The Urban Redevelopment Authority notes that there were twenty-three percent more units sold last year coming in at 14,707 units whereas, in 2016, only 11,971 units were sold. Out of these 14,707 units, 10,682 of these were private residential units which make up a thirty-four percent increase than the 7,972 private residential units sold in 2016. This type of sales volume is a good indication that the private residential market is looking at an upturn which will help with its recovery and according to Ms. Tricia Song, head of research at Colliers International, this is very encouraging. Ms. Tricia Song added in that another twenty-five major private non-landed projects have the potential to be put on the market this year, yielding a potential of 15,000 – 16,000 units. Executive condos such as Hundred Palms Residences EC was also 100% sold during their preview.
Further encouragement comes from the fact that eighty percent of the units were sold out from the top twenty sellers last month and since several developers actually pushed back launches in anticipation of a higher upturn in prices, means that the sales volume could have easily been higher. The developers who sold the most units were Frasers Centrepoint, City Developments (CDL), and Qingjian Realty, each bringing in over 1000 units in sales.
Looking Towards 2018
City Developments is looking to bring on new launch condo, New Futura, which is a 124-unit freehold condo located in District Nine of Leonie Hill. According to agents, a two bedroom unit just under 1,100 sq ft will start around $3.8 million.
Currently, there is one new executive condominium project on the books for 2018 called Rivercove Residences EC, likely to launch in March. It is a joint development by Sunway Developments and Hoi Hup Realty. The Twin View, a development by China Construction Developments is also expected to launch in March/April at West Coast Vale.
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New launches that will be released for sale in 2018