17-10-2013, 10:04 AM
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19-03-2014, 09:48 AM
The Business Times Property 2014
http://www.btinvest.com.sg/specials/property2014/
http://www.btinvest.com.sg/specials/property2014/
20-03-2014, 09:00 AM
Developers to hold firm in home price (Today:20.3)
"There are successful cases; for example, Hallmark," said Mr Ku Swee Yong, Chief executive of Century21.
"They lowered prices by 10% and sold 26 units last month, compare with zero in Dec. So lowering prices helps, but there is not much incentive right now unless you are very near the end of the 5yr mark.
"In the meantime, the holding cost is low, so why lower prices? While developers construct, they can continue selling."
Developers have 5 years fr the time if land acquisition to complete building and selling units in the development and be exempted fr paying the additional buyer's stamp duty.
In additional, developers with foreign shareholders are subject to the Qualifying Certificate rules, which require them to sell all dwelling units within 2 yr of obtaining a TOP.
Love Compassion
A Life not Reflected is a Life not Worth Living.
"There are successful cases; for example, Hallmark," said Mr Ku Swee Yong, Chief executive of Century21.
"They lowered prices by 10% and sold 26 units last month, compare with zero in Dec. So lowering prices helps, but there is not much incentive right now unless you are very near the end of the 5yr mark.
"In the meantime, the holding cost is low, so why lower prices? While developers construct, they can continue selling."
Developers have 5 years fr the time if land acquisition to complete building and selling units in the development and be exempted fr paying the additional buyer's stamp duty.
In additional, developers with foreign shareholders are subject to the Qualifying Certificate rules, which require them to sell all dwelling units within 2 yr of obtaining a TOP.
Love CompassionA Life not Reflected is a Life not Worth Living.
20-03-2014, 10:31 AM
Yes please hold. So their sales volume will also HOLD.
When they reach crisis then they cut price big time...
When they reach crisis then they cut price big time...
31-03-2014, 07:56 AM
Property agents feeling the pinch as market cools
Buying interest close to period following 2008 financial crash, they say
Published on Mar 31, 2014
Artists’ impressions of the RiverTrees Residences (above) in Sengkang and of a ground floor unit with private pool at Cluny Park Residences. With such a wealth of options, buyers are the winners. -- PHOTO: FRASERS CENTREPOINT
By Audrey Kang
IT MIGHT be a property buyer's market now that prices in the fourth quarter last year have finally dipped after several years but it is about as grim as it gets for property agents.
Buying interest is down to levels not seen since the months following the 2008 global market crash although prices have held up better this time around.
Agents are more concerned with transaction volumes than sale prices as it is high turnover that generates commissions and in this regard, pickings are lean.
Only 565 new private homes were sold in January while 724 units were shifted last month.
There were also only 242 resales in the private home market last month, down 18.5 per cent from January, according to the Singapore Real Estate Exchange.
These anaemic numbers are all unwelcome reminders of the financial meltdown.
In the first two months of 2008, only 494 new units were sold although activity picked up in 2009, with 108 new sales in January and 1,332 in February of that year.
The feeble sales this year point to just how hard and fast the slide has set in. New sales averaged around 1,000 a month in 2012 while there were 22,197 transactions overall, including resales, that year - a far cry from the 14,948 units sold last year.
Propnex chief executive Mohamed Ismail said he expects transaction numbers to stay low, at least until the end of this year.
Agents hope it will not mirror 2008 when only 4,264 units - new and resale - were sold in the private home market.
Buyers are the winners with a wealth of options - RiverTrees Residences, Riverbank@Fernvale, The Ascent, Cluny Park Residences and The Panorama all launched this year - at prices that are open to negotiation.
Several agents told The Straits Times that they are finding it far harder to close a deal now than in the past few years when property virtually sold itself.
An agent, who wanted to be known only as Mr Ng, said: "The buyers know that they have more choices now, and they're using this to their advantage to take their pick." He has been working at a showflat for the last month and has yet to close a deal.
Another agent, who wanted to be only known as Mr E. Tan, said he used to close around three deals a month in 2012 but has not finalised a single purchase in nearly two months.
An agent, who gave his name only as Mr Zhang, said: "There are too many choices... For buyers who are purchasing for themselves, they will still buy, but for investors, they are choosing to wait and hunt for better deals."
