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News Release


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

Marked increase in new home sales in March 2015; 1Q15 volume stable compared to 4Q14

Singapore, 15 April 2015 In March 2015, 613 private homes (excluding ECs) were sold by developers, a 57.2 per cent increase from the previous month and bringing the total for 1Q15 to 1,379 units. This is rather similar to the 1,376 private residential units sold by developers in 4Q14, which indicates a stabilisation of new home sales volume over two quarters.

Only 400 private homes were launched for sale in March 2015, just 2.8 per cent higher than the number of units launched in February. Kingsford Waterbay was the sole new launch in March where 314 of the total of 1,165 units were placed on the market. 155 units were sold at a median price of $1,111 psf. The other top selling projects during the month were Sims Urban Oasis (107 units at median price of $1401 psf), Citygate (28 units at median price of $1,905 psf), The Skywoods (27 units at median price of $1,186 psf) and Symphony Suites (20 units at median price of $1,016 psf).

In keeping with previous monthly trends, Outside Central Region (OCR) accounted for the bulk of private home sales in March (63.8 per cent) with the balance attributed to Rest of Central Region (32.1 per cent) and Core Central Region (4.1 per cent). Affordability remains a critical factor for buyers who have been hamstrung by the cooling measures including the TDSR. OCR units remain significantly more affordable as their project median prices in March are on average 22 per cent below those of RCR and 43 per cent lower than CCR's.​

Ong Teck Hui, National Director, Research & Consultancy at JLL commented, "The 613 private homes sold in March is an uplift from the lethargy of the first two months of 2015 which were partially bogged down by the festivity period. It brings the total for 1Q15 to 1,379 units which reflects stability compared to the 1,376 units sold in 4Q14. There is likely to be a positive follow-on from March's data as recent launches in April such as North Park Residences and Botanique at Bartley have achieved encouraging sales. There is a definite pick-up in market momentum but whether it can be sustained depends on how attractive the new launches are and their pricing level."

  Table 1: Total island-wide (landed and non-landed excluding ECs) units sold by developers ​ ​ ​ ​ ​
 Mar-14Feb-15Mar-15m-o-m changey-o-y change
Take-up Rate66%100%153%  
Source: JLL, URA ​ ​ ​ ​ ​


Table 2: New Launches (ex. EC) ​ ​ ​ ​ ​ ​ ​
LocalityDevt nameLowest pxMedian pxPrice rangeLaunchedSold Take-up rate
OCRKINGSFORD WATERBAY$904$1,111$1,18131415549%
Source: JLL, URA ​ ​ ​ ​ ​ ​ ​

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