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Singapore property hunters spoilt for choice, DBS Research

With three property developments launched for sale hitting the market in November 2018, Singapore property hunters are spoilt for choice said a DBS Insights report. Depending on further take-up rates, DBS believes that CDL could start raising prices in the medium term.

The bank noted that it was a busy weekend for Singapore property hunters and agents.

Singapore property hunters
Singapore property hunters

DBS noted that there were three property developments launched for sale and possibly the last two major property launches for the year, i.e. Parc Esta (ex-Eunosville) by MCL Land and Mayfair Modern (phase 2 of Mayfair Gardens) by Oxley will hit the market in the middle of November 2018. The three properties launched for sale moved quite a respectable number of units to Singapore property hunters despite the uncertainty brought about by the most recent government measure in October 2018, the report said.

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“Whistler Grand by City Developments sold 160 units (22% sales take-up on total units, 67% of launched units), Arena Residences by Roxy-Pacific sold 40 units (41% sold) and Belgravia Green by Tong Eng Group (strata landed) sold 27 units (33% sales take-up). Priced to sell at close to the launch price of Twin Vew, we thought the strategy to “price to sell” by CDL worked somewhat, with momentum achieved at launch weekend.”

Depending on further take-up rates by Singapore property hunters in the coming weeks, DBS believes that CDL could look to start raising prices in the medium term.

The leading bank’s research further noted that it understands that Kent Ridge Hill Residences (by Oxley), which opened for preview on the same weekend as Whistler Grand, has postponed its official launch date. With that launch, the Singapore property hunters will have more choice.

DBS said that it will continue to monitor the sales momentum to gauge market sentiment.

DBS earlier said that its loan growth is expected to be in the mid-single-digit growth path, with continued net interest margin progression in 2019. DBS chief executive officer Piyush Gupta who made these observations in reflecting on the bank’s 3rd Quarter Report said there has been a moderate slowdown in economic growth, but that conditions are still favourable for expansion.

The bank reported that it delivered another healthy performance in third-quarter 2018 as DBS loan growth, fee income trends and net interest margin progression were sustained. It said that business momentum propelled total income to a record SGD 3.38 billion, up 5% from the previous quarter and 10% from a year ago.

DBS loans expanded 8% to SGD 340 billion, led by consumer and non-trade corporate loans. The banks’s net interest margin rose 13 basis points to 1.86% in line with higher interest rates in Singapore and Hong Kong.

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