新加坡地产市场分析——戴德梁行住宅需求.pdfVIP

1 Property Times Singapore residential demand Q1 2012 Shoebox units drive demand 24 May 2012 Contents Executive summary 1 Transactional overview 2 Price breakdown 4 Buyer’s profile 6 Our views 8 Contacts 9 Authors Li Jinquan Research Analyst +65 6393 2548 jinquan.li@ Chua Chor Hoon Head of Asia Pacific Research +65 6393 2341 chorhoon.chua@ Contacts Ong Choon Fah Head of Consulting Research, SEA +65 6393 2318 choonfah.ong@ Hans Vrensen Global Head of Research +44 (0)20 3296 2159 hans.vrensen@ • Following the implementation of the additional buyers’ stamp duty (ABSD) in December 2011, we saw the following in Q1 2012: - Sales dipped in January but improved in February and March. - Purchases by foreigners fell significantly by 75% q-o-q. - The proportion of mainland Chinese buyers among foreigners and PR buyers fell from 29% to 23%. - Malaysians regained the top position amongst non-Singaporean buyers. • For the first time, units costing $1,000 to $1,500 per sq ft formed the bulk of total purchases, overtaking units costing $1,000 per sq ft or less (Figure 1). • Sales of units below $1m rose but declined in other price bands, driven by shoebox units. • The proportion of purchasers with public housing (HDB) addresses jumped from 39% (2,719 units) in Q4 2011 to 48% (2,896 units) in Q1 2012. Although this was lower than the previous high of 56% in Q1 2009, the number of purchases by HDB addressees in Q1 2012 has exceeded the 1,865 recorded in Q1 2009. • Among purchases made by HDB addressees, the proportion of shoebox units purchased (472 units) reached a new record high of 16%. In absolute terms, this is more than double the 234 units in Q4 2011. • Shoebox units are expected to continue to feature in new project launches as the smaller quantum against the backdrop of the low interest-rate environment continues to drive buyer demand unless the government intervenes to restrain such demand or supply. Go