Based on the URA statistics, last month was a slow-moving period for the new home market. Only two new projects debut and both saw miserable take-up rates.
The Santorini in Tampines by MCC Land is a 99-year tenure condominium with 597 units. MCC Land released all units on launch but only 76 was sold. Yet it still fared better than the Ascent@456 at Balestier Road.
The Ascent@456 is a mixed development with retail units on the lower levels and apartments on the upper floors. 28 residential units were launched for sale but none changed hands.
In March altogether 625 new residences were released into the market but sale figure was merely 12.16 per cent.
This is a far cry from the same period last year when 2,076 out of the 3,399 (61.08 per cent) new homes transacted.
Table 1: New Launches In March 2013
Project Name
New Launch in March 2013
Units Sold In March 2013
% Sold
Bartley Ridge
617
367
59.48
D’nest
800
699
87.38
Hillion
Residences
250
191
76.40
Icon @ Pasir
Panjang
9
9
100.00
Kingsford .
Hillview Peak
512
41
8.01
Ocean Front
Suites
58
3
5.17
Novena
Regency
1
1
100.00
One Balmoral
20
0
0.00
Oxley Edge
45
36
80.00
Palms @ Sixth
Avenue
10
1
10.00
Pavilion Square
42
11
26.19
R Maison
45
13
28.89
Sennett
Residence
332
238
71.69
The Trilinq
200
106
53.00
Treasures @
G20
38
12
31.58
Urban Vista
420
348
82.86
Total
3,399
2,076
61.08
Source: URA
The TDSR (Total Debt Servicing Ratio) framework has been pinpointed to be the culprit of the lacklustre sale volume.
Introduced on 28 June 2013 the TDSR mandates that the total monthly debt obligations, including the mortgage repayment, of a borrower do not exceed 60 per cent of his income. This has resulted in longer loan approval time and lower approval rate.
Examining the monthly new launches since the implementation of the framework, we note that only 30.19 per cent, or 16 out of 53, new projects have take-up rates above 70 per cent in their month of launch.
Table 2: Monthly New Launches After TDSR
Project Name
Street
Region
Property
Type
Launch Month
Units Released In Launch Month
Units Sold In Launch Month
% Sold
Ascent@456
Balestier
RCR
Non-Landed
Mar-14
28
0
0.00
The Santorini
Tampines
OCR
Non-Landed
Mar-14
597
76
12.73
Prestige Point
Upper Paya Lebar
OCR
Non-Landed
Feb-14
15
9
60.00
Riverbank @ Fernvale
Fernvale Close
OCR
Non-Landed
Feb-14
250
211
84.40
Rivertrees Residences
Fernvale Close
OCR
Non-Landed
Feb-14
300
218
72.67
Floraview
Ang Mo Kio
OCR
Non-Landed
Jan-14
90
1
1.11
The Hillford
Jalan Jurong Kechil
RCR
Non-Landed
Jan-14
281
281
100.00
The Panorama
Ang Mo Kio
OCR
Non-Landed
Jan-14
120
58
48.33
Avant Parc
Wak Hassan
Drive
OCR
Landed
Dec-13
1
1
100.00
Alex Residences
Alexandra View
RCR
Non-Landed
Nov-13
200
171
85.50
Berkeley Residences
Lorong N Telok Kurau
OCR
Non-Landed
Nov-13
22
2
9.09
Clermont Residence
Wallich Street
CCR
Non-Landed
Nov-13
54
13
24.07
Duo Residences
