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News Release

Singapore

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

Moderate sales as year-end holidays begin and launches remain low-key


SINGAPORE, 15 December 2017 – 785 private residential units were sold by developers in November, 3.3 per cent more than the previous month, and an 8.7 per cent drop y-o-y. New home sales remain moderate as the school holidays began in the later part of November and launch numbers have not picked up substantially. Although the 450 private homes launched is 86 per cent higher than the previous month, it is a 67 per cent drop y-o-y. From January to November this year, an estimated 10,247 private residential units have been sold, 31.9 per cent higher than the same period in 2016.


There were three new private residential projects launched in November. Rezi 35, which launched its 44 units, found buyers for 12 units at a median price of $1,595 psf. The 735-unit Parc Botannia launched 357 units with 253 taken up at a median price of $1,287 psf. Link Residence @ Holland, a landed development, placed 2 of its 4 units on the market but none were sold.


The top selling projects during the month were Parc Botannia (253 units at median price of $1,287 psf), Queens Peak (71 units at median price of $1,694 psf), Kingsford Waterbay (38 units at $1,346 psf), Sims Urban Oasis (35 units at median price of $1,508 psf) and Gem Residences (34 units at median price of $1,517 psf).


New executive condominium (EC) sales softened in November, falling 29.9 per cent from the previous month to 148 units. It is the lowest monthly new EC sale since February 2016. From January to November this year, 3,924 new EC units have been sold, 3.1 per cent more than the same period in 2016. However, only 1,555 new EC units were launched in the first 11 months of 2017, a 41.5 per cent drop from the same period last year. While demand for ECs remain firm, purchasing opportunities are limited in the absence of new project launches.


Top selling EC projects in October were INZ Residence (29 units at a median price of $812 psf), The Criterion (27 units at a median price of $777 psf), Northwave (26 units at a median price of $776 psf), Signature at Yishun (26 units at a median price of $761 psf) and Parc Life (22 units at a median price of $809 psf). 


Mr. Ong Teck Hui, National Director of Research & Consultancy at JLL commented: “With the onset of the year-end holiday period and the market moving in favour of sellers, there is no hurry for developers to continue launching more units from their projects. Of the 450 private homes launched in November, only 47 units were new releases from previously launched projects, a 76.7 per cent plunge from the previous month and the lowest monthly figure in the year. This has reduced buying options, contributing to moderate sales figures.


An interesting observation is Parc Botannia which only launched 357 of its 735 units, managing to sell 253 at a median price of $1,287 psf. In contrast, when the nearby High Park Residences was launched in July 2015, it launched 1,186 of its 1,390 units and sold 1,169 at a median price of $989 psf in the month of launch. This shows how pricing and sales strategies have changed between a softening and recovering market.”

  Table 1:Total island-wide (landed and non-landed excluding ECs) units sold by developers ​ ​ ​ ​ ​
 Nov-16Oct-17Nov-17m-o-m changey-o-y change
CCR3814257-60%50%
RCR418284244-14%-42%
OCR40433448445%20%
Island-wide8607607853%-9%
Take-up Rate63%314%174%  
Source: JLL, URA ​ ​ ​ ​ ​



Table 2: New Launches (ex. ECs) ​ ​ ​ ​ ​ ​ ​
LocalityDevelopment Name

Lowest Price

($ psf)

Median Price

($ psf)

Highest Price

($ psf)

LaunchedSold Take-up rate
CCRLINK RESIDENCE @ HOLLAND -  -  - 200%
OCRPARC BOTANNIA$1,130$1,287$1,38435725371%
RCRREZI 35$1,329$1,595$1,640441227%
Source: JLL, URA ​ ​ ​ ​ ​ ​ ​