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Issue 376

Copyright © 2011-2016 www.propwise.sg. All Rights Reserved.
CONTENTS FROM THE

p2 The Curious Case of New Launch Sales
EDITOR
Welcome to the 376th edition of the
Singapore Property Weekly.
Number Discrepancies and 3 Mysteries
Hope you like it!
p10 Resale Property Transactions
Mr. Propwise
(November 18 – November 27)

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SINGAPORE PROPERTY WEEKLY Issue 376

The Curious Case of New Launch Sales Number
Discrepancies and 3 Mysteries
By Property Soul (guest contributor) encourage Singaporeans to be physically
active.

Getting fit or getting freebies?

Queuing is no doubt the national sport of
Singapore. The new season of the steps
challenge has been very successful. With so
many shop vouchers and prizes to be won,
the program draws lots of participants through
word-of-mouth and peer pressure.
It all started with long queues at the shopping I overheard a woman talking over the phone
mall roadshow. It took us some time to realize to boast what she has redeemed so far.
that people were not queuing for popular food Another woman urged her husband to sign up
or a warehouse sale, but for the trackers of so that he could redeem the NTUC FairPrice
the National Steps Challenge Season 4 – an vouchers for her.
initiative by the Health Promotion Board to

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SINGAPORE PROPERTY WEEKLY Issue 376

“Are these people really so health conscious, very achievable. So I immediately signed up
or are they just going after the vouchers?” for the challenge and downloaded the Healthy
365 app.
“Mommy, they have vouchers from my
favorite milk tea franchise too. If you don’t When week one began, I even added a 1-
need them, you can give them to me,” said hour badminton game on top of my exercise
my daughter. routine, thinking that I could redeem the $5
milk tea voucher for my daughter in no time.
The next day I chanced upon The Greater
Singapore Workout! video by comedian Chua Everything went well until Thursday. I went for
Enlai. I found his four dance moves very an evening stroll along the canal after a
funny and visited the National Steps heavy downpour. It was a bit chilly with an
Challenge website. occasional drizzle. The next day I started
feeling unwell and subsequently came down
Getting the healthpoints sounds like a piece
with a flu.
of cake to me: Going for my morning jog is
3,000 steps. Walking to the market clocks up As I lay on the bed to check my healthpoints,
2,000. Heading for a walk after dinner is to my horror, the data in my Samsung Health
another 5,000. Climbing up and down the was not synchronized with Healthy 365.
stairs at home is easily 500 steps per day. Nothing had been captured!

Together with my weekly yoga and pilates When the target set is not reached, the effort
classes, the target of 10,000 steps a day is made must be recognized.

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SINGAPORE PROPERTY WEEKLY Issue 376

So I told my daughter how hard I had been Why buyers are backing off
exercising for days just to get her a cup of
This week I browsed the website of
tasty milk tea. Now all my efforts were in vain.
Squarefoot to check the number of sold units
“Can I have your handphone? … see, you versus returned units for the newly-launched
just have to keep shaking your phone like this condo projects.
until it clocks up a few thousand steps.”
I was surprised to see the extraordinarily high
Can the app tell the difference between points percentage of sold units being returned to
gained by exercising versus shaking? How developers last month in October, especially
can the Health Promotion Board guarantee for Stirling Residences (48%), The Tapestry
that no participant cheats in the challenge? (40%), Park Colonial (38%) and Riverfront
Do they conduct random checks or audits to Residences (27%).
ensure that we all follow the rules? If
everybody cheats by shaking their phone,
what is the point of working so hard to
accumulate healthpoints?

I reached for my wallet and took out a five-
dollar banknote.

“Here. Get your milk tea with this and stop
shaking my phone please.”

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SINGAPORE PROPERTY WEEKLY Issue 376

I thought Orange Tee & Tie told The Straits units sold and returned from the first day of
Times that the October total new sale number launch to end of last month.
“shows that demand for new homes at
existing launches have seen a pick-up after
the (July 6) measures”?

In the previous month of September, the
number of returned units was even higher.
Out of the 26 new projects listed there, the
developers sold a total of 542 units. However,
there were 169 returned units. That means for
every three units sold to buyers, one unit was
returned to the developer.
It was interesting to find that Stirling
I thought Channel NewsAsia’s article told us
Residences, which just won the Best Private
that “New private home sales jump 42% in
Condo Architectural Design by PropertyGuru
September” compared with last year?
Asia last Monday, has a return rate as high as
I continued to check the ten heavily- 24 percent. How is it possible that the project
advertised new projects launched in the last can have one unit returned for every four
two quarters. I was curious to see how many units sold?

