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News Release


Private residential units sold by developers in May 2017

Upbeat market sentiment continued into May as evidenced by the elevated sales volume from previously launched projects

Tay Huey Ying, Head of Research & Consultancy, Singapore

郑惠匀, 研究与咨询部主管 (新加坡)

Due largely to the lack of fresh launches, the number of private residential units sold by developers (excluding Executive Condominiums) fell 34% m-o-m to 1,024 units in May 2017, from 1,558 units in April 2017.  

Despite this dip, market sentiment stayed upbeat as evidenced by the robust sales volume seen for previously launched projects.  Demand for units from previously launched developments has stayed elevated at above 1,000 units for three consecutive months (1,079 units in March 2017, 1,004 units in April 2017 and 1,008 units in May 2017).  

The top-selling private residential projects (excluding Executive Condominium) in May 2017 were Parc Riviera (83 units at median price of $1,246 psf), The Santorini (64 units at median price of $1,022 psf), Commonwealth Towers (53 units at a median price of $1,841 psf), Kingsford Waterbay (51 units at a median price of $1,162 psf) and Sims Urban Oasis (51 units at a median price of $1,387 psf). 

Developers’ sales volume could show a marginal dip in June due to the mid-year school holiday season where a large proportion of potential buyers travel overseas for vacation.  Sales volume should rebound in July as developers rush to launch projects and buyers rush to pick up units ahead of the lunar seventh month (22 August to 19 September) – typically considered an inauspicious period by the Chinese for making large financial commitments.  

With developers having sold some 5,544 units in the first five months of 2017 and if demand for previously launched projects remain robust, developer sales volume for the full year of 2017 could hit a four-year high of between 11,000 and 12,500 units even if fewer fresh launches are seen in 2H17 compared to 1H17.