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News Release


Jones Lang LaSalle’s perspective: Private residential units sold by developers in November 2013

Market experiences healthy demand supported by projects in the city area

SINGAPORE, 16 December 2013 – In November 2013, 1,293 units (excluding ECs) were launched by developers and a total of 1,228 units were sold. The month’s sales take up rate maintained at 95%, similar to that in October, suggesting that the market is stable and in line with the long term average demand of 800 to1,100 units per month.

The increased numbers witnessed this month was mainly driven by large projects with strong take up within neighbourhoods which are well sought after. In particular, this month saw units within the Core Central Region (CCR) outperform other regions to register 53% of sales taken up island wide. It is the strongest performance seen this year, indicating that projects within the central region with great locational advantages and reasonable pricing are still in demand. One such project this month is Duo Residences along Fraser Street, with 91% sales take up rate, selling 600 units out of 660 in total. Situated within the vibrant City Hall and Bugis area, the residential development enjoys a strong transportation network and the advantages that come with inner city living. In addition to potential buyers being drawn to this mature neighbourhood, which is in close proximity to several institutions of learning, the project is priced very competitively, with median pricing of units sold at $1,999 per sq ft. This could mark the start of a trend by the market in favour of choice assets located in established areas in the city fringe.

Over at the Alexandra area, Alex Residences is another project within well-established neighbourhoods achieving good sales take up rate. The 429-unit project has sold 171 units out a total of 200 launched, reflecting a healthy sales of 86%. Again, the development has strong locational attributes, being nestled within a well-established neighbourhood with good transportation infrastructure and good schools.

However, excluding large projects such as Duo Residences, the market performance was modest, as other newly-launched projects had more moderate sales, given the current lending environment. Other newly-launched projects this month include Berkeley Residences, Clermont Residence. HillsTwoOne, Rezi 3Two and The Creek @ Bukit.

Private Residential Sales

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 26, 700 employees operating in 80 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 named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012.

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