Nurse Denise Thia, 36, who visited two show flats in Sengkang earlier this month, said: "We're looking at buying a new unit for investment. There's definitely more choice for us now."
The Straits Times visited the showflats of recently launched projects over two recent weekends to see how grim things were.
Agents often outnumbered viewers at showflats. In one case, there were at least 15 agents in attendance but only two families turned up over one hour.
At another, 20 agents stood around with only a family of five at the showflat in over an hour.
Mr Ng said he has encountered buyers who want multiple viewings at showflats without real intentions to commit.
Another agent, Ms Loh, said: "Agents don't have a stable income even in good markets and now, it's even worse for us."
Dennis Wee Group president Lionel Ng said increased loan restrictions and the wide range of choices for buyers are discouraging transactions. "Buyers are also starting to look at properties overseas as they are not as restricted in terms of loans," he added.
Mr Lionel Ng, who has been in the property game for 18 years, said the market is the worst he has seen, even compared with the 2008 financial crisis.
"(Then), agents weren't so affected as people were still selling properties. Agents are only affected by the number of transactions, so even then we were doing rather well compared with now."
Said Mr Ismail: "Transactions have fallen around 30 per cent to 40 per cent since 2012 across both private property and the HDB markets. Buyers are taking advantage."
audkang@sph.com.sg
Buying interest close to period following 2008 financial crash, they say
Published on Mar 31, 2014
Artists’ impressions of the RiverTrees Residences (above) in Sengkang and of a ground floor unit with private pool at Cluny Park Residences. With such a wealth of options, buyers are the winners. -- PHOTO: FRASERS CENTREPOINT
By Audrey Kang
IT MIGHT be a property buyer's market now that prices in the fourth quarter last year have finally dipped after several years but it is about as grim as it gets for property agents.
Buying interest is down to levels not seen since the months following the 2008 global market crash although prices have held up better this time around.
Agents are more concerned with transaction volumes than sale prices as it is high turnover that generates commissions and in this regard, pickings are lean.
Only 565 new private homes were sold in January while 724 units were shifted last month.
There were also only 242 resales in the private home market last month, down 18.5 per cent from January, according to the Singapore Real Estate Exchange.
These anaemic numbers are all unwelcome reminders of the financial meltdown.
In the first two months of 2008, only 494 new units were sold although activity picked up in 2009, with 108 new sales in January and 1,332 in February of that year.
The feeble sales this year point to just how hard and fast the slide has set in. New sales averaged around 1,000 a month in 2012 while there were 22,197 transactions overall, including resales, that year - a far cry from the 14,948 units sold last year.
Propnex chief executive Mohamed Ismail said he expects transaction numbers to stay low, at least until the end of this year.
Agents hope it will not mirror 2008 when only 4,264 units - new and resale - were sold in the private home market.
Buyers are the winners with a wealth of options - RiverTrees Residences, Riverbank@Fernvale, The Ascent, Cluny Park Residences and The Panorama all launched this year - at prices that are open to negotiation.
Several agents told The Straits Times that they are finding it far harder to close a deal now than in the past few years when property virtually sold itself.
An agent, who wanted to be known only as Mr Ng, said: "The buyers know that they have more choices now, and they're using this to their advantage to take their pick." He has been working at a showflat for the last month and has yet to close a deal.
Another agent, who wanted to be only known as Mr E. Tan, said he used to close around three deals a month in 2012 but has not finalised a single purchase in nearly two months.
An agent, who gave his name only as Mr Zhang, said: "There are too many choices... For buyers who are purchasing for themselves, they will still buy, but for investors, they are choosing to wait and hunt for better deals."
Nurse Denise Thia, 36, who visited two show flats in Sengkang earlier this month, said: "We're looking at buying a new unit for investment. There's definitely more choice for us now."
The Straits Times visited the showflats of recently launched projects over two recent weekends to see how grim things were.
Agents often outnumbered viewers at showflats. In one case, there were at least 15 agents in attendance but only two families turned up over one hour.
At another, 20 agents stood around with only a family of five at the showflat in over an hour.
Mr Ng said he has encountered buyers who want multiple viewings at showflats without real intentions to commit.
