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Market still firm despite decline in April new private home sales
SINGAPORE, 15 May 2017 – The number of private residential units sold by developers fell 12.6 per cent m-o-m from 1,780 units in the previous month to 1,555 units in April 2017. Compared to April 2016 when only 750 units were sold, it is a 107.3 per cent increase, reflecting a much healthier level of demand. In the first four months of the year, developers have sold 4,517 private homes, more than double the 2,169 units sold in the same period in 2016.
The 1,616 private residential units launched in April is 5.8 per cent higher than in March and also the highest number of private homes launched since May 2014, which shows how much more confident developers are in placing more units for sale under present market conditions. The fresh launches in April included Seaside Residences, an 841-unit development that launched 560 units and sold 419 units, Artra which launched 126 of its 400 units and sold all of them, and The Brooks I & II which sold 9 of the 28 units launched in the 61-unit project. The top-selling private residential projects in April were Seaside Residences (419 units at median price of $1,736 psf), Artra (126 units at median price of $1,646 psf), Parc Riviera (90 units at a median price of $1,246 psf), Commonwealth Towers (85 units at a median price of $1,655 psf) and The Santorini (75 units at a median price of $1,021 psf).
No fresh Executive Condominium (EC) projects were launched in April which resulted in developers selling 371 new ECs, 35.8 per cent less than the 578 units sold in March. The launch of iNZ Residences in March drew buyers for 187 of its 497 units, helping to lift total EC sales by developers that month. In the absence of fresh EC launches in April, buyers’ options were limited to mainly seven to nine EC developments with a significant number of units available for sale. The top selling EC projects in April were Sol Acres (122 units at a median price of $787 psf), The Visionaire (53 units at a median price of $810 psf), Parc Life (33 units at a median price of $774 psf), iNZ Residence (25 units at a median price of $765 psf) and Signature at Yishun (24 units at a median price of $751 psf)
Mr Ong Teck Hui, National Director of Research & Consultancy at JLL commented: “The main reason why the sale of new private homes dipped in April compared to March is the drop in new units from fresh launches. The number of new units from fresh launches dropped from 937 in March to 714 in April, with corresponding take up of 701 and 554 units respectively. Demand for units from previously launched developments was stable with 1,001 units sold in April against 1,079 in March. This level of demand for previously launched projects is about double the average for 2016 which shows many more buyers going back to such projects under current market conditions. This trend has bolstered confidence of some developers in releasing more units as we saw 902 units from previously launched developments released in April, 52.9 per cent higher than the 590 units in March, and also the highest since October 2012. Kingsford Waterbay which was launched in March 2015, accounted for 500 of the 902 units. The new private home sales market remains on an even keel despite the decline in sales volume in April 2017.”
Ong Teck Hui
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