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

Worst monthly sale of private homes by developers in 2015 so far

Singapore, 15 October 2015 In September, developers sold 341 private residential units, 33.5 per cent lower than August and the lowest monthly sales in 2015 so far. Launches were equally subdued with 391 units placed on the market, 34.6 per cent lower than the previous month. The top selling private projects during the month were High Park Residences (46 units at median price of $941 psf), Botanique at Bartley (38 units at median price of $1,293 psf) and Highline Residences (21 units at median price of $1,857 psf).

Rounding up the third quarter, 2,509 private homes have been sold by developers, 18.6 per cent higher than 2Q15 and bringing the preliminary total to 5,936 from 1Q to 3Q 2015. This is almost similar to the 5,940 units sold in the first three quarters of last year and 1,380 shy of the 7,316 units sold in 2014. It appears 2015 could end with developer sales of around 7,000 units. Developers' sales reached a peak of 22,197 units in 2012 while the last trough was in 2008 with 4,264 units sold.

The only new project launched in September was Signature at Yishun, an executive condominium, where 525 units came onto the market and 93 units were bought at a median price of $768 psf. The other top selling EC projects during the month include Sol Acres (32 units), The Brownstone (25 units), The Terrace (24 units) and Bellewaters (23 units) with median prices ranging from $772 psf to $820 psf.

3Q15 has been a moderately active quarter for the EC market with 2,387 units launched and 1,250 units sold, compared to 2Q15 when only 480 units were launched and 439 units taken up. The absence of strong take-up at launch and gradual sales progress after launch shows that demand has moderated and there is buyer resistance at current price levels.

Ong Teck Hui, National Director, Research & Consultancy at JLL commented: "Generally, after the 7th Lunar month, sales tend to pick up. The drop in September shows a further weakening in market confidence and this could be due to the softening economy and more difficult business environment. As buyers become more cautious, developers would also be reluctant to launch their units as weak sales progress is the likely outcome."

  Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers ​ ​ ​ ​ ​
 Sep-14Aug-15Sep-15m-o-m changey-o-y change
CCR444520-56 per cent-55 per cent
RCR2739568-28 per cent-75 per cent
OCR331373253-32 per cent-24 per cent
Island-wide648513341-34 per cent-47 per cent
Take-up Rate126 per cent86 per cent87 per cent  
Source: JLL, URA

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