Skip Ribbon Commands
Skip to main content

News Release

Singapore

JLL’s perspective: Private residential units sold by developers in January 2015

Slight improvement in market activity but weakness in market continues


Singapore, 16 February 2015 In January 2015, developers sold 372 private homes, a 61.7 per cent increase from the 230 units taken up in the previous month. Launches also improved, from 53 units in December to 415 units in January.

 

Two new private residential projects were launched for sale in January; Marine Blue along Marine Parade Road and Symphony Suites at Yishun Close. Of the total of 124 units in Marine Blue, 50 were launched for sale and 32 units were taken up, at a median price of $1,829 psf. Symphony Suites launched 180 of its 660 units, securing sales for 54, at a median price of $1,010 psf.

 

While there was a pick-up in market activity compared to December 2014, the 372 units sold in January 2015 is the lowest January sales (pre-Lunar New Year) since the 108 units sold in January 2009 when the market was afflicted by the global financial crisis and a recession. It is also well below the monthly average of 610 units for 2014.

 

In the Executive Condominium (EC) market, The Amore was the only new EC launched in January. It sold 83 of its 378 units at a median price of $795 psf. Together with other previously launched projects, 184 EC units were sold in January 2014. The Amore was the best-selling EC project during the month as sales at other EC projects launched in the last few months have slowed down.

 

Ong Teck Hui, National Director, Research & Consultancy at JLL commented, "In a healthy market, when buyer interest is strong, it does not really matter if a project is launched close to the Lunar New Year. However in a weak market, launching a new project close to festivities could be more challenging as buyers who are already affected by poorer sentiments, tend to be less interested during such periods. Market fundamentals continue to be weighed down by the effects of the cooling measures including the TDSR.

 

The sales progress of most ECs launched in the last few months shows slowing demand at current price levels. Three of the four ECs launched in November and December 2014 have only managed to achieve take-up rates of 17 per cent to 30 per cent. This explains why recent tender bids for EC sites have fallen significantly, and also reflects an expectation of EC prices correcting."

 

 

  Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers
 Jan-14Dec-14Jan-15m-o-m changey-o-y change
CCR4335363%-16%
RCR3666110674%-71%
OCR16313423072%41%
Island-wide57223037262%-35%
Take-up Rate104%434%90% 

 

 

Source: JLL, URA

 

Table 2: New Launches (incl. EC)
LocalityDevt nameLowest pxMedian pxPrice rangeLaunchedSold Takeup rate
RCRMARINE BLUE$1398$1829$2021503264%
OCRSYMPHONY SUITES$963$1010$11001805430%
OCRTHE AMORE (EC)$750$795$9053788322%
Source: JLL, URA

 

 

 

 

 

 

– ends –​