Fraser Street
CCR
Non-Landed
Nov-13
660
600
90.91
Guillemard Suites
Guillemard Road
RCR
Non-Landed
Nov-13
146
25
17.12
Hills Twoone
Hillview Terrace
OCR
Non-Landed
Nov-13
71
12
16.90
Rezi 3two
Geylang
RCR
Non-Landed
Nov-13
65
3
4.62
Skypark Residences
Sembawang
OCR
EC
Nov-13
506
272
53.75
The Creek @
Bukit
Toh Tuck Road
RCR
Non-Landed
Nov-13
90
47
52.22
Waterwoods
Punggol Field
Walk
OCR
EC
Nov-13
373
131
35.12
Goodwood Grand
Balmoral
Road
CCR
Strata-
Landed /
Non-
Landed
Oct-13
10
1
10.00
Grandview
Suites
Geylang
RCR
Non-Landed
Oct-13
52
37
71.15
Liv On Wilkie
Wilkie Terrace
CCR
Non-Landed
Oct-13
40
24
60.00
Nine Residences
Yishun
OCR
Non-Landed
Oct-13
186
96
51.61
Ritz @ Farrer
Race Course
Road
RCR
Non-Landed
Oct-13
18
1
5.56
The Centren
Geylang
RCR
Non-Landed
Oct-13
34
12
35.29
The Inflora
Flora Drive
OCR
Non-Landed
Oct-13
396
388
97.98
The Venue Residences
Tai Thong
Crescent
RCR
Non-Landed
Oct-13
50
39
78.00
Tk One
Lorong N
Telok Kurau
OCR
Strata-
Landed
Oct-13
5
5
100.00
Alana
Sunrise
Terrace
OCR
Strata-
Landed
Sep-13
11
1
9.09
Belgravia Villas
Belgravia
Drive
OCR
Strata-
Landed
Sep-13
59
20
33.90
Onze @
Tanjong Pagar
Kee Seng
Street
RCR
Non-Landed
Sep-13
56
9
16.07
Sea Horizon
Pasir Ris Rise
OCR
EC
Sep-13
495
317
64.04
Sky Vue
Bishan
RCR
Non-Landed
Sep-13
505
433
85.74
The Glades
Bedok
OCR
Non-Landed
Sep-13
200
89
44.50
The Skywoods
Dairy Farm
Heights
OCR
Non-Landed
Sep-13
420
37
8.81
Thomson Three
Bright Hill
Drive
RCR
Strata-
Landed /
Non-
Landed
Sep-13
320
255
79.69
Victory Ville
Toh Drive
OCR
Strata-
Landed
Sep-13
8
8
100.00
28 Rc Suites
Race Course
Lane
RCR
Non-Landed
Aug-13
45
4
8.89
8 Farrer Suites
Sing Joo Walk
RCR
Non-Landed
Aug-13
34
9
26.47
Cluny Park
Residence
Cluny Park Road
CCR
Non-Landed
Aug-13
52
12
23.08
Ecopolitan
Punggol Walk
OCR
EC
Aug-13
512
335
65.43
Floraville
Cactus Road
OCR
Non-Landed
Aug-13
50
13
26.00
Kensington
Square
Jalan Lokam
OCR
Non-Landed
Aug-13
112
61
54.46
Lush Acres
Fernvale Close
OCR
EC
Aug-13
380
311
81.84
Rv Residences
River Valley Road
CCR
Non-Landed
Aug-13
83
39
46.99
The Bently
Residences@K
ovan
Kovan Road
OCR
Non-Landed
Aug-13
3
3
100.00
The Tembusu
Tampines
Road
OCR
Non-Landed
Aug-13
337
218
64.69
Treasures@G6
Geylang
RCR
Non-Landed
Aug-13
2
2
100.00
Devonshire 8
Devonshire Road
CCR
Non-Landed
Jul-13
30
1
3.33
Riverside
Melodies
St. Michael’S
Road
RCR
Non-Landed
Jul-13
41
3
7.32
The Quinn
Bartley Road
OCR
Non-Landed
Jul-13
139
8
5.76
The Serenno
Haig Road
RCR
Non-Landed
Jul-13
33
3
9.09
Vue 8
Residence
Pasir Ris
Heights
OCR
Non-Landed
Jul-13
100
63
63.00
Source: URA
Nevertheless, more private home projects are expected to be introduced into the market in the months ahead. House-hunters who are planning to acquire a private home do keep a look-out, and speak to an iCompareLoan mortgage broker today for some free mortgage loan planning.
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