Another agent, Ms Loh, said: "Agents don't have a stable income even in good markets and now, it's even worse for us."
Dennis Wee Group president Lionel Ng said increased loan restrictions and the wide range of choices for buyers are discouraging transactions. "Buyers are also starting to look at properties overseas as they are not as restricted in terms of loans," he added.
Mr Lionel Ng, who has been in the property game for 18 years, said the market is the worst he has seen, even compared with the 2008 financial crisis.
"(Then), agents weren't so affected as people were still selling properties. Agents are only affected by the number of transactions, so even then we were doing rather well compared with now."
Said Mr Ismail: "Transactions have fallen around 30 per cent to 40 per cent since 2012 across both private property and the HDB markets. Buyers are taking advantage."
audkang@sph.com.sg
31-03-2014, 07:56 AM
Agents 'giving up or branching out' as tough times bite
Published on Mar 31, 2014
Mr Cheong used to close four deals a month, but is happy now with one.
MR DAVID Cheong has seen all sides of the local residential property market - as a property agent, and more recently as a trainer of property agents.
Times are tough now, he said, observing that many would-be agents fall by the wayside when they realise how difficult the market has become.
In 2007, he was prompted to quit his $5,000-a-month job in the information technology industry, lured by stories of top agents closing more than 10 deals a month and raking in big money.
Said 39-year-old: "When I first joined, the industry was booming.
"But shortly after, in 2008, things weren't as good."
He said he sometimes questions his decision to leave his stable job for this uncertainty.
A year into being a full-time agent, he decided that the market was too bad and started looking elsewhere for a job, while supplementing his income as a part-time agent.
Now, he is a real estate agent trainer, and has taught more than 3,000 real estate agents.
However, only 20 per cent of his students are still in the industry.
"Most people come in with the dream that they are going to close many deals a month, but that is simply not true," he said.
"In reality, only the top 20 agents in the market are closing the deals."
Most of his students leave the industry after they realise that the market is not as favourable as they thought it was.
He has no plans to go back to being a full-time agent, especially in this market.
"I used to be able to close at least four deals a month, but right now, in this market, I am very happy to close even one," he said.
Besides residential property, he has started handling commercial property deals, as well as foreign properties, just to stay afloat.
"Many agents these days are branching out, because the residential market is not big enough to sustain so many agents," he said.
AUDREY KANG
Published on Mar 31, 2014
Mr Cheong used to close four deals a month, but is happy now with one.
MR DAVID Cheong has seen all sides of the local residential property market - as a property agent, and more recently as a trainer of property agents.
Times are tough now, he said, observing that many would-be agents fall by the wayside when they realise how difficult the market has become.
In 2007, he was prompted to quit his $5,000-a-month job in the information technology industry, lured by stories of top agents closing more than 10 deals a month and raking in big money.
Said 39-year-old: "When I first joined, the industry was booming.
"But shortly after, in 2008, things weren't as good."
He said he sometimes questions his decision to leave his stable job for this uncertainty.
A year into being a full-time agent, he decided that the market was too bad and started looking elsewhere for a job, while supplementing his income as a part-time agent.
Now, he is a real estate agent trainer, and has taught more than 3,000 real estate agents.
However, only 20 per cent of his students are still in the industry.
"Most people come in with the dream that they are going to close many deals a month, but that is simply not true," he said.
"In reality, only the top 20 agents in the market are closing the deals."
Most of his students leave the industry after they realise that the market is not as favourable as they thought it was.
He has no plans to go back to being a full-time agent, especially in this market.
"I used to be able to close at least four deals a month, but right now, in this market, I am very happy to close even one," he said.
Besides residential property, he has started handling commercial property deals, as well as foreign properties, just to stay afloat.
"Many agents these days are branching out, because the residential market is not big enough to sustain so many agents," he said.
AUDREY KANG
31-03-2014, 07:58 AM
Love of property runs in his blood
Hatten Group MD's idol is his father, the 'Geylang king'
Published on Mar 31, 2014
By Rachael Boon
AS THE son of Eric Tan, the so-called "Geylang king", Hatten Group managing director Colin Tan has the love of property coursing through his veins.
