Skip Ribbon Commands
Skip to main content

News Release


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

Home loan tenure curbs by MAS contributes to fall in private home sales

SINGAPORE, 15 November 2012 – The URA monthly sales volume for private residential units (excluding executive condominiums (ECs)) decreased 26% m-o-m from 2,621 units in September to 1,948 units in October. This followed curbs on housing loan tenure by the MAS in early October, which appeared to have slowed demand and sales take-up. However, the 1948 units sold during the month still outstripped the 1633 units launched, indicating that the measures have merely slowed the market without stalling it.

Broken down into regions, island-wide sales in the Outside Central Region (OCR) fell, 28% m-o-m from 2,062 to 1,482 units. Sales in the region were driven mainly by Skies Miltonia (309 units sold) and Sky Green (145 units sold). Faring slightly worse, sales in the Core Central Region (CCR) dipped 43% to 144 while that for the Rest of Central Region (RCR) was fairly stable, rising 4.5% m-o-m to 322. 

Table 1: Total island-wide (landed & non-landed excluding ECs) units sold
The major proportion of units sold remains in the OCR which accounted for 76% of total sales compared with 7% and 17% in the CCR and RCR respectively. Proportion of units sold last month was 79% in the OCR and 9% and 12% in the CCR and RCR respectively. There were not as many fresh launches in October as there were in September, with a total of 659 units launched compared to 1,420 last month. Skies Miltonia and Sky Green together formed the bulk of units launched at 65% while Eden Residences Capital accounted for 19% of all new units launched.  

Mr Ong Teck Hui, National Director, Research & Consultancy, Jones Lang LaSalle comments:
“The loan curbs implemented in early October has contributed to the lower sales of 1948 private homes in October, 26% down from September’s 2061 units. However the measures have merely slowed the market to a moderate extent without stalling it, as many buyers re-adjust their loan tenures and purchase prices. Others, who had to stretch, both in terms of cash down payment as well as loan periods would have dropped out of the market following the imposition of the loan curbs. The sales take-up for the rest of the year is unlikely to be as upbeat as originally anticipated before the measures were announced. Nevertheless it is still headed for a record year of developer sales exceeding 22,000 units. The low volume of only 659 units launched from fresh projects reflects caution on the part of developers due to uncertainty following the MAS measures”

– ends –

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
200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619