Wednesday, February 13, 2013

Far East sold most private homes last year

DEVELOPER Far East Organization was again the top seller of private homes last year, topping the table with 2,181 transactions.
The Straits Times - February 12, 2013

DEVELOPER Far East Organization was again the top seller of private homes last year, topping the table with 2,181 transactions.

The company accounted for about 10 per cent of the 22,290 new homes sold last year, with Hillier in Hillview and Watertown in Punggol among its stars.

City Developments and its parent firm Hong Leong Group moved 1,674 units in total, allowing them to retain their second position, although their market share dipped.

Their top projects were Bartley Residences and The Palette in Pasir Ris.

Frasers Centrepoint, Qingjian and Hoi Hup Realty rounded off the top five, according to consultancy DTZ Research yesterday.

Eight out of the top 10 were local developers, with Chinese companies Qingjian Group and Hongkong Land the exceptions.

Hongkong Land operates here mainly through its subsidiary MCL Land, which launched Ripple Bay in Pasir Ris last year.

This is the first time Qingjian has made the top 10 list, a sign of its stronger foothold in the market. It has actively lodged bids for government land sale (GLS) sites over the past few years.

Its sales last year included units at River Isles in Punggol, Riversound Residence in Sengkang and Nin Residence in Potong Pasir.

DTZ's associate director (research), Ms Lee Lay Keng, noted that most of the best-selling projects by the top 10 developers were from GLS sites.

Experts say the new private home market was again powered by demand in suburban areas, so developers like Wing Tai that focus largely on prime and high-end homes did not make the top 10.

Smaller developers were not outdone, with Fragrance Properties and Macly Group muscling into the top 10.

Most of Fragrance's sales were small projects of fewer than 150 units except for the 689-unit Parc Rosewood, its largest project on the market.

Macly's projects included Guillemard Edge, Natura@Hillview and Eon Shenton. All consist of smaller-sized homes.

Experts say a rising number of players - such as contractors and hospitality firms - have taken on development in light of strong sales of recent years, a move that has diluted the market share of some larger companies.

Chesterton Suntec International's research head, Mr Colin Tan, noted that heavyweights like Far East, CityDev and Hong Leong have legacy sites that allow them to enjoy healthy landbanks.

"They tend to clinch top spots as they do not have to jostle with other developers in the GLS tenders," he added.

Hong Leong Group, including CityDev and its sister companies, said it sold a total of 2,411 units, including executive condominiums, with a sales value of about $2.84 billion last year.

A consortium of Hong Leong Holdings, CityDev and Hong Realty also clinched a 12,087 sq m Commonwealth Avenue site for $563 million earlier this month.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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