His father achieved fame after buying more than 30 properties and plots in the Geylang area between 1990 and 1995 for redevelopment. Those projects included the 49-unit Torieview Mansions and the 14-unit Goodview Mansions.
Mr Tan, 31, says: "When I was younger, we went around with our dad to look at land. There was an interest in doing developments, and looking at how buildings were built."
Road trips with his father and brother Edwin, now Hatten Group's chief executive, presented them with opportunities in Malaysia in 2004.
One eventually led to Malacca, where Hatten Group took the chance to transform a 7.7ha development. Called Dataran Pahlawan Melaka Megamall, it is now known as the biggest retail mall in Malacca, and is the group's flagship project.
"Dataran Pahlawan was an abandoned project, hidden within the city centre and next to a historical site. We thought this was a good place to start a development if we wanted to."
Mr Tan says they decided to give it a shot, marking the start of Hatten Group's involvement in real estate in Malaysia.
"My father could have continued in the construction business, but we went into Malaysia because there were good opportunities. He had the foresight that Malacca is a gem and a chance not to be missed."
Hatten Group was incorporated in 2008, and its headquarters is in Malacca, where Mr Tan is based. He says he could not have done it without his father, now Hatten Group's chairman, who has always been there to guide him along the way, playing a central role in the business.
The chairman, Mr Eric Tan, has seen his fair share of ups and downs in the property line, having gone into property development with Torie Development in 1983.
The recession hit in 1984 to 1985 and he found himself owing money to the bank. He later went into construction in 1986, and returned to property with plots in the Geylang area.
As the managing director of local firm Torie Group, which already had six projects in Malacca in 1995, he was hit again by the regional recession in the late 1990s. He has since kept a low profile in Singapore, focusing on Malaysia, where he is now known as Datuk Wira Eric Tan.
Mr Colin Tan says what his father went through did not really affect his decision to go into property. Instead, it was being exposed to real estate at a very young age. Calling his father his idol, Mr Tan says he has seen how his father managed the various challenges all these years. He has one elder brother, and a younger sister and brother.
Hatten Group's latest venture is Capital City in the fast-growing Iskandar development zone, a 20-minute drive from Singapore. The RM2.2 billion (S$847 million) mixed-used project is at Jalan Tempoi, about 7km north-west of Danga Bay, and is being jointly developed with Sunbuild Development and Gadang Holdings. The site is a 17-minute drive from the Customs, Immigration and Quarantine Complex.
The project consists of two hotel blocks, three Soho (small office home office) loft residential blocks and a one million sq ft retail concept mall named Capital 21.
Mr Tan decided to proceed with the Iskandar project even though many developers are rushing into the zone.
"The big players are in Medini and Danga Bay area, none of them has stepped into this area where we've started, and the majority of its surroundings are residential areas, so we thought this would be a good chance for us."
Hatten Group's other projects include Hatten Square, a mixed-use development with 200 units of retail space, and Hatten Hotel with 750 hotel suites.
The property group, which is also involved in hospitality, wants to stand out from other residential developers by focusing on integrated projects. Mr Tan says: "If you're talking about residential projects, a lot of developers can do it. Mixed, integrated developments, not so much, which is a niche market in that sense. We didn't want to compete with the rest of them, but to create something unique."
The group has plans for six new projects in Malaysia - in centres including Malacca and Seremban - but is focusing its efforts on Capital City for now.
Mr Tan, who is married with two children, is not ruling out Singapore, and is open to other businesses, saying that Hatten Group is expanding into health and education. "If the timing or opportunity is right, we will do something in Singapore as well."
rachaelb@sph.com.sg
Background story
NICHE MARKET
If you're talking about residential projects, a lot of developers can do it. Mixed, integrated developments, not so much, which is a niche market in that sense. We didn't want to compete with the rest of them, but to create something unique.
- Mr Colin Tan
Hatten Group MD's idol is his father, the 'Geylang king'
Published on Mar 31, 2014
By Rachael Boon
AS THE son of Eric Tan, the so-called "Geylang king", Hatten Group managing director Colin Tan has the love of property coursing through his veins.
His father achieved fame after buying more than 30 properties and plots in the Geylang area between 1990 and 1995 for redevelopment. Those projects included the 49-unit Torieview Mansions and the 14-unit Goodview Mansions.