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SINGAPORE PROPERTY WEEKLY Issue 376

Park Colonial and Daintree Residence also from the market. (Read my earlier blog post
have high return rate of 20 percent. Affinity at “How the 4% Buyer’s Stamp Duty makes
Serangoon and Twin Vew follow closely speculators look foolish again”.)
behind with 16 percent and 14 percent
I could only think of three possible reasons
respectively.
behind the large number of returned units:
I thought The Straits Times just said the top-
Reason #1: Buyer’s Remorse
selling project last month was the Affinity at
Serangoon? Buyers at the sales galleries are impulsive or
are being pressured by their property agent.
In 2017, the high number of returned units
They commit without checking their sums or
may be the result of the Extended Option
doing due diligence.
Scheme – when buyers chose to exercise the
Option to Purchase on a much later date, Reason #2: Financing Problem
betting on the government’s relaxation of Buyers find they have insufficient capital or
ABSD. their housing loan applications are being
But with March’s 4 percent Buyer Stamp Duty rejected by the banks after signing the option.
and July’s additional property curbs, by now With rising interest rates and worsening
we should all know that the cooling measures global economy, banks are more cautious in
are here to stay. All types of deferred granting mortgages.
payment schemes should have disappeared

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SINGAPORE PROPERTY WEEKLY Issue 376

Reason #3: Fake Sales after deducting the returned units.

Developers and their marketing agents are The findings below could make accountants
not completely honest. To report impressive frowned upon because almost none of the
sales results, they are blowing their own projects have their sales numbers tally with
trumpet. The number of units sold may each other.
include buyers who submit their cheques,
“book” a unit or only indicate their interest.

The actual number of new sale units

Next, I tried to look for the actual number of
units sold for the ten heavily-advertised new
projects launched in the last two quarters.
The March to October sales data comes from
three sources:

1) URA prices of residential units sold by
developers; Mysterious Case #1: Inconsistency in
2) URA private residential property percentage of project sold
transactions; and At the third-quarter results announcement on
3) Squarefoot actual number of units sold November 2,

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SINGAPORE PROPERTY WEEKLY Issue 376

developer Chip Eng Seng told the media that June. And there is no transaction before
Park Colonial is now 65.1 percent sold. This June. Where have the rest of the 27 units
is exactly 524 out of 805 units. gone?

However, there are only 511 transactions for Mysterious Case #3: More missing units
this project in the URA website as of end after launch weekend
October. So we assume 13 deals closed in
After the May 5 and 6 weekend, The
October have their options exercised in
Business Times has a property article titled
November. But according to Squarefoot, after
“CSC Land sells 85% of Twin Vew units on
deducting 115 returned units, the project only
launch weekend”. It is an impressive sale of
sold 473 units or 58.7 percent sold.
442 out of 520 units. The mysterious part is:
Mysterious Case #2: Missing deals closed For the month of May, there are only 384
during launch weekend transactions for Twin Vew in the URA
database. What happened to the rest of the
Still remember The Business Times said
58 units? Squarefoot data shows out of the
“Oxley Holdings has had 112 of the 300 units
454 units sold that month, 68 units have been
launched for Phase I sold over its official
returned to the developer.
launch weekend (June 2-3)” for Affinity at
Serangoon? Well, URA’s private residential Can someone explain the large discrepancy
property transactions database shows that between the sales numbers claimed by the
there are only 85 transactions of the project in developers and the actual caveats lodged

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SINGAPORE PROPERTY WEEKLY Issue 376

with the Singapore Land Authority? How can As laymen of the property industry, maybe we
the system guarantee that no industry shouldn’t take too seriously whatever property
stakeholder cheats in their reporting? Did any news and sales numbers the developers,
authority care to conduct an audit to verify the property agencies, local papers or property
validity of these sales numbers shared to the portals come out with these days.
public?
By guest contributor Property Soul, a
If everybody cheats by plucking numbers out successful property investor, blogger, and
of the air to exaggerate their sales result in author of the No B.S. Guide to Property
new projects, why would any developer still Investment.
bother to buy a good location, improve condo
facilities, design livable layouts, and set
reasonable pricing to attract buyers?

