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News Release

Singapore

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

Fresh launches boost sales volume


​​​​​​​​​​​Singapore, 15 November 2016 The number of private residential units sold by developers increased 146 per cent m-o-m to 1,252 units in October 2016. Compared to October 2015, it was a 128.1 per cent increase. The marked improvement in sales volume was due to the launch of The Alps Residences and Forest Woods which lifted the number of units launched in October to 1,467, a m-o-m increase of 206.3 per cent. In the first ten months of this year, developers have sold 6,908 units, 8.2 per cent more than the 6,386 units sold during the same period in 2015.

The three new projects launched in October were The Alps Residences (626 units), Forest Woods (519 units) and Botanic @ Cluny Park (6 units). The Alps Residences drew buyers due to its location in Tampines, a mature town with abundant amenities and good connectivity as well as affordable pricing. Forest Woods' attraction is its proximity to Serangoon MRT station and Nex shopping mall. The top selling private residential projects in October were Forest Woods (364 units at a median price of $1,412 psf), The Alps Residences (334 units at a median price of $1,078 psf), Stars of Kovan (30 units at a median price of $1,432 psf), The Trilinq (30 units at a median price of $1,411 psf) and Kingsford Waterbay (30 units at a median price of $1,204 psf).

There was no fresh executive condominium (EC) launch in October but the 288 units sold was a 10.8 per cent increase from September sales. The new EC market has maintained a healthy momentum in 2016, achieving 3,553 units sold from January to October, a 57.8 per cent surge from the 2,252 units taken up during the same period last year. Price-sensitive buyers have been more responsive to slight softer prices due to competitive pricing from projects launched in 2016 that were below those launched previously in the same location. The Terrace topped new EC sales with 57 units taken up at a median price of $797 psf. Other EC projects that sold fairly well include Sol Acres (49 units at median price of $778 psf), The Visionaire (24 units at median price of $819 psf), Westwood Residences (24 units at $796 psf) and Wandervale (21 units at median price of $758 psf).

Mr Ong Teck Hui, National Director of Research & Consultancy at JLL commented: "The positive sentiments in the residential market have continued into October as reflected by the launch of two major projects simultaneously and receiving keen interest from buyers. Forest Woods achieved 70 per cent take-up while 53 per cent of the units in The Alps Residences were sold. This positive momentum is carrying through into November with the launch of Parc Riviera and Queens Peak. For some developers, it is a case of trying to strike while the iron is hot, so as to capitalize on improved buying sentiments. An indicator of improved demand is the monthly take-up in previously launched projects which averaged 512 units in the first 10 months of 2016, a 23 per cent increase from 416 units for the same period last year. With already more than 6,900 new private homes sold in the first ten months of the year, the full year take-up will definitely exceed the 7,440 units sold in 2015. This trend suggests that primary market sales volume could have bottomed, barring a major shock to the economy. Stability in sales volume would eventually lead to stability in prices and pave the way for a recovery in the market."

​​​​Table 1:Total island-wide (landed and non-​landed excluding ECs) units sold by developers ​ ​ ​ ​ ​
 Oct-15Sep-16Oct-16m-o-m changey-o-y change
CCR256858-15 per cent132 per cent
RCR2821441515 per cent-46 per cent
OCR2422971,043251 per cent331 per cent
Island-wide5495091,252146 per cent128 per cent
Take-up Rate126 per cent106 per cent85 per cent  
Source: JLL, URA

 

​​Table 2: New Launches (ex. ECs) ​ ​ ​
LocalityDevelopment nameLowest PriceMedian PriceHighest PriceLaunchedSold Take-up rate
CCRBOTANIC @ CLUNY PARK---600 per cent
OCRFOREST WOODS$1,176 psf$1,412 psf$1,529 psf51936470 per cent
OCRTHE ALPS RESIDENCES$980 psf$1,078 psf$1,208 psf626 33453 per cent
Source: JLL, URA