Mr Tan, 31, says: "When I was younger, we went around with our dad to look at land. There was an interest in doing developments, and looking at how buildings were built."
Road trips with his father and brother Edwin, now Hatten Group's chief executive, presented them with opportunities in Malaysia in 2004.
One eventually led to Malacca, where Hatten Group took the chance to transform a 7.7ha development. Called Dataran Pahlawan Melaka Megamall, it is now known as the biggest retail mall in Malacca, and is the group's flagship project.
"Dataran Pahlawan was an abandoned project, hidden within the city centre and next to a historical site. We thought this was a good place to start a development if we wanted to."
Mr Tan says they decided to give it a shot, marking the start of Hatten Group's involvement in real estate in Malaysia.
"My father could have continued in the construction business, but we went into Malaysia because there were good opportunities. He had the foresight that Malacca is a gem and a chance not to be missed."
Hatten Group was incorporated in 2008, and its headquarters is in Malacca, where Mr Tan is based. He says he could not have done it without his father, now Hatten Group's chairman, who has always been there to guide him along the way, playing a central role in the business.
The chairman, Mr Eric Tan, has seen his fair share of ups and downs in the property line, having gone into property development with Torie Development in 1983.
The recession hit in 1984 to 1985 and he found himself owing money to the bank. He later went into construction in 1986, and returned to property with plots in the Geylang area.
As the managing director of local firm Torie Group, which already had six projects in Malacca in 1995, he was hit again by the regional recession in the late 1990s. He has since kept a low profile in Singapore, focusing on Malaysia, where he is now known as Datuk Wira Eric Tan.
Mr Colin Tan says what his father went through did not really affect his decision to go into property. Instead, it was being exposed to real estate at a very young age. Calling his father his idol, Mr Tan says he has seen how his father managed the various challenges all these years. He has one elder brother, and a younger sister and brother.
Hatten Group's latest venture is Capital City in the fast-growing Iskandar development zone, a 20-minute drive from Singapore. The RM2.2 billion (S$847 million) mixed-used project is at Jalan Tempoi, about 7km north-west of Danga Bay, and is being jointly developed with Sunbuild Development and Gadang Holdings. The site is a 17-minute drive from the Customs, Immigration and Quarantine Complex.
The project consists of two hotel blocks, three Soho (small office home office) loft residential blocks and a one million sq ft retail concept mall named Capital 21.
Mr Tan decided to proceed with the Iskandar project even though many developers are rushing into the zone.
"The big players are in Medini and Danga Bay area, none of them has stepped into this area where we've started, and the majority of its surroundings are residential areas, so we thought this would be a good chance for us."
Hatten Group's other projects include Hatten Square, a mixed-use development with 200 units of retail space, and Hatten Hotel with 750 hotel suites.
The property group, which is also involved in hospitality, wants to stand out from other residential developers by focusing on integrated projects. Mr Tan says: "If you're talking about residential projects, a lot of developers can do it. Mixed, integrated developments, not so much, which is a niche market in that sense. We didn't want to compete with the rest of them, but to create something unique."
The group has plans for six new projects in Malaysia - in centres including Malacca and Seremban - but is focusing its efforts on Capital City for now.
Mr Tan, who is married with two children, is not ruling out Singapore, and is open to other businesses, saying that Hatten Group is expanding into health and education. "If the timing or opportunity is right, we will do something in Singapore as well."
rachaelb@sph.com.sg
Background story
NICHE MARKET
If you're talking about residential projects, a lot of developers can do it. Mixed, integrated developments, not so much, which is a niche market in that sense. We didn't want to compete with the rest of them, but to create something unique.
- Mr Colin Tan
01-04-2014, 10:35 AM
Developers hiring more realty firms to sell homes
Benefits include more competition but it may not be a sure-win strategy
Published on Apr 01, 2014
MCC Land launched The Santorini condominium in Tampines Avenue 10 last Saturday with four agents - ERA Realty, PropNex, CBRE and GPS Alliance. It managed to sell 80 units out of 200 units released. -- PHOTO: MCC LAND
By Rennie Whang
THE tough property market is forcing developers to turn to multiple marketing agencies to help move units, property analysts said.
The developers' aim is simple: More agencies fighting over commissions increases the competition to move these homes.
