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
SYMPHONY SUITES Non-Landed OCR 660 23 42 54.8%
THE SANTORINI Non-Landed OCR 597 15 23 65.2%
THE ALPS RESIDENCES Non-Landed OCR 626 12 23 52.2%
SOL ACRES Exec Condo OCR 1,327 11 6 183.3%
SIGNATURE AT YISHUN Exec Condo OCR 525 11 37 29.7%
INZ RESIDENCE Exec Condo OCR 497 9 40 22.5%
STURDEE RESIDENCES Non-Landed RCR 305 7 19 36.8%
THE POIZ RESIDENCES Non-Landed RCR 731 5 14 35.7%
THE VISIONAIRE Exec Condo OCR 632 4 27 14.8%
SOPHIA HILLS Non-Landed CCR 493 4 28 14.3%
TRE RESIDENCES Non-Landed RCR 250 4 19 21.1%
LAKE LIFE Exec Condo OCR 546 4 - -
ARTRA Non-Landed RCR 400 4 10 40.0%
GEM RESIDENCES Non-Landed RCR 578 4 21 19.0%
PARC RIVIERA Non-Landed OCR 752 4 25 16.0%
HIGHLINE RESIDENCES Non-Landed RCR 500 4 8 50.0%
WESTWOOD RESIDENCES Exec Condo OCR 480 4 7 57.1%
THE CRITERION Exec Condo OCR 505 3 41 7.3%
LE QUEST Non-Landed OCR 516 3 1 300.0%
GRANDEUR PARK RESIDENCES Non-Landed OCR 720 3 6 50.0%
DUO RESIDENCES Non-Landed CCR 660 3 1 300.0%
KINGSFORD WATERBAY Strata-Landed / Non-Landed OCR 1,165 2 45 4.4%
LAKE GRANDE Non-Landed OCR 710 2 21 9.5%
NORTHWAVE Exec Condo OCR 358 2 17 11.8%
THE ASANA Non-Landed CCR 48 2 6 33.3%
CITY SUITES Non-Landed RCR 56 2 3 66.7%
COMMONWEALTH TOWERS Non-Landed RCR 845 2 23 8.7%
THE VALES Exec Condo OCR 517 2 - -
QUEENS PEAK Non-Landed RCR 736 2 28 7.1%
THE CREEK @ BUKIT Non-Landed RCR 260 2 6 33.3%
THE WISTERIA Non-Landed OCR 216 1 2 50.0%
ADANA @ THOMSON Non-Landed OCR 74 1 8 12.5%
THOMSON IMPRESSIONS Strata-Landed / Non-Landed RCR 288 1 9 11.1%
NORTH PARK RESIDENCES Non-Landed OCR 920 1 30 3.3%
PARC LIFE Exec Condo OCR 628 1 48 2.1%
VA RESIDENCES Non-Landed RCR 52 1 2 50.0%
WANDERVALE Exec Condo OCR 534 1 16 6.3%
MARTIN MODERN Non-Landed CCR 450 1 10 10.0%
COCO PALMS Non-Landed OCR 944 1 6 16.7%
PRINCIPAL GARDEN Non-Landed RCR 663 1 40 2.5%
SEASIDE RESIDENCES Non-Landed OCR 841 1 14 7.1%
THE BROWNSTONE Exec Condo OCR 638 1 1 100.0%
THE CLEMENT CANOPY Non-Landed OCR 505 1 17 5.9%

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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