In February 2016, the selling of private homes dropped significantly when compared to the same period last year. The decline stands at 22.8%. This decrease is surprising due to an increase in the number of units launched in February when compared to January of this year.
With condominiums and ECs such as 183 Longhaus, The Trilinq, Principal Garden, Sims Urban Oasis, Symphony Suites and Leedon Residences launching new units, the total number of new private homes that were debuted in January 2016 was 159. Developers launched a total of 209-units in February 2016, a 31.4% increase when compared to the previous month.
Condominium and EC units in the Core Central Region (CCR) saw a slight decrease in February of this year. From 30-units sold in February of the previous year to 26-units in the month prior, February 2016 only saw a movement of 25-units.
Though units from condos and ECs – The Terrace, The Vales, The Amore and Bellewaters – located in the Rest of Central Region (RCR) saw an increase from 81-units to 82-units from the months of January to February of this year, the overall sales volume shows a massive slum when compared to the 185-units sold in February of the previous year. This decrease reflects a colossal drop of 56-percent.
Outside the Central Region (OCR) however, there has been an increase of units sold when compared to the same time last year. With private homes from developments such as The Panorama, Kingsford Waterbay, Sol Acres and Kingsford Hillview Peak being sold, 194-units were sold in the 2nd month of 2016 when compared to the 175-units sold in the same time last year.
Despite the increase of sales in the OCR, the overall drop in private homes is a little over a fifth when compared to February 2015. The decline has been attributed to the Lunar New Year’s property lull and the unstable stock market. Private home sales are expected to remain low throughout the rest of the year. The best selling private developments in February this year includes The Panorama, Kingsford Waterbay, Principal Garden, Symphony Suites and The Poiz Residences.