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News Release

Singapore

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

Best monthly developer sales in almost a year


​​Singapore, 15 May 2015 In April 2015, developers sold 1,124 private homes, 83.4 per cent higher than the 613 sold in the previous month and the highest monthly sales since May 2014 when 1,488 units were sold. The 1,344 private homes launched for sale in April was also the highest since the launch of 1,819 units in May 2014.

Although April's sales was a build-up in momentum from the previous month, it was driven mainly by two newly- launched large projects. Northpark Residences launched 600 of its 920 units and achieved a strong take-up with 486 units sold at a median price of $1,374 psf. The 797-unit Botanique at Bartley launched 400 units and found buyers for 254 at a median price of $1,290 psf. The third new launch that month was the 84-unit Neem Tree which placed 24 units on the market. So while it can be said that there has been an improvement in primary market activity it would be premature to say that market confidence is returning.

Besides Northpark Residences and Botanique at Bartley, the other top selling projects in April were Sims Urban Oasis which sold 41 units at a median price of $1,411 psf, The Panorama which found buyers for 39 units at a median price of $1,229 psf and Symphony Suites, which had 29 units taken up at a median price of $1,042 psf.

In terms of market segment, Outside Central Region (OCR) is still dominating market share, accounting for 86.7 per cent of April's developer sales of private homes. Rest of Central Region (RCR) accounted for 10.1 per cent while 3.2 per cent is attributable to Core Central Region (CCR).

Ong Teck Hui, National Director, Research & Consultancy at JLL commented, "Northpark Residences, being a unique development integrating retail, residential and transport connectivity was definitely a market mover, drawing much interest. In this challenging market, a developer who has a unique product offering also has a competitive advantage in attracting buyers. Without that, it would purely be a pricing game which makes it much harder to compete against other projects. The subsequent months' sales performance will depend on the sales progress of the large projects launched recently and whether there will be significant fresh launches to keep the momentum going."

 

Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers ​ ​ ​ ​ ​
 Apr-14Mar-15Apr-15m-o-m changey-o-y change
CCR31253644 per cent16 per cent
RCR239197113-43 per cent-53 per cent
OCR492391975149 per cent98 per cent
Island-wide762613112483 per cent48 per cent
Take-up Rate126 per cent153 per cent84 per cent  
Source: JLL, URA ​ ​ ​ ​ ​

 


Table 2: New Launches (ex. EC) ​ ​ ​ ​ ​ ​ ​
LocalityDevt nameLowest pxMedian pxHighest pxLaunchedSold Take-up rate
OCRBOTANIQUE AT BARTLEY$1,049$1,290$1,38940025464 per cent
RCRNEEM TREE-  2400 per cent
OCRNORTH PARK RESIDENCES$1,044$1,374$1,54060048681 per cent
Source: JLL, URA ​ ​ ​ ​ ​ ​ ​

 


Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers ​ ​ ​ ​ ​
 Apr-14Mar-15Apr-15m-o-m changey-o-y change
CCR31253644 per cent16 per cent
RCR239197113-43 per cent-53 per cent
OCR492391975149 per cent98 per cent
Island-wide762613112483 per cent48 per cent
Take-up Rate126 per cent153 per cent84 per cent  
Source: JLL, URA ​ ​ ​ ​ ​

 


Table 2: New Launches (ex. EC) ​ ​ ​ ​ ​ ​ ​
LocalityDevt nameLowest pxMedian pxHighest pxLaunchedSold Take-up rate
OCRBOTANIQUE AT BARTLEY$1,049$1,290$1,38940025464 per cent
RCRNEEM TREE-  2400 per cent
OCRNORTH PARK RESIDENCES$1,044$1,374$1,54060048681 per cent
​Source: JLL, URA
 ​ ​ ​ ​ ​ ​ ​

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