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
STIRLING RESIDENCES Non-Landed RCR 1,259 28 75 37.3%
THE TAPESTRY Non-Landed OCR 861 20 26 76.9%
PARK COLONIAL Non-Landed RCR 805 18 52 34.6%
RIVERFRONT RESIDENCES Non-Landed OCR 1,472 12 55 21.8%
JADESCAPE Non-Landed RCR 1,206 8 25 32.0%
AFFINITY AT SERANGOON Non-Landed OCR 1,052 7 81 8.6%
MAYFAIR GARDENS Non-Landed RCR 215 7 21 33.3%
PARC BOTANNIA Non-Landed OCR 735 5 8 62.5%
RIVERCOVE RESIDENCES Exec Condo OCR 628 3 15 20.0%
GEM RESIDENCES Non-Landed RCR 578 3 3 100.0%
LE QUEST Non-Landed OCR 516 2 5 40.0%
PARK PLACE RESIDENCES AT PLQ Non-Landed RCR 429 2 4 50.0%
MARTIN MODERN Non-Landed CCR 450 2 10 20.0%
NORTHWAVE Exec Condo OCR 358 2 5 40.0%
33 RESIDENCES Non-Landed RCR 27 1 6 16.7%
THE TRE VER Non-Landed RCR 729 1 26 3.8%
DAINTREE RESIDENCE Non-Landed RCR 327 1 1 100.0%
THE ADDITION Non-Landed RCR 26 1 4 25.0%
THE CLEMENT CANOPY Non-Landed OCR 505 1 - -
TREASURE CREST Exec Condo OCR 504 1 - -
AMBER 45 Non-Landed RCR 139 1 - -
TWIN VEW Non-Landed OCR 520 1 2 50.0%
FOREST WOODS Non-Landed OCR 519 1 1 100.0%
THE GARDEN RESIDENCES Non-Landed OCR 613 1 4 25.0%
THE POIZ RESIDENCES Non-Landed RCR 731 1 - -
CASA AL MARE Non-Landed OCR 49 1 - -

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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