April 20, 2017

In March 2017, a total of 1,780 private residential units were sold (excluding ECs) by developers, the highest since 2014. Near to 40% of the sales are attributed by the two launches—Grandeur Park Residences and Park Place Residences.

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Source: URA, PropNex Research

OCR properties most sought after Properties in the Outside Central Region (OCR) was the most sought after, accounting for 63.1 per cent of new private home sales, while Rest of Central (RCR) and Core Central Region (CCR) accounted for 33.1 per cent and 3.8 per cent respectively.

Record-Number-of-Private-Units-Sold-in-the-last-3-year-art3
Source: URA, PropNex Research

In March, a total of 484 units were sold at the newly launched Grandeur Park Residences, making it the top-selling project of the month. RCR project – Park Place Residences takes the second place with 217 units sold, followed by newly launched Inz Residence EC with a take-up of 187 units. Consecutively for the past few months, Parc Riviera and Sol Acres EC remain as one of the top 5 selling projects with 163 and 147 units sold respectively. Mr Ismail Gafoor commented, “We have noticed greater market confidence from buyers and investors alike with the announcement of the tweaking of cooling measures. The market is active with positive sentiment.”

Grandeur Park Residences – the top performer in March

The 5 top-selling projects were – Grandeur Park Residences, Park Place Residences, Inz Residence EC, Parc Riviera and Sol Acres EC.

Record-Number-of-Private-Units-Sold-in-the-last-3-year-art
Source: URA, PropNex Research

Trend expected to continue in the second quarter

Mr Ismail expects the trend to continue in second quarter where buyers are prepared to pick up units that are rightly priced. “With the strong pitch for the recent private units sold, the market is heading towards recovery and further price increase in the near future. Buyers today are taking advantage of the current pricing before any possible upwards of price increase with stronger demands.”