Private residential units sold by developers in November 2018
Strong rebound in launches and sales
SINGAPORE
Flurry of launches led to robust sales
In November, developers sold 1,198 private residential units, nearly two and a half times more than in October and 52 per cent higher y-o-y. The robust sales during the month was due to a sharp increase in launches that provided a wide array of projects for buyers to choose from. Developers launched 1,341 new private homes in November, 564 per cent more than the 202 units launched in October and three times higher than in November last year.
In the first eleven months of the year, developers have launched an estimated 8,655 private residential units and sold an estimated 8,644 units.
Seven new projects were launched in November
Project |
Total (units) |
Launched (units) |
Sold (units) |
Median price (psf) |
3 Cuscaden |
96 |
96 |
23 |
$3,555 |
Arena Residences |
98 |
70 |
54 |
$1,813 |
Belgravia Green |
81 |
49 |
31 |
$860 |
Kent Ridge Hill Residences |
548 |
250 |
126 |
$1,715 |
Parc Esta |
1,399 |
450 |
348 |
$1,699 |
The Woodleigh Residences |
667 |
50 |
29 |
$2,002 |
Whistler Grand |
716 |
300 |
219 |
$1,352 |
Source: URA
Encouraging sales at top selling private residential projects
Project |
Sold (units) |
Median price (psf) |
Parc Esta |
348 |
$1,699 |
Whistler Grand |
219 |
$1,352 |
Kent Ridge Hill Residences |
126 |
$1,715 |
Arena Residences |
54 |
$1,813 |
Park Colonial |
52 |
$1,739 |
Source: URA
Mr Ong Teck Hui, Senior Director of Research & Consultancy at JLL, commented:
“The strong launches and sales take-up of private homes in November is significant as they occurred during the time of the year when market activities usually begin to wind down due to the start of the year-end holidays. They are in fact the strongest monthly launch and sales figures in 2018 (disregarding the 2,239 units launched and 1,724 units sold in July which were an aberration due to the sudden launch of several projects to beat the start of the July cooling measures).
As the launch pipeline of units for sale in 2019 is expected to be significant, there is some pressure for developers to launch their projects this year rather than withholding them until next year, which would only worsen the supply crunch. However, developers were reasonably confident that there would be fair response from buyers for them to proceed with their launches. Except for 3 Cuscaden which had a take-up rate of 24 per cent (median price of $3,555 psf), the other five launches of non-landed homes had stronger take-up ranging from 50 per cent to 77 per cent (median prices of $1,352 psf to $2,002 psf). The sales take-up of new private homes in November is indicative of healthy underlying demand, albeit price-sensitive under present market circumstances.
2018 could end with full year launches of around 9,000 units or about 50 per cent higher than the 6,020 launched last year. New private home sales for 2018 is also estimated at around 9,000 units or about 15 per cent lower than the 10,566 units sold in 2017.
In 2019, due to the huge launch pipeline of units for sale, 10,000 to 12,000 new private homes could be placed on the market while sales take-up could vary between 8,000 to 10,000 units, depending on market conditions.
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