And as different agencies have more experience in dealing with certain types of clients, a joint effort can bring benefits.
Take MCC Land. It launched The Santorini condominium in Tampines Avenue 10 last Saturday with four agents - ERA Realty, PropNex, CBRE and GPS Alliance. It sold 80 units out of 200 units released.
The block has 597 units in total.
Most of the sales were of one- and two-bedders units, an MCC Land spokesman said. The average price was $1,100 per square foot.
The spokesman said the cooling market was a factor in the unusual move to appoint four agents.
Ms Christine Li, research head at property firm OrangeTee, said that it is "very rare" to have two large agents and two smaller ones.
"In the past, unless it's more than 800 units, a developer would usually have a sole marketing agent. If it's more than 800 units, it might go for a big firm and a smaller firm," she added.
ERA Realty and PropNex boast more than 5,000 agents each.
Mr Ku Swee Yong, chief executive of property firm Century 21, noted: "It's a reflection of how tough the market is. In theory, one large agency can handle 597 units... I'm surprised even the third and fourth agencies were willing to participate."
Having multiple agents for one project has been a "consistent strategy" for the firm, the MCC Land spokesman said.
He said the firm's last few projects - executive condominiums One Canberra, Forestville, and Sea Horizon - all had three agents each.
PropNex chief executive Mohamed Ismail said that while competition would be greater, developers ultimately benefit when agencies are motivated to outdo one another.
"Our surveys have shown that more than 80 per cent of consumers are not ready to buy a property now... The days where buyers were excited and queued overnight are no longer. Now, developers need the outreach (from multiple agencies) to explain the benefit of a property."
The shift in strategy to using multiple agencies is due largely to the slowdown in sales, an outcome developers blame on the Total Debt Servicing Ratio (TDSR) framework that was introduced last June.
The measure, which caps loan limits at 60 per cent of a buyer's gross monthly income, has curtailed mortgage approvals.
Developers moved 9,950 private homes in the first half of last year but only 5,065 units in the second half following the TDSR implementation.
Ms Li said that while the market has had some successful launches since TDSR kicked in, many projects this year are not selling well.
She said: "The eligible pool of upgraders is shrinking, especially if the place has had a few launches. In the past two years, Tampines has had executive condominiums like CityLife @ Tampines; also others not yet fully sold like Tampines Trilliant.
"The Santorini is also priced higher than (adjacent condominium) Q Bay Residences. Upgraders in the area do compare different products. Right now, people are going for value for money."
She added that the number of marketing agencies does not affect the commission rate.
Rates are determined by the marketing agencies and the developer and "if the developer is not confident, it pays a bit higher".
The number of agents at The Santorini is not unprecedented.
In August last year, the developer of the 141-unit, mixed freehold Kensington Square engaged five agencies - ERA Realty, PropNex, KnightFrank, Teakhwa Real Estate and C & H Properties.
It moved 61 of 112 units launched that month.
A spokesman for World Class Land, which developed Kensington Square, said: "We feel it helps us to have more outreach."
This was one more agent than the four it had engaged for its 582-unit Tanah Merah condominium Urban Vista, launched in March last year.
More projects in the coming months are expected to be joint marketing efforts.
Singland has appointed Huttons, Savills and CBRE for its 106-unit Farrer Drive condominium Pollen & Bleu, which is due to be launched this year.
R'ST Research director Ong Kah Seng said developers may benefit from the different clientele marketing agencies specialise in.
"Home-grown agencies are seasoned in public residential marketing and suburban residential projects. More international agencies specialise in the high-end and mid-tier (sectors), also suburban condominiums."
But having as many as four marketing agencies is not a sure-win strategy, said Mr Ku of Century 21.
"Agents may get pushy due to the competition and higher pressure. There could even be misrepresentation," he added.
wrennie@sph.com.sg
Benefits include more competition but it may not be a sure-win strategy
Published on Apr 01, 2014
MCC Land launched The Santorini condominium in Tampines Avenue 10 last Saturday with four agents - ERA Realty, PropNex, CBRE and GPS Alliance. It managed to sell 80 units out of 200 units released. -- PHOTO: MCC LAND
By Rennie Whang
THE tough property market is forcing developers to turn to multiple marketing agencies to help move units, property analysts said.
