APAC Realty (SGX:CLN)'s total revenue for 9M22 was down 3.2% y-o-y to S$523.9m. Despite the 43% y-o-y drop in units sold for the new home segment, revenue only saw a 0.6% decline to S$210.1m (accounts for 40% of total revenue), mainly due to the higher selling prices. resale and rental revenue eased 4.8% y-o-y to S$310.2m. For 3Q22, revenue was up 1.5% y-o-y and 5.7% q-o-q. See APAC Realty's announcement dated 09 Nov 2022.
- Read this at SGinvestors.io -
- Read this at SGinvestors.io -
More new home supply in the pipeline for 2023.
ERA has secured marketing mandates for 13 projects with a total of 3,642 units launched so far. Another two more projects – Hill House and Tenet – with a total of 690 units are expected to be launched in 2022. For 2023, more than 24 projects with a total of more than 8,000 units are expected to be launched.
Period of adjustment to cooling measures getting shorter. The knee-jerk period for the cooling measures implemented in 2013 was about four years. Notably, net profit for APAC Realty only managed to reach the pre-measure level in 2017.
Meanwhile, the adjustment period became shorter during the rounds of cooling measures in 2018 and 2021, to about one to two quarters, using the Private Property Price Index as a gauge.
Expect a weaker 4Q22 and 1Q23, as the impact from recent cooling measures sets in.
Read more at SGinvestors.io.
Above is an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
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