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Singapore Property | Based on the recent statistics by URA for new private residence sales in March, the top 10 new unveilings in March consisted of majorly mass-market developments, with the two major projects leading the segment.

Treasure at Tampines moved 289 units out of the possible 2,203 units, translating to a take-up rate of 59 percent. The Florence Residences, on the other hand, moved 77 units out of the total 1,140 units, translating to a take-up rate of 38.5 percent. The Tre Ver that hit the market in August 2018 moved 131 units in March. Overall, these major developments made up 47 percent of last month’s private home sales.

Mass-Market Projects Dominate New Residential Property Sales in March

“Attractive prices lured more buyers to these developments – 91.8 percent of the units at both The Florence Residences and Treasure at Tampines went for below $1.5 million, while 98.1 percent were moved at below $2 million,” stated CBRE Southeast Asia’s research head, Mr. Desmond Sim.

“Adequate stream of new launches notwithstanding, buyers kept on buying from earlier launched projects like The Tre Ver,” observes Tricia Song, who is the Singapore’s head of research at Colliers International. She adds, “The upturn could be because of prospective buyers who were rebounded from adjacent Park Colonial that is currently 72 percent taken up, and it has begun to increase selling prices.”

The average price at Park Colonial has jumped to $1,828 psf in March 2019 from $1,756 psf in its launch in July last year.

Overall, out of the 1,812 units unveiled for sale, developers moved 1,054 private home units (with the exception of executive condos) in March. This statistic indicates a m-o-m uptick of 131.6 percent and a y-o-y uptick of 47.2 percent. “Boulevard 88 brought up prices in the Core Central Region after selling 26 units of the unveiled 35 units at an average price of $3,613 psf, translating to an occupancy rate of 74.3 percent,” states CBRE’s Sim.

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