Private home deals see a slip in foreigners’ share

Foreigners’ share in private home transactions slipped to 20.8% in April, following the recovery to 26.7% in March from Feb’s 23.3% and Jan’s 28%. Conversely, Singaporeans’ share saw the highest monthly share in a year – an increase from 72.5% in March to 78.3% in Apr. On a quarterly basis, the total number of private home caveats lodged fell 34.4% (8,725 in 4Q12 to 5,721 in 1Q13). Caveats by Singaporean buyers declined 36.6% quarter on quarter to 4,153 in Q1 while those by foreigners only fell by 25.3%. It is predicted that there will be more Singaporean buyers for 2Q and 3Q13. Knight Frank noted that China buyers retained their no.1 position in their share of the foreigner buyer pie (from 25% in 4Q12 to 29.6% in 1Q13).

2 housing projects ready for preview

Two north-eastern properties in Singapore are set for preview this Vesak Day weekend. One is a condominium project by CDL at Jewel @ Buangkok, within walking distance to Buangkok MRT station. The development has 99-year leasehold 15-17-storey towers totaling 616 units with one bedroom (463 sq ft) to five bedrooms (1,701 sq ft), and plush penthouses (2,067-2,540 sq ft). CDL plans to market the development at an average of $1,250 psf. The other is a Charlton 27 – a clutch of 27 landed homes (16 corner units and 11 intermediate terraces) near Kovan MRT station, developed by Surindipity Pte Ltd. The smallest unit takes up 3,900 sq ft priced at $800 psf or $3.3 mil. The largest unit, 6,000 sq ft will cost $600 sqf or $3.9 mil. Each unit consists of at least 5 bedrooms, apart from a lounge/study, a private lift and direct pool access. Both developments, with their strategic locations, are expected to attract strong attention from buyers.

Measures discourage ownership of multiple properties

There’s been a rise in the proportion of private housing loan applicants without any outstanding mortgages in 1Q13, according to Credit Bureau (Singapore), thanks to the January measures that discourage multiple property ownership. CBS data shows that in 1Q13, 65% of the 16,208 Singaporeans and PRs granted private home mortgages did not have any outstanding home loans. On the other hand, the proportion of second and third loan cases of the same group has been dropping. Among the 1,392 non-PR foreigners granted private housing loans, 79.6% are first loan cases. Also, the 11,423 private home mortgages to Singaporeans and PRs in 1Q13 translated to a higher 16,208 individual applicants due to the possibility of married couples to be joint applicants for a single loan, according to CBS.

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