Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

Singapore Real estate / Thematic (Sector/Industry)

<h2>Singapore</h2><h3>New private home sales dip 2.6% MoM in Jun21; Take-up rate still holding up well above 100%</h3><ul><li>Sales of new private homes eased last month though demand is still holding up well. Developers sold 872 units in Jun, down 2.6% MoM from 895 units in May21. On a YoY basis, sales were down 12.6% from Jun20. Including ECs sold, developers moved 962 new homes last month, 22% lower MoM than in May21, and down 6.7% YoY</li><li>Developers launched 815 units in Jun21, up 58.6% MoM from 514 units in May21, and up 36.5% YoY from 597 units in Jun20. There were no new ECs launched in Jun21. Jun21 take-up rate stood at 107% (from 173% in May21 and 167% in Jun20). Hyll on Holland was the top seller last month, moving 87 units, or 27% of its 319 units, after cutting prices to a median price of S$2,387psf, from its launch price from S$2,800psf in Oct20</li><li>Sales in Jun21 were driven by Hyll on Holland, followed by Treasure at Tampines, which sold 80 units, Normanton Park, which sold 62 units and The Florence Residences, which sold 47 units. Excluding EC, sales volume in Jun21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 337 (38.7%), 329 (37.7%) and 206 (23.6%), respectively</li><li>The proportion of sale transactions from 15Jun-30Jun21, when viewing restrictions were eased, stands at 59.8%, compared with 40.2 % from 1Jun- 14Jun21. More than 40% of sales last month were priced below S$1.5m, 31% were between S$1.5- 2m, and 27% were above S$2m. The average price paid for a unit last month was S$1.82m. Despite lower sales in May21 and Jun21, the tally for the 1H21 was an estimated 6,528 new private homes sold, about 67% higher YoY.</li></ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/218/826/original/image015.png?1626400012" class="editor-image img-responsive" data-smartkarma-image-id="218826"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/218/828/original/image016.png?1626400034" class="editor-image img-responsive" data-smartkarma-image-id="218828"></figure></section>

SingaporeNew private home sales dip 2.6% MoM in Jun21; Take-up rate still holding up well above 100%Sales of new private homes eased last month though demand is still holding up well. Developers sold 872 units in Jun, down 2.6% MoM from 895 units in May21. On a YoY basis, sales were down 12.6% from Jun20. Including ECs sold, developers moved 962 new homes last month, 22% lower MoM than in May21, and down 6.7% YoYDevelopers launched 815 units in Jun21, up 58.6% MoM from 514 units in May21, and up 36.5% YoY from 597 units in Jun20. There were no new ECs launched in Jun21. Jun21 take-up rate stood at 107% (from 173% in May21 and 167% in Jun20). Hyll on Holland was the top seller last month, moving 87 units, or 27% of its 319 units, after cutting prices to a median price of S$2,387psf, from its launch price from S$2,800psf in Oct20Sales in Jun21 were driven by Hyll on Holland, followed by Treasure at Tampines, which sold 80 units, Normanton Park, which sold 62 units and The Florence Residences, which sold 47 units. Excluding EC, sales volume in Jun21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 337 (38.7%), 329 (37.7%) and 206 (23.6%), respectivelyThe proportion of sale transactions from 15Jun-30Jun21, when viewing restrictions were eased, stands at 59.8%, compared with 40.2 % from 1Jun- 14Jun21. More than 40% of sales last month were priced below S$1.5m, 31% were between S$1.5- 2m, and 27% were above S$2m. The average price paid for a unit last month was S$1.82m. Despite lower sales in May21 and Jun21, the tally for the 1H21 was an estimated 6,528 new private homes sold, about 67% higher YoY.

Frasers Logistics & Commercial Trust (FLT SP)

ASEAN Builder's Scoop (16Jul21) - SG Jun21 New Home Sales -2.6% MoM