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, https://www.squarefoot.com.sg
Note: Implied returned units are expressed as a percentage of total sales in the previous month.
Source: URA, https://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, https://www.squarefoot.com.sg
Project Name Project Type Region Total
Units
Returned
Units
Units Sold
Last Month
% Units
Returned
THE SANTORINI Non-Landed OCR 597 37 64 57.8%
PARC RIVIERA Non-Landed OCR 752 27 83 32.5%
SYMPHONY SUITES Non-Landed OCR 660 18 35 51.4%
THE ALPS RESIDENCES Non-Landed OCR 626 17 47 36.2%
SOL ACRES Exec Condo OCR 1,327 14 116 12.1%
THE WISTERIA Non-Landed OCR 216 11 20 55.0%
GRANDEUR PARK RESIDENCES Non-Landed OCR 720 10 39 25.6%
THE VISIONAIRE Exec Condo OCR 632 9 39 23.1%
THE POIZ RESIDENCES Non-Landed RCR 731 7 16 43.8%
INZ RESIDENCE Exec Condo OCR 497 7 37 18.9%
COCO PALMS Non-Landed OCR 944 7 15 46.7%
QUEENS PEAK Non-Landed RCR 736 6 19 31.6%
TRILIVE Non-Landed OCR 222 5 10 50.0%
HIGHLINE RESIDENCES Non-Landed RCR 500 5 14 35.7%
SIGNATURE AT YISHUN Exec Condo OCR 525 5 16 31.3%
WANDERVALE Exec Condo OCR 534 4 5 80.0%
GEM RESIDENCES Non-Landed RCR 578 3 17 17.6%
SIMS URBAN OASIS Non-Landed RCR 1,024 3 51 5.9%
SOPHIA HILLS Non-Landed CCR 493 3 28 10.7%
WESTWOOD RESIDENCES Exec Condo OCR 480 3 29 10.3%
KINGSFORD WATERBAY Strata-Landed / Non-Landed OCR 1,165 3 51 5.9%
TRE RESIDENCES Non-Landed RCR 250 3 22 13.6%
STURDEE RESIDENCES Non-Landed RCR 305 3 7 42.9%
THE PANORAMA Non-Landed OCR 698 2 3 66.7%
AMBER SKYE Non-Landed RCR 109 2 14 14.3%
THE VALES Exec Condo OCR 517 2 14 14.3%
STARS OF KOVAN Strata-Landed / Non-Landed OCR 395 2 16 12.5%
ARTRA Non-Landed RCR 400 1 26 3.8%
VIIO @ BALESTIER Non-Landed RCR 56 1 4 25.0%
ECO SANCTUARY Non-Landed OCR 483 1 1 100.0%
BELLEWOODS Exec Condo OCR 561 1 18 5.6%
THE BROWNSTONE Exec Condo OCR 638 1 23 4.3%
THE TERRACE Exec Condo OCR 747 1 - -
THE CREST Non-Landed RCR 469 1 11 9.1%
THE GLADES Non-Landed OCR 726 1 19 5.3%
COMMONWEALTH TOWERS Non-Landed RCR 845 1 53 1.9%
NORTHWAVE Exec Condo OCR 358 1 22 4.5%

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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