There has been a noted surge in the sales of private homes sold by developers in last month. The sales figure in January 2017 was 382. However, the records show that 522 private homes were sold in the last month. The records also show that there has been a significant increase (21%) in the sales of private homes in comparison to December as well. In December, 431 unitswere sold. This is said to be highest numbers achieved since January 2014. 572 units were sold during that month.
On the other hand, the sales of executive condominium (EC) has witnessed a decrease if we compare it to last year’s record. In January 2017, 184 EC units were sold. However, during January 2018, 100 EC units were sold. The number was also same in December 2017.
Surveys were conducted by Urban Redevelopment Authority – URA of licensed housing developers to gather the above-mentioned figures.
The surge in sales of private homes was termed as “healthy”. It is said to be a positive indicator since no new EC or private housing projects were launched during the last month.
As per Christine Li, research director in Cushman & Wakefield, the reasons for thedecrease in the number of EC units is due to the decrease in the unsold inventory of EC instead of commonly believed reason that is fall of demand. The number of EC units remained unsold was 296 at the end of January 2018 from those which were launched recently. This lack of new launches resulted in the dependency on previously launched projects by homeowners. The upcoming EC project is speculated to be launched in April. It is going to be Rivercove Residences EC containing 628 units in Sengkang.
The head of Singapore and South-east Asia CBRE Research, Mr. Desmond Sim, is of the view that the recovery reports in the market are helping the surge in numbers. He further believes that the interest rate environment in the market is going to change in the near future. This can also influence the decision-making process as there is fear of arise in prices.
Yishun’s Symphony Suites by EL Development are considered to be the top-selling private housing development in the last month. This verdict is taken on the basis of analysis of URA figures by JLL. The median price of 65 units of this Yishun development was noted as $1,085 per square foot. Furthermore, 42 units were moved by Keppel Land at Kim Tian Road’s Highline Residences at the median price of $1,962 per square foot.
When it comes to EC, Parc Life in Sembawang Crescent is said to be top-seller during last month. The median price of 25 units that were sold by Parc Life amounted to $824 per square foot. Choa Chu Kang’s iNz Residence takes the 2nd spot with the median price of $839 per square foot of 20 units it sold.
With the launch of new projects after the Chinese New Year, it can be predicted thatdeveloper’s sales figures will reach new heights. In contrast to 10,566 private homes sold in the primary-market last year, it is forecasted that the number will reach somewhere between 11,000 and 14,000. As per Nicholas Mak, executive director of ZACD Group, over 20 private housing projects are in the pipeline to be launched in this year. 12,500 units are expected to be in these housing projects.
New launch condos in releasing for sale in 2018