| Singapore | Residential |

15 August 2013

Real Estate DataTrend

Primary Home Sales
Sales of uncompleted private residential properties in July 2013
Lowest sales volume since December 2009 Based on the latest URA data, private developers sold 481 new homes in July, down 73.4% from 1,806 units in June. This is the lowest sales volume in 3.5 years when developers also sold 481 units in December 2009. New launches fell 68.5%, as developers only launched 557 units in July compared to 1,768 units in June. Prices resilient despite low volume Despite the fall in volume, prices seemed resilient. Median prices in the outside Central Region (OCR) and Core Central Region (CCR) rose 4.2% and 14.4% m-o-m respectively, while prices in the Rest of Central Region (RCR) fell 2% m-o-m. The median prices for CCR, RCR and OCR are $2,454, $1,517 and $1,261 psf respectively. Vue 8 Residence top performer in July The best-selling project for July is Vue 8 Residence. It sold 63 units with a median price of $1,004 psf. Vue 8 is a 99-year leasehold condo development by Publique Realty Pte Ltd. The developer only launched 100 out of 463 units in July. There is a lack of sizeable project launches in July, with only five projects - Vue 8 Residence, The Quinn, Devonshire 8, Riverside Melodies and The Serenno made the debut in the month. The other five top selling projects were existing projects such as Bartley Ridge, Jewel@Buangkok. 14 units in J Gateway returned J Gateway sold another 15 units in July. Given that only 1 out of 738 units were left unsold in June, it can be deduced that there were 14 returned units in July and were subsequently re-sold to other buyers. Most likely, these 14 units were the ones affected by the new total debt servicing ratio (TDSR) framework, as some buyers could not meet the deadline for loan approval before the new framework kicked in on June 29, 2013. In July, OCR projects continue to dominate the new private home sales, taking 61.5% of the pie. The proportion of CCR and RCR new homes sold were 9.4% and 29.1% respectively. Poor sales volume just a temporary phase The poor sales came in below market expectations. This could be attributed to developers holding back new launches and buyers re-assessing their affordability in the light of the new TDSR framework. With the new framework, banks are also taking much longer to grant in-principle loan approval. The longer waiting period could have removed some impulse buying. However, buyers' appetite for reasonably priced projects at good locations is still very strong. The latest mass market project Tembusu selling over 200 units on the first day of its launch is a testament to that. Nevertheless, home buyers and investors have turned more cautious and will be more selective with projects due to the cumulative effect of all the property curbs over the past few years. As August is also a traditional Chinese Hungry Ghost month, developers are not in a hurry to launch any other project. We expect slow sales to continue into August with transactions coming in at below 1,000 units. July and August could be just a momentary hiatus. We do expect transaction volumes to rebound strongly in September and October when new launches are back in full force. Projects that are located next to MRT stations will still be a draw among buyers and investors. A good number of highly anticipated projects are slated to be launched in the second half and we expect fairly good take-up rates for them if they are attractively priced. Exhibit 1: Best-selling projects
In the month of May Project Name Total units Units Launched 100 0 0 63 0 Median Units Sold Price (S$psf) 63 25 24 18 18 1,004 1,216 1,201 961 1,432

OrangeTee Research & Consultancy Email: research@orangetee.com Website: www.orangetee.com

Vue 8 Residence Bartley Ridge Jewel @ Buangkok Riversails Kingsford . Hillview Peak

463 868 616 920 512

Source: URA, OrangeTee Research

Research and Consultancy Wong Xian Yang Senior Research Analyst Christine Li Minwen Head

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Exhibit 2: Median prices of units sold (in S$psf), by region

15 August 2013

Source: URA, OrangeTee Research

Exhibit 3: Change in median prices of units sold (in S$psf), by region

Source: URA, OrangeTee Research

Exhibit 4: Price range of the best-selling projects in the month

Source: URA, OrangeTee Research

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Exhibit 5: Number of units launched for sale, by region

15 August 2013

Source: URA, OrangeTee Research

Exhibit 6 : Number of units sold, by region

Source: URA, OrangeTee Research

Exhibit 7 : Proportion of units sold, by region

Source: URA, OrangeTee Research

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| Singapore | Residential | Residential |

15 August 2013

Exhibit 8: Selected Projects with the most number of units sold in July 2013
Total Cumulative Cumulative Highest Cumulative Units Lowest Price Property Number of Units Units Units Sold in Price ($psf) Locality Units Sold toLaunched in Median Price ($psf) # in Type Units in Launched toLaunched the Month # in the date the Month the Month Project date but Unsold Month

Project Name

Street Name

Developer

VUE 8 RESIDENCE

PASIR RIS HEIGHTS

Publique Realty Non(Pasir Ris) Pte Ltd Landed

OCR

463

100

63

37

100

63

1004

819

1204

BARTLEY RIDGE

Mount V NonMOUNT VERNON ROAD Development Pte Landed Ltd White Haven Buangkok Properties Pte Drive/Compassvale Bow Ltd NonLanded

RCR

868

868

658

210

25

1216

1036

1427

JEWEL @ BUANGKOK

OCR

616

350

302

48

24

1201

1035

1405

KINGSFORD . HILLVIEW PEAK

Hillview Avenue

Kingsford NonDevelopment Pte Landed Ltd

OCR

512

512

129

383

18

1432

1343

1482

RIVERSAILS

Benefit UPPER SERANGOON NonInvestments Pte. CRESCENT Landed Ltd. Hong Realty Pte NonLtd Landed MCL Land (Gateway) Pte Ltd

OCR

920

871

814

57

63

18

961

729

1041

D'NEST

Pasir Ris Grove

OCR

912

912

829

83

15

963

866

1018

J GATEWAY

GATEWAY DRIVE

NonLanded

OCR

738

738

738

15

1585

1383

1726

EIGHT RIVERSUITES

WHAMPOA EAST

StrataUE Development Landed / (Bendemeer) Pte NonLtd Landed Quarry Bay Pte Ltd NonLanded

RCR

862

862

557

305

13

1276

991

1529

Q BAY RESIDENCES TAMPINES STREET 86

OCR

630

630

527

103

110

13

1071

872

1160

URBAN VISTA

TANAH MERAH KECHIL Bayfront Realty NonLINK Pte Ltd Landed

OCR

582

535

476

59

10

12

1490

1259

1693

JADE RESIDENCES

LEW LIAN VALE

Roxy Residential NonPte Ltd Landed

OCR

171

120

103

17

11

1589

1319

1647

LAUREL TREE

HILLVIEW TERRACE

Lerida Pte Ltd

NonLanded

OCR

70

70

48

22

10

1318

1242

1448

LA FIESTA

SENGKANG SQUARE

EL Development Non(Sengkang) Pte Landed Ltd Green Bay Pte Ltd NonLanded

OCR

810

600

592

10

1163

1073

1238

RIVERBAY

Mar Thoma Road

RCR

147

63

51

12

10

1402

1286

1461

MIDTOWN RESIDENCES

Upper Serangoon Road

Oxley-Lian Beng NonPte Ltd Landed

OCR

160

160

106

54

1244

1106

1476

Source: URA, OrangeTee Research Terms of Use: The reproduction or distribution of this publication without the express consent of the author is prohibited. This publication is provided for general information only and should not be treated as an invitation or recommendation to buy or sell any specific property or as sales material. Users of this report should consider this publication as one of the many factors in making their investment decision and should seek specific investment advice. OrangeTee.com Pte Ltd and the authors of this publication shall not accept and hereby disclaim all responsibilities and liability to all persons and entities for consequences arising out of any use of this publication.

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