Singapore Property | In April 2018, Urban Redevelopment Authority published a data showing that private home sales declined dramatically to 59.8% since March 2017 (from 1780 units to 716 units). But, the monthly sales increased to 86.5% in March 2018 than February of the same year because of the launching of 861-units Tapestry @ Tampines.
Local renowned developer, City Developments Ltd (CDL), launched this project and it became one of the best-selling projects in March 2018. A marketing agent also revealed the statistics regarding this project, which shows that its contribution to new sales in March 2018 is 46%. Among 450 released units of the Tapestry project, 329 units were sold at the median price of about $1408 psf.
(Artist's Impression of Tapestry)
Analyzing the market history another interesting information found. The Tapestry’s units were sold at comparatively higher prices than the other projects of the same area, which were launched a few years ago ($1078 psf in 2016 and $1108 psf in 2014).
Some of the other projects such as the Grandeur Park Residences in the east, Kingsford Waterbay in District 19 and Parc Botannia, also kept the market lively in March. They were sold at different prices ranging from $1310 to $1532 psf.
Parc Botannia’s lower median price was $1406 psf, while Grandeur Park Residences were sold at $1287 psf last year.
According to market experts, today, people are ready to buy at higher prices and the demand for homeowning may rise.
In the first quarter of this year sales of developer sales units fall by 45.1% due to the launching of less projects for delay of lunar year. First quarter of last year, 3 developments including Park Place Residences, The Clement Canopy and Grandeur Park Residences were launched.
In the first quarter of the last year three large projects were launched but this year, The Tapestry is the only one to win the market.
Developers are expecting to see a rise in sales from April as many new projects like the Park Place Residences phase 2 and The Verandah Residences, are going to be launched soon.
These newly launched projects will boost the market definitely.