The sales of Singapore property projects launched so far in 2017 indicate a comeback of investor confidence.
The Clement Canopy, which was the first to be launched this year recorded sales of about 200 of the 250 units during the weekend launch on Feb 25 to 26. The 505-unit project whose location is in Clementi Avenue 1 is a joint venture of Singapore Land and UOL Group. The units of the project, which is on a 99-year lease, Clement Canopy price starts from $1,330 to $1,360 psf. Three-quarters of the sold units were of 2 and 3 bedrooms with the price being below $1.5 m.
(An artist's impression of The Clement Canopy)
Grandeur Park Residences was another project launched this year on March 4 and 5. The 720-unit project by Chip Eng Seng Corp, which is also next to Tanah Merah had 420 units sold in the launch weekend at $1,350 psf average price. The majority of the units sold at the 99-year lease development were of 1, 2 and 3 bedrooms. Multi-generational families went for the 3-5 bedrooms units.
In 2016, there was a 7.7% increase in new home sales y-o-y to arrive at 7,972.
“Despite tough economic times, there were high expectations that the sales of new homes would continue growing in 2017,” observed JLL national director of research and consultancy, Ong Teck Hui.
He added that the buyers’ positive responsive at Grandeur Park Residences and Clement Canopy was an indication that buyers sentiment remains positive with a high probability of sales of new homes to be higher in 2017 than was in 2016.
“The sales volume of private homes has bottomed and is gradually going up. Also, prices in the coming few quarters could bottom as volume recovery comes first before price recovery. More buyers are returning to the market as they perceive that the market is bottoming,” said Ong.
In agreement that there is a return in buyer confidence and that the market has liquidity is the executive director of residential services CBRE Joseph Tan. He agrees that the residential market has stabilized.