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Singapore

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

Private home market muted due to lunar seventh month but executive condominium market sees some revival


Singapore, 15 September 2015 In the month of August, developers launched 598 private homes for sale and managed to dispose of 495 units. The number of units launched is 59.3 per cent lower than the previous month while units sold declined 69.3 per cent. With buyer sentiments already weighed down by the cooling measures, developers refrained from launching new private residential projects during the month.

However sentiments in the Executive Condominium (EC) market were lifted by the increase in income ceiling to $14,000, which is expected to widen the pool of eligible EC buyers. Sol Acres, an EC project in Choa Chu Kang launched 707 units in August, finding buyers for 259 units at a median price of $787 psf. It maintains the momentum in the EC market following the launch of 1,155 units in The Vales and The Brownstone in July 2015.

The top selling private residential projects in August were High Park Residences (76 units at median price of $933 psf), Botanique at Bartley (30 units at median price of $1,282 psf), Adana @ Thomson (28 units at median price of $1,613 psf) and The Skywoods (23 units at median price of $1,179 psf). At below $1,000 psf, High Park Residences is able to sustain sales after its launch in July. This shows that a project with more affordable pricing will find buyers more easily in the current market.

Mr Ong Teck Hui, National Director, Research & Consultancy at JLL commented: "The EC market has picked up, with new launches resuming since July and the increase in income ceiling to $14,000 has also lifted sentiments. However, the market is not as buoyant as before and buyers are more price sensitive. The sales take-up for the recently launched ECs are gradual rather than robust, so it remains to be seen whether more buyers will come forward with the raising of the income ceiling."

  Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers ​ ​ ​ ​ ​
 Aug-14Jul-15Aug-15m-o-m changey-o-y change
CCR446144-28 per cent0 per cent
RCR166699538 per cent-43 per cent
OCR2271481356-76 per cent57 per cent
Island-wide4371611495-69 per cent13 per cent
Take-up Rate110 per cent110 per cent83 per cent  
Source: JLL, URA ​ ​ ​ ​ ​

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