Singapore Property | Developers sold more private residential units in the first nine months of 2017 at 9,582 in comparison to 8,683 units sold in 2016. This translated to 15% more sales from January to September 2017 than the entire 2016, according to URA latest figures.
In September alone, developers sold 657 private homes, an increase of 29% in comparison to September 2016 where 509 units were sold.
The best selling project in the month was Kingsford Waterway in which Kingsford Development, its developer, sold 45 units at $1,289 psf average price. The unsold units by the end of September on this project on a 99-year leasehold were 269 of the 1,165 units, approximately 23%.
The 99-year lease Symphony Suites by EL Development took the second place after the developer sold 42 units at $1,098 psf median price. As September ended, 539 units had been sold of the 548 units launched, an equivalent of 98%.
The third was the Principal Garden by Kheng Leong Company and UOL Group. In September 40 units were sold at $1,761 psf average price on the 99-year leasehold project.
However, in comparison to August, September had 47% fewer units sold. This was in the midst of lower volume launched in September of 73 units.
“The low volume launched in September was attributed to the period of Hungry Ghost Month and also developers holding back the units as they anticipate the property prices to increase in the near future,” said Nicholas Mak, ZACD Group executive director.
In the executive condominium segment, developers sold 3,653 units from January to September 2017, which was higher than the 3,316 units sold in a similar period in 2016.
In September 2017, 249 units were sold in comparison to 260 units sold in September 2017.
The bestselling EC in September was Parc Life by Frasers Centrepoint. The developer sold 48 units at $795 psf average price. As at the end of the month, 450 of 628 units of the Sembawang development had been sold, an equivalent of 71%.
Desmond Sim, CBRE Research head noted that even if there were no new EC launches in the month of September, there were 249 units sold.
He added that quantum continues to sell considering that 93% of URA Realis caveats lodged in September were for units costing below $1.5m.