and d'Leedon in the first quarter, while resale deals were inked at Spring Grove and Orchard Scotts...

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Martin Koh/ Sherry Tang
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