Singapore Property | According to The New Paper, On May 15 (Wednesday), the Urban Redevelopment Authority (URA) released data that indicate that 444 private residences were deployed to the market in April, representing a 75 percent decline from 1,812 units in March.
The data shows that April saw only three new projects launched while March had 10 new project launches. New condominiums record a total of 735 transactions.
These three launches were part of the 3.8 percent of the 735 units moved last most, with previous launches dominating the sales.
Due to lack of major project launches, developers saw a decline in the sales of private residences by nearly 30 percent to 735 private residences in April in comparison to 1,054 units sold in March, but nearly equal to the 733 units moved in the same month the previous year. Senior Director Ong Teck Hui of JLL’s research and consultancy department is certain that the “disparity between the 1,812 private residences unveiled and the 1,054 units moved in March proved without a reasonable doubt that there is a low demand to match the huge supply being placed.”
“The take-up rates for most of the projects released in March was weak. This prompted developers to become cautious and reduce their launches in April to ward off poor sales progress in the developments,” he said.
As a sign of weaker outlook, 2,573 units were moved and 3,433 units launched within the first four months of 2019, pointed out Senior Researcher Desmond Sim of CBRE South-east Asia.
Read more about New Condominiums Record a 30% M-O-M Drop in Sales in April
Same period last year, 2,360 units were moved and 1.732 units launched, he added.
However, some analysts are providing a more positive outlook.
Singapore’s Senior Researcher Tricia Song of Colliers International says that in spite of month-on-month sales drop, the April figures are fairly good if fewer units launched is anything to go by. Developments that registered an impressive performance in March were the top selling in April. These developments range from Treasure at Tampines with 51 units moved at an average price of $1,326 psf, Riverfront Residences with 50 units at $1,308 psf, The Tre Ver with 81 units at $1,624, to Parc Botannia with 61 units at $1,294 psf.