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News Release


JLL’s perspective: Private residential units sold by developers in February 2016

Subdued activity due to stock market volatility and Lunar New Year lull

Singapore, 15 March 2016 – In February 2016, developers sold 301 private residential units, 6.8 per cent less than January where 323 units were sold. Compared to February 2015, it was a 22.8 per cent decline. The number of private homes launched for sale increased as the 209 units placed on the market in February were 31.4 per cent more than in January.  Slow developer sales were expected due to the Lunar New Year lull and the continuation of the volatility in the stock market from the previous month. These factors would have deterred most developers from launching new projects. Buyers would also have been more cautious.

The only fresh private residential project launched during the month was 183 Longhaus, a 40 unit development which sold 11 of the 20 units placed on the market at a median price of $1,659 psf. The top selling private residential developments in February were Kingsford Waterbay (18 units at median price of $1,127 psf), The Panorama (18 units at median price of $1,211 psf) and Principal Garden (16 units at median price of $1,612 psf).

No new executive condominiums (ECs) were launched in February while 129 units existing projects under marketing were sold, a 17.3 per cent decline from the 156 units taken up in January. The better performing EC projects in February included The Terrace (23 units at median price of $782 psf) and The Vales (17 units at median price of $798 psf).

Ong Teck Hui, National Director, Research & Consultancy at JLL commented, "The first two months of the year were rocked by volatility in the stock market and February was also the Lunar New Year month. Now that the stock market has regained composure, some developers would be more confident in resuming launches especially if the project has strong attributes and can be priced competitively. Consequently we have seen The Wisteria, Cairnhill Nine and Wandervale executive condominium coming onto the market in March and receiving favourable market response. The dramatic turnaround is mainly due to favourable attributes of the projects, including pricing rather than market recovery. The encouraging sales take up indicates that there is firm underlying demand, with buyers waiting at the side lines for favourable opportunities. Stable market conditions might encourage more new projects to be launched and if priced competitively, could draw buyers leading to improved sales volume."

​​​​Table 1: Total island-wide (landed and non-landed excluding ECs) units sold by developers ​ ​ ​ ​ ​
 Feb-15Jan-16Feb-16m-o-m changey-o-y change
CCR302625-4 per cent-17 per cent
RCR18581821 per cent-56 per cent
OCR175216194-10 per cent11 per cent
Island-wide390323301-7 per cent-23 per cent
Take-up Rate100 per cent203 per cent144 per cent  
Source: JLL, URA


​​Table 2:​ New Launches (ex. ECs) ​ ​ ​
LocalityDevelopment nameLowest PriceMedian PriceHighest PriceLaunchedSold Take-up rate
RCR183 LONGHAUS$1,441 psf$1,659 psf$1,660 psf201155 per cent
Source: JLL, URA


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