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SINGAPORE PROPERTY WEEKLY Issue 376

Non-Landed Residential Resale Property Transactions for the Week of Nov 18 – Nov 27

Postal Area Transacted Price Postal Area Transacted Price
Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 THE SAIL @ MARINA BAY 2,099 3,500,000 1,667 99 9 ILLUMINAIRE ON DEVONSHIRE 441 939,000 2,128 FH
2 INTERNATIONAL PLAZA 1,604 1,725,000 1,076 99 9 URBANA 1,475 3,030,000 2,055 FH
3 THE CREST 969 2,156,000 2,226 99 9 THE PIER AT ROBERTSON 1,119 2,280,000 2,037 FH
3 ECHELON 1,001 1,600,000 1,598 99 9 YONG AN PARK 3,111 6,050,000 1,945 FH
3 TANGLIN VIEW 1,249 1,680,000 1,345 99 9 CAVENAGH HOUSE 1,636 2,975,000 1,818 FH
3 EMERALD PARK 1,055 1,340,000 1,270 99 9 PARC EMILY 1,227 2,120,000 1,728 FH
3 QUEENS 1,195 1,515,000 1,268 99 9 WATERFORD RESIDENCE 1,195 1,968,000 1,647 999
3 TANGLIN VIEW 1,141 1,400,000 1,227 99 10 BISHOPSGATE RESIDENCES 3,907 13,186,922 3,375 FH
3 EMERALD PARK 1,055 1,212,000 1,149 99 10 BISHOPSGATE RESIDENCES 2,583 8,511,898 3,295 FH
5 JUBILEE RESIDENCE 980 1,180,000 1,205 FH 10 8 NAPIER 2,013 5,950,000 2,956 FH
5 BLUE HORIZON 904 965,000 1,067 99 10 GRANGE RESIDENCES 2,583 6,250,000 2,419 FH
5 FABER HILLS 1,668 1,230,000 737 FH 10 CUSCADEN RESIDENCES 1,453 3,390,000 2,333 FH
7 SOUTH BEACH RESIDENCES 1,593 5,206,960 3,269 99 10 LEEDON RESIDENCE 2,486 5,680,000 2,284 FH
7 CONCOURSE SKYLINE 807 1,868,209 2,314 99 10 D'LEEDON 635 1,240,000 1,953 99
7 CONCOURSE SKYLINE 807 1,850,332 2,292 99 10 VALLEY PARK 1,701 2,950,000 1,735 999
8 CAVAN SUITES 366 595,000 1,626 FH 10 THE EQUATORIAL 1,690 2,900,000 1,716 FH
8 PRISTINE HEIGHTS 732 1,080,000 1,476 FH 10 HOLLAND RESIDENCES 980 1,680,000 1,715 FH
8 SUITES 123 495 668,000 1,349 FH 10 D'LEEDON 635 1,080,000 1,701 99
8 KERRISDALE 1,259 1,503,000 1,193 99 10 MONTVIEW 1,507 2,530,000 1,679 FH
9 THE ORCHARD RESIDENCES 2,465 7,750,000 3,144 99 10 D'LEEDON 635 1,060,000 1,669 99
9 MARTIN NO 38 1,130 2,900,000 2,566 FH 10 THE CORNWALL 1,464 2,400,800 1,640 FH
9 THE VERMONT ON CAIRNHILL 1,884 4,450,000 2,362 FH 10 D'LEEDON 1,356 2,150,000 1,585 99
9 THE METZ 581 1,350,000 2,323 FH 10 GLENTREES 3,670 4,000,000 1,090 999
9 THE VERMONT ON CAIRNHILL 2,648 5,700,000 2,153 FH 11 RESIDENCES @ EVELYN 1,528 3,488,000 2,282 FH

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SINGAPORE PROPERTY WEEKLY Issue 376

