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News Release

Singapore

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

Upbeat market in July after mid-year vacation lull


Singapore, 15 August 2017 – The number of private residential units sold by developers rose 35.1 per cent m-o-m from 820 units in the previous month to 1,108 units in July 2017, with the market becoming upbeat again, after the mid-year vacation lull in June. It is a 1.5 per cent y-o-y increase from the 1,092 units sold in July 2016. The total number of private homes sold by developers in the first seven months of 2017 is 7,147 units, 49.9 per cent higher than the same period last year. 

Martin Modern was the only private residential project launched for sale in July as well as the first fresh launch in the Core Central Region (CCR) in 2017. The 450-unit development placed 210 units on the market and disposed of 109 units at a median price of $2,152 psf. Buyers interested in the prime market were attracted to this project which is close to the Singapore River, with abundant amenities nearby. The other top selling projects during the month were The Santorini (82 units at median price of $1,039 psf), Symphony Suites (73 units at median price of $1,035 psf), Kingsford Waterbay (62 units at median price of $1,228 psf) and Parc Riviera (53 units at $1,208 psf).

July was a robust month for the Executive Condominium (EC) market as Hundred Palms Residences launched and sold all of its 531 units at a median price of $843 psf. The absence of new EC projects in the vicinity and its location in a mature housing area, transportation accessibility and proximity to amenities contributed to strong demand from buyers. Other EC projects that sold well during the month included INZ Residence (65 units at median price of $796 psf), The Visionaire (65 units at median price of $830 psf), Parc Life (63 units at median price of $790 psf) and The Criterion (62 units at median price of $768 psf).

The EC primary market has performed well in the first seven months of this year, garnering sales of 3,004 units, 11.1 per cent higher than the same period in 2016. This is despite 1,555 units launched from January to July 2017, 41.5per cent less than the same period last year.

Mr Ong Teck Hui, National Director of Research & Consultancy at JLL, commented: “The new private home sales in July shows interest from buyers remaining keen and this is likely to sustain demand in the remaining half of the year. Despite Martin Modern being the only launch in the month, buyers are also purchasing from previously launched projects, with many of these enjoying encouraging sales progress and reducing unsold inventory. Our forecast for new private home sales in 2017 is 11,000 to 12,500 units, a sharp increase from the 7,972 units sold in 2016, spelling certainty in the market’s recovery.

The strong performance of Hundred Palms Residences despite its optimistic pricing reveals that there is still firm demand for new ECs and this accounts for the good sales progress at previously launched EC projects as well. The number of uncompleted EC units with pre-requisites for sale and are launched but unsold has fallen 54 per cent to 1,591 units in 2Q17 from a year ago. There is only one EC development in the launch pipeline (Anchorvale Lane) and the next EC land sale at Sumang Walk is slated for December 2017.”


  Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers
 Jul-16Jun-17Jul-17m-o-m changey-o-y change
CCR5364204219%285%
RCR21430133411%56%
OCR82545557025%-31%
Island-wide1092820110835%1%
Take-up Rate175%516%160%  
Source: JLL, URA


Table 2: New Launches (ex. ECs)
LocalityDevelopment nameLowest PriceMedian PriceHighest PriceLaunchedSold Take-up rate
CCRMARTIN MODERN$2,009 psf$2,152 psf$2,530 psf21010952%
Source: JLL, URA