March 21, 2019

Developers sold a total of 455 units of Private New Homes, this was an 18.5% year-on-year increase in the number of units sold as compared to 436 units in 2018. The bulk of the sales were concentrated in the Outside Central Region with 50.8% units being sold while 39.1% were sold in Rest of Central Region  and 10.1% in Core Central Region.

URA-Previously-Launched-Project-Art-1Source: PropNex research, URA

Chief Executive Officer of PropNex Realty, Mr Ismail Gafoor mentioned that, “Despite February being a shorter month, with the combination of Chinese New Year Celebrations and the lack of any new launches, we witnessed a total of 455 private new homes (excluding ECs) sold for the month. This reflects an indication of the presence of inherent demand and resilience, particularly for new projects that have been previously launched. One of the contributing factors can be attributed to the announcement of the Cross Island MRT line towards the end of January 2019, that aided with the rejuvenation of interest among buyers and investors for projects such as Affinity at Serangoon, Riverfront Residences and The Garden Residences.”

The top 5 best-selling new launches for the month of February were Affinity At Serangoon, which was leading the sales, with a total of 88 units sold at a median price of $1,494. While, the other projects included Riverfront Residences, The Tre Ver, Stirling Residences and Parc Botannia.

URA-Previously-Launched-Project-Art-2Source: PropNex research, URA

Mr Ismail further asserted that “Developers who had benefitted from securing lower land bid prices, are able to offer sensitive pricing to potential buyers and investors, effectively competing with new launches coming on stream, from a price perspective. A trend that we expect to continue, for the rest of the year, as a considerable number of upcoming new launches are on the backdrop of awarded GLS and En-Bloc sites between 2017 and 2018. ”

With regards to the forthcoming months, Mr Ismail highlighted that “We are expecting the number of private new homes sold to pick up in the coming months especially with the launch of The Florence Residences, 1953 and One Meyer in March and one of the mega projects of the year—Treasure at Tampines and many others in April. ”