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Robust sales volume in March carries over to April with continued interest in CCR properties
SINGAPORE, 15 May 2013 A total of 1,375 units (excluding EC) were sold in April 2013, down 51% on month from 2,793 units sold in March 2013. A total of 12 new projects were launched in the month, with the best performing developments being Lloyd Sixtyfive, The Octet and Spazio @ Kovan all achieving 100% take up rates. The strong sales levels could be due to competitive pricing put out by the developer, such as The Octet and Spazio @ Kovan being sold at a median price of about SGD 1,290 despite both being located in the Rest of Central Region (RCR) and Outside Central Region (OCR) region. Following record sales volume in March, developers have become slightly more upbeat regarding take up of Core Central Region (CCR) properties. Three developments, Ferra, Llyod Sixtyfive and Mon Jervois were launched in the locality in April, with Lloyd Sixtyfive, located closest to an MRT station (Somerset station) achieving the best take up rate. Dr Chua Yang Liang, Head of Research, South East Asia, Jones Lang LaSalle comments: “The better than expected take up of these competitively priced new projects in the CCR and RCR area confirms our view that the closing gap between high end and mass market prices will begin to draw Singapore buyers and lend price support to the high end segment in the mid term.” Some upcoming launches include Stratum, Vue 8 Res, Jewel @ Buangkok, The Siena and The Skywoods among other developments. Projects in the OCR region such as Stratum (Pasir Ris), Vue 8 Res (Pasir Ris), Jewel @ Buangkok (Buangkok/Sengkang) and The Skywoods (Dairy Farm Road) are likely to be priced between SGD 920 to 1050 psf. The Siena, located just off Botanic Gardens and walking distance from the MRT by the same name could be priced at a premium of about SGD 1,850-1900 psf. “As the islandwide new sales volume in April is a marked decline of 51% m-o-m and 45% y-o-y, it suggests that the market could be slowing down in the next few months.” Dr Chua adds. The full year forecast for developer sales will range between 18,000 and 21,000 units sold, with the higher end of the figure being reached if GDP growth remains strong and foreigner demand of properties is sustained. However, sales volume could be at the lower level of 18,000 if GDP growth comes in at the bottom end of 1% within the range set by the Ministry of Trade and Industry (MTI).
Dr. Chua Yang Liang
+65 6494 3721