The developers' aim is simple: More agencies fighting over commissions increases the competition to move these homes.
And as different agencies have more experience in dealing with certain types of clients, a joint effort can bring benefits.
Take MCC Land. It launched The Santorini condominium in Tampines Avenue 10 last Saturday with four agents - ERA Realty, PropNex, CBRE and GPS Alliance. It sold 80 units out of 200 units released.
The block has 597 units in total.
Most of the sales were of one- and two-bedders units, an MCC Land spokesman said. The average price was $1,100 per square foot.
The spokesman said the cooling market was a factor in the unusual move to appoint four agents.
Ms Christine Li, research head at property firm OrangeTee, said that it is "very rare" to have two large agents and two smaller ones.
"In the past, unless it's more than 800 units, a developer would usually have a sole marketing agent. If it's more than 800 units, it might go for a big firm and a smaller firm," she added.
ERA Realty and PropNex boast more than 5,000 agents each.
Mr Ku Swee Yong, chief executive of property firm Century 21, noted: "It's a reflection of how tough the market is. In theory, one large agency can handle 597 units... I'm surprised even the third and fourth agencies were willing to participate."
Having multiple agents for one project has been a "consistent strategy" for the firm, the MCC Land spokesman said.
He said the firm's last few projects - executive condominiums One Canberra, Forestville, and Sea Horizon - all had three agents each.
PropNex chief executive Mohamed Ismail said that while competition would be greater, developers ultimately benefit when agencies are motivated to outdo one another.
"Our surveys have shown that more than 80 per cent of consumers are not ready to buy a property now... The days where buyers were excited and queued overnight are no longer. Now, developers need the outreach (from multiple agencies) to explain the benefit of a property."
The shift in strategy to using multiple agencies is due largely to the slowdown in sales, an outcome developers blame on the Total Debt Servicing Ratio (TDSR) framework that was introduced last June.
The measure, which caps loan limits at 60 per cent of a buyer's gross monthly income, has curtailed mortgage approvals.
Developers moved 9,950 private homes in the first half of last year but only 5,065 units in the second half following the TDSR implementation.
Ms Li said that while the market has had some successful launches since TDSR kicked in, many projects this year are not selling well.
She said: "The eligible pool of upgraders is shrinking, especially if the place has had a few launches. In the past two years, Tampines has had executive condominiums like CityLife @ Tampines; also others not yet fully sold like Tampines Trilliant.
"The Santorini is also priced higher than (adjacent condominium) Q Bay Residences. Upgraders in the area do compare different products. Right now, people are going for value for money."
She added that the number of marketing agencies does not affect the commission rate.
Rates are determined by the marketing agencies and the developer and "if the developer is not confident, it pays a bit higher".
The number of agents at The Santorini is not unprecedented.
In August last year, the developer of the 141-unit, mixed freehold Kensington Square engaged five agencies - ERA Realty, PropNex, KnightFrank, Teakhwa Real Estate and C & H Properties.
It moved 61 of 112 units launched that month.
A spokesman for World Class Land, which developed Kensington Square, said: "We feel it helps us to have more outreach."
This was one more agent than the four it had engaged for its 582-unit Tanah Merah condominium Urban Vista, launched in March last year.
More projects in the coming months are expected to be joint marketing efforts.
Singland has appointed Huttons, Savills and CBRE for its 106-unit Farrer Drive condominium Pollen & Bleu, which is due to be launched this year.
R'ST Research director Ong Kah Seng said developers may benefit from the different clientele marketing agencies specialise in.
"Home-grown agencies are seasoned in public residential marketing and suburban residential projects. More international agencies specialise in the high-end and mid-tier (sectors), also suburban condominiums."
But having as many as four marketing agencies is not a sure-win strategy, said Mr Ku of Century 21.
"Agents may get pushy due to the competition and higher pressure. There could even be misrepresentation," he added.
wrennie@sph.com.sg
01-04-2014, 10:44 AM
There is also the article in today's BT about less than stellar sales at the newly launched The Santorini in Tampines.
01-04-2014, 10:56 AM
Don't see the prices coming down leh... 
Not very efficient to use investment properties except for the leverage.
Not very efficient to use investment properties except for the leverage.