Private residential units sold by developers in August 2018
Market settling into new rhythm
Sales and launch volumes
In August, 616 private residential units were sold by developers, a decline of 64.3 per cent from the 1,724 units sold in June and also 50.6 per cent lower year-on-year. The plunge in sales was due to the effects of the cooling measures that became operative on 6 July 2018 as well as the lunar seventh month which lasted from 11 August to 9 September 2018. New home sales for the first eight months of the year stands at 6,287 units, a 25.1 per cent drop from the 8,397 units sold for the same period in 2017.
The 534 private homes launched for sale in August was also a sharp decline from the 2,239 units launched a month earlier. That was due to the sudden launch of Stirling Residences, Park Colonial and Riverfront Residences on 5 July to secure as many bookings as possible before the cooling measures took effect on 6 July.
New project launches
Four new private residential projects came onto the market in August:
|Project||Total (units)||Launched (units)||Sold (units)||Median price (psf)|
|The Tre Ver||729||200||164||$1,551|
|8 St Thomas||250||79||18||$3,215|
|Casa Al Mare||49||49||9||$1,597|
|Mont Botanik Residence||108||54||2||$1,97|
Top selling projects
|Project||Sold (units)||Median price (psf)|
|The Tre Ver||164||$1,551|
|Affinity At Serangoon||39||$1,491|
Executive Condominium (EC) market
In the absence of new launches, developers sold 23 new ECs in August, lower than the 52 taken up in July. EC projects garnering more sales in July include Parc Life (9 units at median price of
$867 psf), Northwave (6 units at median price of $925 psf) and Signature at Yishun (4 units at median price of $821 psf)
Mr Ong Teck Hui, National Director of Research & Consultancy at JLL commented:
“The strong primary market sales in July was due to the spike in sales on 5 July when Stirling Residences, Park Colonial and Riverfront Residences were hurriedly placed on the market before the cooling measures took effect. July sales volume was therefore an aberration and not reflective of the market post 5 July.
In August, we are seeing the private home market settling into its new rhythm although the lunar seventh month could have had some dampening effect as well. Despite the cautious mood in the market, launches have continued although at a slower pace while sales are still occurring but at a moderated momentum. This is likely to be the trend for the remaining months of the year, although well priced projects achieving better than expected sales take-up cannot be ruled out.
Looking at those projects that are selling better than others, they are perceived as more reasonably priced and that makes them more competitive in a market that has become price-sensitive. With new private home sales estimated at 6,287 units for the first eight months of 2018, we may expect full year sales at around 8,500 to 9,500 units.”
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