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News Release

Singapore

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

Low sales as launches remain sedate


​SINGAPORE, 15 November 2017 – 758 private residential units were sold by developers in October, 15.4 per cent more than the previous month, but a sharp 39.5 per cent drop y-o-y. It is partly attributable to launches remaining low-key. 242 units were launched for sale, higher than the 73 launched in September but an 83.8 per cent plunge from the 1,494 placed on the market last October. In the first ten months of this year, developers sold 9,460 private homes, 36.9 per cent higher than the same period in 2016.

Two fresh private residential projects were launched in October – Carpmael Thirty-Eight which launched all of its 16 units but did not sell any and The Navian which launched 24 of its 48 units and sold 12 at a median price of $1,543 psf. The top selling projects during the month were Sophia Hills (62 units at median price of $2,029 psf), Martin Modern (47 units at median price of $2,343 psf), Gem Residences (43 units at $1,504 psf), Stars of Kovan (38 units at median price of $1,505 psf) and TRE Residences (38 units at median price of $1,424 psf).

New executive condominium (EC) sales softened in October, slipping 15.3 per cent from the previous month to 211 units. It is the lowest monthly new EC sale since January 2017. After the launch of Hundred Palms in July, there has been no new EC launch since then. From January to October this year, 3,776 new EC units have been sold, 6.2 per cent more than the same period in 2016. However, only 1,555 new EC units were launched in the first 10 months of 2017, a 41.4 per cent drop from the same period last year.

Top selling EC projects in October were INZ Residence (45 units at a median price of $797 psf), The Criterion (39 units at a median price of $767 psf), Parc Life (33 units at a median price of $811 psf), Signature at Yishun (33 units at a median price of $766 psf) and Northwave (30 units at a median price of $756 psf). 

Mr. Ong Teck Hui, National Director of Research & Consultancy at JLL commented: “Many of the more affordable private residential projects have sold out or are substantially sold and coupled with new launches remaining low-key, the options for buyers has narrowed with sales remaining moderate. This is likely to be the trend going forward unless a major launch occurs leading to higher sales. As the 735-unit Parc Botannia was launched in November, we could see an improvement in sales this month. As unsold inventory in launched projects reduce, and as prices recover, the market is turning in favour of developers.

EC supply is getting tighter as most of the EC projects on the market are substantially sold leaving about a handful with a bit more inventory to cater to buyers. The absence of new launches will continue to keep new EC sales at a moderate level.