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News Release


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

Private home sales rose in November, just before year-end festive season

Singapore, 15 December 2015 In November 2015, developer sales market recorded 759 transactions of private residential units, equivalent to a 38.5 per cent increase from the 548 units sold in October 2015. This is also a 79.4 per cent increase over the 423 units sold a year ago. The number of units sold in November is in fact the third largest this year, after April (1,167 units) and July (1,655 units).

The only new private residential project launched for sale in November was The Poiz Residences, located at Meyappa Chettiar Road and next to Potong Pasir MRT station. The project launched 350 of its 731 units and found buyers for 277 units at a median price of $1,440 psf. The brisk sales could be attributed to its proximity to the CBD and a MRT station, as well as the support of 50,000 sqft of retail space at The Poiz Centre, providing doorstep convenience to residents.

Besides The Poiz Residences, which sold 277 units, other top selling projects in November were Sky Vue (59 units at median price of $1,522 psf), Principal Garden (45 units at median price of $1,626 psf), Sims Urban Oasis (39 units at median price of $1,338 psf) and Thomson Impressions (38 units at median price of $1,396 psf).

The executive condominium (EC) market, however, waned during the month. Only 186 units were sold by developers, a 32.3 per cent decline from the 275 units sold in October, largely due to the absence of new EC launches in November. Top-selling EC projects were The Brownstone, Sol Acres, Skypark Residences, The Vales and The Terrace. They sold between 19 and 33 units each with median prices ranging from $765 to $821 psf.

Dr Chua Yang Liang, Head of Research for Singapore and South East Asia, commented: "The rise in November sales volume is a continuation of the upward trend since October. Given the government's continual emphasis that policy reversal is nowhere near, it would appear that buyers are moving back into the market particularly in the RCR region resulting in a monthly increase of 79 per cent in new sales although buyers are still very price sensitive, as the take up rate of the various projects suggest. However the rise in demand could be short-lived given that historically, buying tends to increase in November, just before the slowdown in sales as the effect of the year end festivities such as Christmas and New Year sets in. We will have to watch the December number to ascertain if there the market is anywhere near its trough.

Given the performance to date, we are expecting the volume of new developer sales to close the year at just slightly south of the 7,500-unit level. This is comparable to circa 7,300-unit level recorded in 2014. Moving forward, we should expect new sales market in 2016 to remain lacklustre especially on the back of the government policies and weaker economic conditions, maintaining an average of between 7,500 and 8,500 units."


​​​Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers ​​ ​ ​ ​ ​
 Nov-14Oct-15Nov-15m-o-m changey-o-y change
CCR802522-12 per cent-73 per cent
RCR15328250479 per cent229 per cent
OCR190241233-3 per cent23 per cent
Island-wide42354875939 per cent79 per cent
Take-up Rate49 per cent126 per cent103 per cent  
Source: JLL, URA


​​​​​​Table 2: New Launches (ex. ECs) ​ ​ ​ ​ ​ ​ ​
LocalityDevelopment nameLowest PriceMedian PriceHighest PriceLaunchedSold Take-up rate
RCRTHE POIZ RESIDENCES$983 psf$1,440 psf$1,618 psf35027779 per cent
Source: JLL, URA


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