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News Release


JLL’s perspective: Private residential units sold by developers in November 2014

Private home market wanes while executive condominium launches and sales pick up sharply

Singapore, 15 December 2014 – In November 2014, only 412 private residential units were sold by developers, a 47.5 per cent decline from the 785 units sold in October and the lowest monthly sales of private homes in 2014. As the year end approaches, demand has slackened off due to the holidays and most developers also see no point in launching new projects during this period. Consequently only 859 private homes were launched for sale by developers, a 27 per cent improvement over the previous month's launches but still way below pre-TDSR launch levels.                                                                                                 

The two private residential projects launched for sale in November 2014 are Sophia Hills and TRE Residences. Sophia Hills, located in Mount Sophia has 493 units of which nine were sold at a median price of $2,292 psf. TRE Residences which is in Geylang East Avenue 1, sold 52 of its 250 units at a median price of $1,588 psf.

The executive condominium market had a brisk month in November, chalking up 855 units in sales, out of the 1758 units launched. These are the highest monthly launched and sold figures since the resumption of EC launches in 2010. It is partly due to the absence of EC launches since November 2013 when Waterwoods and Skypark Residences were launched, which resulted in some pent-up demand.

Three EC developments were launched during the month of November. Lake Life along Toa Ching Road in Jurong was the star performer, selling 533 of its 546 units at a median price of $869 psf. Bellewaters at Anchorvale Crescent received moderate response, selling 170 of its 651 units at a median price of $813 psf while Bellewoods along Woodlands Avenue 5 sold 79 of its 561 units at a median price of $800 psf. Lake Life enjoyed a unique selling proposition of having the attributes of the Jurong Lake District that attracted buyers more easily and achieving optimistic pricing. On the other hand, Bellewaters and Bellewoods had more mediocre attributes and coupled with firm pricing, achieved slower sales response. This indicates that EC buyers have become more price sensitive but are willing to pay a premium for a project with strong attributes.

Ong Teck Hui, National Director, Research & Consultancy at JLL commented: "November was a tale of two fortunes – a waning private residential market in contrast with a brisk EC market. The fate of the private home market for 2014 is sealed as December is likely to be another slow month as well. Developers have sold 7137 private residential units in the first 11 months of 2014 and the year could end with around 7,500 units sold, about half the developer sales volume in 2013. New EC sales from January to November 2014 is 1,410 units but the full year sales volume will still be well below the 3,588 units sold in 2013."

  Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers
 Nov-13Oct-14Nov-14m-o-m changey-o-y change
Take-up Rate88%116%48% 



Source: JLL, URA


Table 2: New Launches (incl. EC)
LocalityDevt nameLowest pxMedian pxPrice rangeLaunchedSold Takeup rate
CCRSOPHIA HILLS$1,999 $2,292 $2,331 49392%
RCRTRE RESIDENCES$1,205 $1,588 $1,709 2505221%
OCRBELLEWATERS (EC)$617 $813 $917 65117026%
BELLEWOODS (EC)$704 $800 $885 5617914%
LAKE LIFE (EC)$786 $869 $976 54653398%
Source: JLL, URA