Hong Leong, Far East and Frasers tops in property market

Source : Business Times – 18 Dec 2009

HONG Leong Group, Far East Organization and Frasers Centrepoint have been the most active companies on the local property scene this year, making their mark in the number and value of homes sold.

Together, the three developers are likely to have raked in more than $6 billion from selling more than 5,000 private homes – mostly from mass-market and mid-tier sites.

The data comes from a quick poll of several developers. To highlight, not all figures are exact – there is double-counting of sales in some cases because of joint venture projects.

Nevertheless, Hong Leong, Far East and Frasers Centrepoint emerged clear leaders. As at Tuesday this week, entities linked to Hong Leong – City Developments (CDL), Hong Leong Holdings and TID – had sold 2,122 units, valued at $2.39 billion.

CDL alone moved 1,500 homes worth $1.86 billion, from launches including The Arte, Livia and Hundred Trees. Hong Leong Holdings sold 325 units, while TID sold 297. Sales from a joint venture project The Gale are included in figures for both CDL and Hong Leong Holdings.

Far East commanded a sizeable share of the market with 1,932 homes sold, valued at more than $2.34 billion. The developer launched 11 projects this year, and the five that brought in the highest revenue are Mi Casa, Vista Residences, Cyan, Waterfront Waves and Silversea.

But included in figures from Far East are sales from tie-ups with Orchard Parade Holdings and Wing Tai (111 units from Floridian) and with Frasers Centrepoint (225 units from Waterfront Key and 222 units from Waterfront Waves).

Frasers Centrepoint itself has also been a big winner, moving 1,852 units worth $2.17 billion. These came from projects such as Martin Place Residences, Caspian, 8@Woodleigh and Woodsville 28.

Figures from Frasers Centrepoint also take into account sales from Waterfront Key and Waterfront Waves.

Coming behind Hong Leong, Far East and Frasers Centrepoint is UOL, which sold a respectable 1,009 homes for $1.2 billion, from Breeze by the East, Meadows@Peirce, Nassim Park Residences and Double Bay Residences.

CapitaLand sold 535 homes in Singapore valued at close to $1 billion. Keppel Land sold close to 380 homes, also for close to $1 billion.