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News Release


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

Private home sales slows in December due to year-end lull

SINGAPORE, 15 January 2016  In December 2015, developers sold 384 private residential units, 49.4 per cent less than November when 759 units were sold. 173 units were launched for sale, a 76.4 per cent decline over the previous month. The slowdown in launches as well as units taken up is due to the typical year-end lull as December is a month when people tend to be away on vacation.

Consequently, there were no fresh project launches during the month as developers would have found it pointless to launch new projects given the holiday period, as well as the underlying sluggishness in demand due to the prolonged effects of the cooling measures, rising interest rates as well as the slowing economy. Notwithstanding subdued buying interest, some projects under marketing achieved reasonable sales progress, due mainly to location and pricing factors. The top five selling private residential developments in December were The Poiz Residences (64 units at median price of $1,430 psf), Sky Vue (20 units at median price of $1,571 psf), Botanique at Bartley (17 units at median price of $1,302 psf), Lakeville (16 units at median price of $1265 psf) and Kingsford Waterbay (14 units at median price of $1,149 psf).


The executive condominium (EC) market remained lacklustre in December with only 124 units disposed of, a 33.3 per cent decline from November. Sales at new EC projects were sporadic with better performance seen at The Brownstone (20 units at median price of $814 psf), The Terrace (15 units at median price of $788 psf) and Sol Acres (14 units at median price of $796 psf). Rounding up the year, an estimated 2,562 new EC units were sold against 3,750 units launched. The slower sales progress in new EC projects is due to pricing as unlike previously when market conditions were buoyant, EC buyers have become more price-sensitive.


Ong Teck Hui, National Director, Research & Consultancy at JLL commented: “With an estimated 7,529 new private homes sold in 2015, which is 2.9 per cent higher than in 2014, it begs the question as to whether new sales volume has bottomed out. While the cooling measures and rising interest rates will continue to moderate demand, it is the magnitude of the economic slowdown that is likely to determine buying sentiments most in 2016. A moderate slowdown may not affect demand significantly and it is possible for 2016 new sales to improve to 7,500 to 8,500 units, with lower prices drawing more buyers into the market. On the other hand, a more severe economic slowdown would spark caution amongst buyers, reduce demand and lead to lower market activity than 2015.


In 2015, 69.1 per cent of new sales were in Outside Central Region, 25.5 per cent in Rest of Central Region and 5.4 per cent in Core Central Region. With buyers hamstrung by the cooling measures and curtailed borrowing, OCR presents more affordable buying opportunities given the relatively lower prices in that sub-market. The availability of more new projects for launches in OCR also contributed to the sub-market’s higher share of new sales. In 2014, OCR’s proportion of new sales was 54.7 per cent, RCR 33.5 per cent and CCR 11.8 per cent. CCR’s proportion of new sales in 2015 has more than halved from 2014, reflecting the more challenging conditions in that sub-market.”



  Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers





m-o-m change

y-o-y change





-18 per cent

-49 per cent





-70 per cent

151 per cent





-9 per cent

59 per cent





-49 per cent

67 per cent

Take-up Rate

434 per cent

104 per cent

222 per cent



Source: JLL, URA



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