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News Release


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

Slower sales in June, a temporary lull

​Singapore, July 17, 2017 – The number of private residential units sold by developers fell 21.1% m-o-m from 1,039 units in the previous month to 820 units in June 2017 due to the mid-year vacation period. Compared to June 2016 when only 536 units were sold, it is a 53% increase, reflecting a much more upbeat market than a year ago. The total number of private homes sold by developers in 2Q17 is 3,426 units, 15.7% higher than in 1Q17 and 51.9% higher than the same period last year. As at mid-year, 6,388 private residential units have been sold by developers, 73.8% more than the 3,675 units sold in 1H2016.

The mid-year market lull resulted in only one fresh launch – Park 1 Suites at Lorong 40 Geylang launched its 26 units, selling two at a median price of $1,453 psf). Top selling private residential projects in June were The Santorini (75 units at median price of $1,026 psf), Parc Riviera (55 units at median price of $1,218 psf), Commonwealth Towers (47 units at median price of $1,899 psf) and Sophia Hills (44 units at median price of $1,978 psf). 

The executive condominium market was similarly affected by the mid-year lull, as new EC sales in June fell 35.3 per cent to 244 units from the previous month. No new EC projects were launched for sales and the best performing EC projects were Sol Acres (41 units at median price of $829 psf), The Visionaire (35 units at median price of $811 psf), Signature at Yishun (30 units at median price of $757 psf), Westwood Residences (29 units at $795 psf) and Northwave (26 units at median price of $758 psf)

Mr Ong Teck Hui, National Director of Research & Consultancy at JLL, commented: “The 820 new private homes sold in June, a slow month due to the mid-year break, is still higher than the monthly average of 664 units in 2016. On a quarterly basis, the sale of 3,426 private residential units by developers in 2Q17 is the strongest since 2Q13 just before the TDSR was imposed. The 6,388 units sold in 1H17 is a significant recovery compared to the 2,907 units transacted in 2H14, although it is below the 9,950 units sold in 1H13 before the TDSR took effect. This analysis points towards a market that has regained confidence and recovered substantially in transaction volume. A pick-up in activity in July is expected with the resumption of new launches including Martin Modern and Le Quest.”

  Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers
 Jun-16May-17Jun-17m-o-m changey-o-y change
Take-up Rate229%281%516%  
Source: JLL, URA


Table 2: New Launches (ex. ECs)
LocalityDevelopment nameLowest PriceMedian PriceHighest PriceLaunchedSold Take-up rate
RCRPARK 1 SUITES$1,444 psf$1,453 psf$1,461 psf2628%
Source: JLL, URA