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News Release


Jones Lang LaSalle’s Perspective: Urban Redevelopment Authority Private Residential Property Transactions for September 2012

Strong rebound in market activity in September, similar to robust performance in earlier part of 2012. Market resuming a new high in demand with potentially similar performance for the rest of the year.

​SINGAPORE, 15 October 2012 – The URA monthly sales volume for private residential units (excluding executive condominiums (ECs)) rose 84% m-o-m from 1,427 units in August to 2,621 units in September to record one of the highest monthly sales volumes since mid-2009. On a y-o-y basis, the number of units sold rose 61% from 1,631 units sold in September last year. Overall, it seems that the high sales volume, accompanied by median price of SGD 1,585 psf almost touching the most recent high of SGD 1,593 psf in June 2011 might be the result of QE3. In the words of John Maynard Keynes, this might be the result of animal spirits – where buyers have a spontaneous urge to action rather than inaction, which has manifested itself in the record breaking sales volume.

Island-wide sales in the Outside Central Region (OCR) more than doubled on an m-o-m basis from 837 units in August 2012 to 2,062 in September 2012. Sales in the region were driven mainly by Eco (402 units sold), Kovan Regency (369 units sold) and Riversails (203 units sold), all of which were popular with would-be purchasers. Sales in the Rest of Central Region (RCR) fared differently, faltering 17% on an m-o-m basis while sales in the Core Central Region (CCR) rose a marginal 14%.  


Most of the property action in September was seen in the OCR where all the new island-wide launches were located. Eco at Bedok South and Kovan Regency were at the top of most people’s minds, moving 402 and 369 units respectively. Compared to Bedok Residences further up the road which saw a take up rate of 82% and median price of SGD 1,359 psf at month launch, Eco had a take up rate of 78% and median price of SGD 1,283 psf. The premium of 6% psf between these two projects seems a fair price to pay for the convenience of a retail podium located right below the residential development and the future enjoyment provided by a rejuvenated Bedok Town Centre.

Sales volume in the RCR faltered 17% m-o-m but rose 18.5% on a y-o-y basis as buyers moved either into the OCR or CCR segment. Popular projects in the region included Eight Riversuites that moved 62 units despite no new launches, and Cradels at Lorong Limau that sold 41 units out of 45 launched. Reflections at Keppel Bay sold another 13 units to bring its total sold to 870 out of 950 launched. After dipping 6.4% m-o-m between July and August, prices have recovered halfway by 3.7% to reach SGD 1,534 psf.

The CCR saw no new launches, but Stellar RV posted its strongest month of sales with 60 units sold, about three times as many as were sold the previous month. V on Shenton, mellowing from its initial euphoria, sold 49 units in September, down from 65 and 144 units sold in August and July respectively. The segment as a whole saw take up rates of 151%, indicating strong buyer demand, especially with 33 previously launched units being sold at Leedon residence and D’Leedon. Median price per square foot for sales has been fairly constant between 2011 and 2012, bouncing between SGD 2,000 and 2,500 psf with latest figures showing a rise of 6.9% on an m-o-m basis to hit SGD 2,468 psf.

Mr Ong Teck Hui, National Director, Research & Consultancy, Jones Lang LaSalle comments:
“We are seeing a strong rebound in market activity in September, after a slow month in August. The strong launch and sales figures in September are similar to the robust performance in the first four months of the year when units launched and sold, almost persistently exceeded 2000 units per month. They confirm that those months’ sales genuinely reflect a new high in demand and that market activity in the next few months could potentially be at such levels. Developer sales from January to September have already exceeded 18,000 units, surpassing 2011’s 15,904 units and may well be headed for around 22,000 for the full year. The recent measures to curb loan periods may have some moderating effect but is not expected to dampen demand significantly. Buying interest remains positive despite the imposition of the measures.”

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Notes to editors
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,200 employees operating in 79 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was highly commended in a further three countries. For further information, please visit
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