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News Release

Singapore

JLL’s perspective: Private residential units sold by developers in February 2017

Market gains momentum


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Singapore, 15 March 2017 – The number of private residential units sold by developers increased 155.8 per cent m-o-m from 382 units in the previous month to 977 units in February 2017.  Compared to February 2016 when only 303 units were sold, it is a 222.4 per cent increase, reflecting significantly better market sentiments than a year ago and an early start to the buying momentum this year. The only fresh launch in February was The Clement Canopy, a 505-unit development that released 250 units for sale and achieving a take-up of 207 units. The launch of The Clement Canopy as well as new releases from previously launched projects resulted in a total of 550 units launched in February, more than 5 times of that launched the month earlier.

 

The top-selling private residential projects in February were The Clement Canopy (207 units at median price of $1,343 psf), Parc Riviera (200 units at a median price of $1,281 psf), The Santorini (51 units at a median price of $1,041 psf), The Glades (30 units at a median price of $1,474 psf) and The Venue Residences (28 units at a median price of $1,370 psf).

 

There was no fresh executive condominium (EC) launch in February although the previously launched Sol Acres released 100 units onto the market. During the month developers sold 329 EC units, 78.8 per cent higher than new EC sales in January signifying a healthy start to the EC market this year. Sol Acres topped new EC sales with 82 units taken up at a median price of $782 psf. Other EC projects that sold fairly well include The Terrace (40 units at a median price of $790 psf), The Visionaire (39 units at $814 psf), The Vales (37 units at a median price of $817 psf) and Parc Life (26 units at a median price of $783 psf).

 

Mr Ong Teck Hui, National Director of Research & Consultancy at JLL commented: "There is a greater sense of confidence in both developers and buyers. Developers' confidence is reflected by the series of major launches starting with The Clement Canopy in February, Grandeur Park Residences in March and by Park Place Residences and Seaside Residences eventually coming on the market. One has to be reasonably confident that a major project would do sufficiently well before launching it. Of the 977 private homes sold in February, 770 were from previously launched projects. This tells us that with more positive sentiments, buyers are not just attracted by newly launched projects but also drawn to those launched previously, reflecting a more broad-based improvement in demand. The recent easing of the Seller's Stamp Duty and the Total Debt Servicing Ratio would be a favourable enhancement on a market that is already on a buying uptrend."

 

  ​​​​​Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers ​ ​ ​ ​ ​
 Feb-16Jan-17Feb-17m-o-m changey-o-y change
CCR253329-12%16%
RCR84110220100%162%
OCR194239728205%275%
Island-wide303382977156%222%
Take-up Rate 145%354% 178%  
Source: JLL, URA

 

​​Table 2: New Launches (ex. ECs)​ ​ ​ ​
LocalityDevelopment nameLowest PriceMedian PriceHighest PriceLaunchedSold Take-up rate
OCRTHE CLEMENT CANOPY$1,187 psf$1,343 psf$1,496 psf25020783%
Source: JLL, URA​​