JLL's perspective: Private residential units sold by developers in January 2018

SINGAPORE, 14 January 2018 – Developers sold 522 private residential units in January, 21.1 per cent more than in December 2017, and also an increase of 36.6 per cent y-o-y. Sales are typically slower in January which straddles between the previous year-end holidays and the coming Lunar New Year festive season. Launches remained low-key with 247 units placed on the market, merely 6.9 per cent higher than the previous month but more than twice the 108 launched in January 2017.

The only fresh launch in January is New Futura , a 124-unit development in Leonie Hill Road, which sold 24 units at a median price of $3,143 psf. The top selling private residential projects for the month were Symphony Suites (65 units at a median price of $1,085 psf), Gem Residences (44 units at median price of $1,508 psf), Parc Botannia (43 units at median price of $1,265 psf), Highline Residences (42 units at a median price of $1,962 psf) and Kingsford Waterbay (31 units at median price of $1,424 psf).

New executive condominium (EC) sales stagnated at 100 units in January, similar to the previous month and a 45.7 per cent drop y-o-y. Top selling EC projects in January were Parc Life (25 units at a median price of $824 psf), INZ Residence (20 units at a median price of $839 psf), The Criterion (18 units at a median price of $792 psf) and Signature at Yishun (16 units at a median price of $780 psf). 

Mr. Ong Teck Hui, National Director of Research & Consultancy at JLL, commented: “Compared with January 2017, January this year shows a keener demand that is reflective of the current upbeat market. New private home sales at 522 units is 36.6 per cent higher than the 382 sold a year ago. The top five selling projects this January garnered sales of between 31 and 65 units, a much stronger performance than January 2017, when the top five selling developments sold between 13 and 38 units. In spite of the low-key launches and the pre-festive period, buyers are still actively sussing out previously launched projects and snapping up units, aware that time may not be on their side.

The launch of New Futura with an encouraging response from buyers also reflects a new level of confidence in the high-end market on the part of the developer as well as purchasers. The last time a high-end project with a median price exceeding $3,000 psf was launched was Wallich Residence at Tanjong Pagar (formerly known as Clermont Residence) in November 2013 at a median price of $3,048 psf.”

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