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Private new home sales harking back to pre-TDSR levels
SINGAPORE, 17 April 2017 – The number of private residential units sold by developers rose 81.8 per cent m-o-m from 979 units in the previous month to 1,780 units in March 2017. Compared to March 2016 when only 843 units were sold, it is a 111.2 per cent increase, reflecting significantly upbeat market sentiments. The 1,780 new private homes sold in March is the highest since June 2013, when sales were still buoyant just before the imposition of the Total Debt Servicing Ratio (TDSR) at the end of June that year. The summary for 1Q17 is an estimated 3,141 private residential units sold by developers, the strongest quarter of new private home sales since 2Q13.
The fresh launches in March included Grandeur Park Residences, a 720-unit development that sold 484 units, and Park Place Residences at PLQ which launched 217 of its 429 units and sold all the units released. The top-selling private residential projects in March were Grandeur Park Residences (484 units at median price of $1,406 psf), Park Place Residences (217 units at median price of $1,805 psf), Parc Riviera (163 units at a median price of $1,246 psf), The Santorini (60 units at a median price of $1,031 psf) and The Clement Canopy (59 units at a median price of $1,366 psf).
The 497-unit iNz Residence was the only fresh executive condominium (EC) launch in March while the previously launched Sol Acres released 427 units onto the market. During the month developers sold 578 EC units, 75.7 per cent higher than new EC sales in February and 19.2 per cent more than the same month in 2016. iNz Residence topped new EC sales with 187 units taken up at a median price of $774 psf. Other EC projects that sold fairly well include Sol Acres (147 units at a median price of $794 psf), The Visionaire (43 units at $811 psf), Westwood Residences (40 units at median price of $793 psf) and The Vales (27 units at a median price of $837 psf).
Mr Ong Teck Hui, National Director of Research & Consultancy at JLL commented: “This is the most significant month since June 2013 with primary market sales of private homes harking back to pre-TDSR levels. Not only are new launches doing well, but previously launched projects as well, since more than half of the March private home sales are attributable to such projects. The demand pick-up has led numerous previously launched projects to confidently release more units for sale as seen in The Trilinq, Parc Riviera, The Springside/Brooks I & II, Marine Blue, Kingsford Waterbay, Highline Residences and Stars of Kovan which released between 50 and 105 units each in March. This is reflective of a broad-based improvement in demand with buyers not just attracted to newly launched projects but to those launched previously as well.
The recent easing of the Seller’s Stamp Duty and the Total Debt Servicing Ratio would have had a favourable effect on new home sales during the month after its announcement on 10 March. In 2016, sales volume was improving gradually as price declines moderated. If the current upbeat trend of new home sales continues, it could mark a new phase in the market, characterized by stronger sales volume, prices bottoming and turning the corner”.
Table 1:Total island-wide (landed and non-landed
excluding ECs) units sold by developers
Source: JLL, URA
Table 2: New Launches (ex. ECs)
GRANDEUR PARK RESIDENCES
PARK PLACE RESIDENCES AT PLQ
Ong teck Hui
+65 6494 3727 / +65 9842 1155