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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