Strong buyer interest in Sennett Residence units

[Musicwhiz]

Same story over at the real estate front - continued strong demand! And we are at the 7th round of cooling measures. Yawn.

The Straits Times
www.straitstimes.com
Published on Mar 06, 2013
Strong buyer interest in Sennett Residence units

ONE of the first condominiums to be launched after the most recent round of market cooling measures has drawn strong buyer interest.

Sources told The Straits Times that developer Tuan Sing Holdings has collected at least 400 blank cheques since the showflat for Sennett Residence in Potong Pasir opened last weekend.

This exceeded the 332 residential units in the project.

Homes in the 99-year leasehold condo cost about $1,450 psf, sources said. That translates to about $700,000 for the smallest one-bedder at 485 sq ft to about $6.1 million for the largest penthouse at around 4,200 sq ft.

The project has three shops which are yet to be launched. Its launch was delayed from January due to the announcement of cooling measures on Jan 11.

The strong response so soon after the cooling measures may spark fears of yet another round of measures. But analysts said other factors could have boosted demand for Sennett Residence.

DWG senior manager Lee Sze Teck cited its location next to Potong Pasir MRT station and said buyers had been awaiting its launch for some time.

Savills Singapore research head Alan Cheong added that buyers may believe that "they may need to invest now or they may not be able to afford it later".

The first condo to launch after the cooling measures was the 630-unit Q Bay Residences in Tampines, where more than 210 homes were sold at the preview after its developers cut average prices from $1,050 psf to $985 psf.

Other projects are launching soon. Bartley Ridge, an 868-unit condo at Mount Vernon Road developed by Hong Leong, City Developments and TID, will open for preview tomorrow.

MELISSA TAN

[cfa]

CMs are just wayangs.
It will be naive to think gov hope to sell their lands cheaply to developers.

[LionFlyer]

I am given to understand from property agent friends that MAS may introduce new measures very soon targeting the mortgage service ratio.

[godjira1]

This is betting against the fed. I am calling for a sad ending to all these craziness.

Cm worked for me - im definitely not investing in sing real estate for the foreseeable future.

[nsengkia]

I am given to understand from property agent friends that MAS may introduce new measures very soon targeting the mortgage service ratio.

The mortgage service ratio has been capped for HDB flats but not yet for ECs and for private properties. Anecdotally I think HDB resale prices are already softening. So if mortgage service ratio is also capped for ECs and private properties then I think the party will end.

Also, IMHO, it would be even better if MAS move to cap debt service ratio rather than just mortgage service ratio as then both house and COEs will fall .

P.S.: I think they are already laying the groundwork for this with the latest curbs on car loans.

P.P.S.: I predict that Singapore headline inflation will surprise on the downside by the end of this year .

[Stocker]

http://www.propertyguru.com.sg/property-...te-housing

The Monetary Authority of Singapore could be about to slash the Mortgage Servicing Ratio (MSR) for private residential properties in a further bid to moderate home prices, PropertyGuru understands.

The move, which sources have indicated will be announced imminently, is another bid to moderate home price growth which recorded a spike at the end of last year. The Urban Redevelopment Authority’s (URA) overall private-home price index rose 1.8 percent in Q4 2012 compared to the 0.6 percent increase in the previous quarter.

Meanwhile, 2,013 private housing units were sold in January this year, a 43 percent increase over the 1,410 units sold in December 2012. This despite a slew of cooling measures introduced during the period to slow down home sales.

[LionFlyer]

Rumors put it as Friday for the date of announcement. We will see.

[Behappyalways]

if u add up the transaction in square foot(which includes resales....), you can roughly estimate that Feb 2013 sales will not be good. With the banks doing well today(someone would have shorted if they are confident), and the latest property measures only in Jan 2013, I doubt there would be a new property measure. But then nothing is impossible.....but the past few curbs, govt reacted when they saw bullish monthly property sales figure......and Feb 2013 would not be good.........

http://www.squarefoot.com.sg/latest-tran...esidential

[Musicwhiz]

I doubt there will be more measures. It's been draconian enough as it is, so I think the Govt will lie low for a while and see how things are.