Postal Area Transacted Price Postal Area Transacted Price
Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
11 RESIDENCES @ EVELYN 2,250 4,480,000 1,991 FH 16 TANAMERA CREST 861 800,000 929 99
11 ADRIA 1,485 2,780,000 1,872 FH 16 AQUARIUS BY THE PARK 1,227 1,118,000 911 99
11 368 THOMSON 872 1,450,000 1,663 FH 16 AQUARIUS BY THE PARK 1,432 1,178,000 823 99
11 THE ANSLEY 1,281 1,798,000 1,404 FH 17 THE INFLORA 818 830,000 1,015 99
11 HILLCREST ARCADIA 926 940,000 1,015 99 17 HEDGES PARK CONDOMINIUM 1,001 895,000 894 99
12 VISTA RESIDENCES 904 1,428,000 1,579 FH 17 AVILA GARDENS 1,324 1,180,000 891 FH
13 SENNETT RESIDENCE 570 892,000 1,564 99 17 CARISSA PARK CONDOMINIUM 1,324 1,150,000 869 FH
13 WOODSVILLE 28 883 1,240,000 1,405 99 17 HEDGES PARK CONDOMINIUM 1,184 1,020,000 861 99
13 CASA MEYA 807 1,085,000 1,344 FH 18 THE PALETTE 1,378 1,450,888 1,053 99
14 CASSIA VIEW 1,152 1,380,000 1,198 FH 18 RIPPLE BAY 1,475 1,298,000 880 99
14 THE HELICONIA 1,302 1,420,000 1,090 FH 18 SAVANNAH CONDOPARK 1,227 1,020,000 831 99
14 ASTORIA PARK 1,195 1,245,000 1,042 99 18 SAVANNAH CONDOPARK 1,227 980,000 799 99
14 N.A. 1,173 1,120,000 955 FH 18 LIVIA 2,680 1,880,000 701 99
14 ASTON MANSIONS 1,012 930,000 919 99 19 LA FIESTA 732 938,000 1,282 99
14 WINDY HEIGHTS 2,476 2,200,000 889 FH 19 KOVAN RESIDENCES 1,798 2,180,000 1,213 99
14 N.A. 1,249 895,000 717 FH 19 THE WATERLINE 1,335 1,590,000 1,191 FH
14 THE ARIZON 1,765 1,088,888 617 FH 19 FONTAINE PARRY 915 1,070,000 1,169 999
15 POSHGROVE EAST 1,302 1,875,000 1,440 FH 19 HARMONY @ 1A 1,238 1,400,000 1,131 FH
15 D'ECOSIA 1,227 1,710,000 1,394 FH 19 A TREASURE TROVE 775 862,000 1,112 99
15 EASTBAY 581 750,000 1,290 FH 19 BOATHOUSE RESIDENCES 1,109 1,200,000 1,082 99
15 MANDARIN GARDENS 1,528 1,575,000 1,030 99 19 HARMONY @ 1A 1,227 1,300,000 1,059 FH
15 ONE @ PULASAN 893 910,000 1,019 FH 19 THE MINTON 1,109 1,100,000 992 99
15 THE TREELINE 1,884 1,830,000 971 FH 19 THE MORNING GLORY 1,033 1,000,000 968 FH
15 LE CONNEY PARK 1,087 1,023,000 941 FH 19 NOUVELLE PARK 1,453 1,400,000 963 FH
16 WATERFRONT KEY 1,389 1,700,000 1,224 99 19 CENTRAL VIEW 1,206 1,068,000 886 99
16 LAGUNA 88 1,238 1,198,888 969 99 19 CHUAN PARK 1,528 1,350,000 883 99
16 THE BAYSHORE 947 888,000 937 99 20 SKY VUE 484 822,800 1,699 99

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SINGAPORE PROPERTY WEEKLY Issue 376

Postal Area Transacted Price
Project Name Tenure
District (sqft) Price ($) ($ psf)
20 THOMSON THREE 732 1,125,000 1,537 99
20 KINGSGROVE 1,572 1,380,000 878 FH
21 THE CASCADIA 1,249 2,180,000 1,746 FH
21 SUMMERHILL 947 1,220,000 1,288 FH
21 SYMPHONY HEIGHTS 926 1,182,000 1,277 FH
21 SIGNATURE PARK 1,044 1,180,000 1,130 FH
21 CLEMENTI PARK 1,658 1,800,000 1,086 FH
21 HILLVIEW GREEN 1,281 1,300,000 1,015 999
23 NATURA@HILLVIEW 635 850,000 1,338 FH
23 HAZEL PARK CONDOMINIUM 1,324 1,520,000 1,148 999
23 ESPA 1,744 1,685,000 966 999
23 HILLVIEW REGENCY 1,130 1,025,000 907 99
23 REGENT HEIGHTS 1,023 808,000 790 99
23 THE PETALS 3,251 2,380,000 732 FH
23 PALM GARDENS 2,336 1,550,000 664 99
28 SELETAR PARK RESIDENCE 872 1,090,000 1,250 99
28 SUNRISE GARDENS 2,034 1,550,000 762 99

NOTE: This data only covers non-landed residential resale property
transactions with caveats lodged with the Singapore Land Authority.
Typically, caveats are lodged at least 2-3 weeks after a purchaser
signs an OTP, hence the lagged nature of the data.

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