Square Foot Research Singapore

Returned Units - Slamming On The Brakes

Watertown

Forfeiting 1.25% of the property price seems like a high price to pay, but not when you feel prices are coming down, or you when find more attractive options elsewhere. See how today's returned units compare to the last crisis.

There is no official source for returned units. We imply the figures from developers' monthly sales data. As the data is based on the number of valid outstanding options, the actual returned units could be higher, as options are generally valid for 3 weeks and there could be cases where options are issued and unexercised within the same month.
 
Buyers who do not exercise their options forfeit 1.25% of the property price. In the last cycle, returned units peaked at February 2008 where there was a total of 127 units returned (Note that only non-landed properties are considered). Although returned units in May 2012 did hit 150, the total monthly sales in the current cycle is as much as 10 times more. If we express returned units as a percentage of total sales in the previous month, it breached 40% in February 2008 whereas today's level remains less than 10%, although it did spike up slightly in January 2012, presumably due to the new round of cooling measures introduced in December 2011.
 

Implied Returned Units Versus Property Prices

Note: Returned units are implied from developer sales data. Includes only non-landed properties.
Source: URA, http://www.squarefoot.com.sg
Note: Implied returned units are expressed as a percentage of total sales in the previous month.
Source: URA, http://www.squarefoot.com.sg

Implied Returned Units, Breakdown by Project

See returned units for a specific month

Note: Available for the last 12 months only
Note: Returned units are implied from developer sales data. Includes only non-landed properties.
Source: URA, http://www.squarefoot.com.sg
Project Name Project Type Region Total
Units
Returned
Units
Units Sold
Last Month
% Units
Returned
TWIN VEW Non-Landed OCR 520 68 454 15.0%
RIVERCOVE RESIDENCES Exec Condo OCR 628 12 108 11.1%
KINGSFORD WATERBAY Strata-Landed / Non-Landed OCR 1,165 9 27 33.3%
PARC BOTANNIA Non-Landed OCR 735 7 43 16.3%
GRANDEUR PARK RESIDENCES Non-Landed OCR 720 6 11 54.5%
THE VERANDAH RESIDENCES Non-Landed RCR 170 5 29 17.2%
GEM RESIDENCES Non-Landed RCR 578 5 17 29.4%
NORTHWAVE Exec Condo OCR 358 4 19 21.1%
HARBOUR VIEW GARDENS Non-Landed RCR 57 3 6 50.0%
SOL ACRES Exec Condo OCR 1,327 3 1 300.0%
SIXTEEN35 RESIDENCES Non-Landed RCR 60 2 45 4.4%
AMBER 45 Non-Landed RCR 139 2 86 2.3%
PARK PLACE RESIDENCES AT PLQ Non-Landed RCR 429 2 16 12.5%
THE VALES Exec Condo OCR 517 1 - -
QUEENS PEAK Non-Landed RCR 736 1 14 7.1%
THOMSON IMPRESSIONS Strata-Landed / Non-Landed RCR 288 1 3 33.3%
THE CLEMENT CANOPY Non-Landed OCR 505 1 16 6.3%
SEASIDE RESIDENCES Non-Landed OCR 841 1 59 1.7%
KANDIS RESIDENCE Non-Landed OCR 130 1 5 20.0%
SIGNATURE AT YISHUN Exec Condo OCR 525 1 - -
PARC LIFE Exec Condo OCR 628 1 5 20.0%
THE NAVIAN Non-Landed OCR 48 1 4 25.0%
WALLICH RESIDENCE AT TANJONG PAGAR CENTRE Non-Landed CCR 181 1 6 16.7%

Disclaimer

This report provides information as reference resource for your personal consumption only. It is not intended to be and does not constitute financial advice, investment advice or any other advice. This report has been generated without regard to the individual financial circumstances, needs or objectives of persons who view it. Users should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. By the use of our services, you agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to Square Foot Research Pte. Ltd., its related and affiliate companies and/or their employees. Square Foot Research Pte. Ltd. makes reasonable effort to use reliable and comprehensive information to generate this report, but we make no representation that it is accurate or complete.

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