Singapore Property: DMG Scoop of the Day: Following the latest round of property tightening measures, namely the new restrictions on Total Debt Servicing Ratio (TDSR), the first 2 projects launched after the Hungry Ghost festival saw weak residential sales over the weekend; The Glades next to Tanah Merah MRT station (Keppel Land JV) sold 80 (total 726units) with ASP between $1,450-1,500psf. The pricing is within the average attained by neighbouring plot, Urban Vista (World Class) with transacted ASP $1,496psf (68% sold, TOP-17). Over at Upper Bukit Timah, The Skywoods (TA Corp JV) sold 35 units (total 420) at ASP of $1,250psf, this is about 8% lower than the ASP $1,357psf at Kingsford Hillview Peak (vicinity across the road), with 19% sold TOP 2016. Upcoming launch at Thomson Three condo, 99 years LH with 435 units (UOL-SL) could establish a trend of weak market if it fails to do well given the relative lack of new supply in the Thomson area and close location next to the upcoming Thomson MRT. However, the relatively low indicative pricing of $1,350-$1,400psf should ensure good take-ups in our view (Three-11 FH condo with total of 65 units across the road, achieved ASP $1,637psf, 77% sold).
Posted on: Tue, 10 Sep 2013 13:48:30 +0000
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