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News Release

Singapore

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

Sales in August remains upbeat


​​Singapore, 15 September 2017 – The number of private residential units sold by developers rose 12.0 per cent m-o-m from 1,108 units in the previous month to 1,241 units in August 2017, despite the onset of the Lunar Seventh Month in late August. It is a 165.2 per cent y-o-y increase from the 468 units sold in August 2016. The total number of private homes sold by developers in the first eight months of 2017 is 8,388 units, 60.2 per cent higher than the same period last year. It has also exceeded the 7,972 units that developers sold in the whole of 2016.


Two private residential projects were launched in August: Le Quest and 24 One Residences. The 516-unit Le Quest launched 300 units and sold 286 at a median price of $1,309 psf while 24 One Residences launched all its 24 units, selling 17 units at a median price of $1,761 psf. Besides Le Quest, the other top selling projects during the month were Symphony Suites (59 units at a median price of $1,071 psf), Commonwealth Towers (56 units at a median price of $1,662 psf), Sophia Hills (54 units at a median price of $1,992 psf) and The Santorini (48 units at $1,025 psf).


Following the successful launch of Hundred Palms Residences and the robust sales of 978 new executive condominium (EC) units in July, new EC sales in August fell 65.2 per cent to 340 units. Top selling EC projects in August were Sol Acres (66 units at a median price of $812 psf), INZ Residence (55 units at a median price of $814 psf), Parc Life (47 units at a median price of $799 psf), Signature at Yishun (42 units at a median price of $776 psf) and The Criterion (38 units at a median price of $764 psf). 3,344 new EC units have been sold in the first eight months of 2017, 10.1 per cent higher than the same period last year, reflecting sustained demand from buyers.


Mr Ong Teck Hui, National Director of Research & Consultancy at JLL, commented: “The buying fervor in the private home market continued in August reflected by the 12 per cent m-o-m increase in sales by developers. Although the Lunar Seventh Month kicked in in late August, analysis of sales data shows that transactions continued at the same pace as before. Overriding demand by buyers in trying to purchase close to the market trough will continue to keep transactions buoyant. At the current pace, we may be seeing sales of 12,000 to 13,000 private residential units by developers in 2017.”


  

Table 1: Total island-wide (landed and non-landed excluding ECs) units sold by developers​​ ​ ​​​ ​ ​ ​
​Aug-16​ Jul-17​Aug-17​m-o-m change​y-o-y change
​CCR​49​204 ​140​-31%​186%
RCR​139​​334​334​ 0% ​140%
OCR
280
570​76735%​174%
Island-wide468​11081241​12%​165%​
Take-up Rate79%​​160%160%​
​​​​Source: JLL, ​URA​


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Table 2: New Launches (ex. ECs)
​LocalityDevelopment name
​Lowest price​Median priceHighest price​Launched​Sold ​Take-up rate​
​RCR​24 One Residences​$1,318 psf​$1,761 psf​$1,826 psf​24​17​71%
​OCRLe Quest​​$1,143 psf​$1,309 psf​$1,464 psf​300​286​95%
​​​​​​​Source: JLL, ​URA