Condo Launch Singapore: Launches, Take-Up, Sub-Sales Condo Update
We highlight some residential property updates on the Singapore residential property sector in the 4th quarter of 2010 in this "Launches, Take-Up, Sub-Sales Condo Update" post.
Source for Launches, Take-Up, Sub-Sales Condo Update post is taken from URA of Singapore.
Details of Launches, Take-Up, Sub-Sales Condo Update:
Launches and Take-up
A total of 4,522 uncompleted private residential units were launched for sale by developers in 4th Quarter 2010, compared with 3,501 units in 3rd Quarter 2010. For the year 2010 as a whole, 16,575 units were launched for sale.
Of the 4,522 uncompleted units launched in the quarter, 847 units were in CCR, 807 units were in RCR, and 2,868 units were in OCR.
Major residential projects launched in the quarter included Waterview at Tampines Avenue 1 (696 units), The Lakefront Residences at Lakeside Drive (560 units out of a total of 629 units), The Tennery at Woodlands Road (338 units), Vacanza @ East at Lengkong Tujoh (remaining 329 units out of a total of 473 units) and Spottiswoode Residences at Spottiswoode Park Road (320 units out of a total of 351 units).
In 4th Quarter 2010, 3,965 uncompleted private residential units were sold by developers, compared with 3,561 units in 3rd Quarter 2010.
For the year 2010 as a whole, 15,832 uncompleted private residential units were sold.
Of the 3,965 uncompleted units sold in the quarter, 876 units were in CCR, 884 units were in RCR, and 2,205 units were in OCR.
Developers also sold 276 completed private residential units in 4th Quarter 2010.
Sub-sales
The total number of sub-sales was 569 in 4th Quarter 2010, compared to 837 sub-sales in the previous quarter. In percentage terms, sub-sales accounted for 6.7% of all sale transactions in 4th Quarter 2010, compared to 9.1% in 3rd Quarter 2010. The number of sub-sales in CCR in 4th Quarter 2010 accounted for 9.1% of the property sale transactions in this area in the quarter, compared to 16.3% in the previous quarter. The percentage of sub-sales in 4th Quarter 2010 for RCR, at 8.6%, was lower than the 9.7% in the previous quarter. In OCR, the percentage of sub-sales in 4th Quarter 2010 was 4.6% which was lower than the 6.1% in the previous quarter.
Stock and Vacancy
A total of 2,032 private residential units were completed (granted TOP) in 4th Quarter 2010. Major residential projects completed in the quarter were The Cascadia at Bukit Timah Road (536 units), The Trillium at Kim Seng Road (231 units) and The Orchard Residences at Orchard Boulevard (175 units).
The vacancy rate of completed private residential units decreased from 5.2% as at the end of 3rd Quarter 2010 to 5.0% as at the end of 4th Quarter 2010.
Executive Condominiums
A total of 1,659 uncompleted Executive Condominium (EC) units were launched for sale by developers in 4th Quarter 2010. This was the first time developers launched EC units since 4Q2007. The EC projects launched in the quarter were Prive at Punggol Field (680 units), Esparina Residences at Compassvale Bow (573 units) and The Canopy at Yishun Avenue 11 (406 units). In 4th Quarter 2010, 1,052 uncompleted EC units were sold by developers.
As at the end of 4th Quarter 2010, there were 2,535 Executive Condominium (EC) units in the pipeline. In addition, another 2,300 EC units can come from EC sites that will be released for sale by the Government in the 1st Half of 2011 through both the Confirmed and Reserve Lists of the GLS Programme.
The total stock of completed EC units remained at 10,430 units as at the end of 4th Quarter 2010. As at the end of 4th Quarter 2010, the vacancy rate of completed EC units was 0.5%, lower than the vacancy rate of 0.8% as at the end of the previous quarter.
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