Singapore Property | May 2018 the biggest private home sale number since August 2017 with 1121 new private homes sold. On a y-o-y basis, this number indicates a 7.9% increase which is roughly 53.1% more than the 732 units sold during the previous month. August 2017 witnessed 1246 units sold according to Tricia Song, head researcher for Collier international in Singapore.
A significant part of the sales in May are attributed to the five new projects released during the said month. Out of the five, Twin Vew at West Coast Vale performed the best having sold 454 of its 520 units or 87% of its total number at an average price of $1385 psf. Next in line of the best performing projects is Amber 45 which sold 86 out of its 100 units for an average price of $2378 psf. Meanwhile, Sixteen35 Residences sold 45 out of its 60 units launched while 120 Grange and Sea Pavilion Residences sold 37 of 56 and 14 of 244, respectively.
JLL national director of research & consultancy Ong Teck Hui stated that these five launches are responsible for 71% of the total units launched in May with Twin Vew being accounted for 41% of the private new home sales for the same month.
In line with this however, Colliers' Song noted that as developers steadily increase prices for new launches, the take-up rates have significantly slowed down. Furthermore, Song adds that projects launched earlier in the year that have significantly lower psf prices have been snapped up.
Despite this virtual success, Ong still points out that 2017’s January to May sales at 5568 units, are still higher than this year’s 3434 units sold. With this Ong promised that the industry still has to step up in the coming months. As Ong puts it that the important point is that sales will pick up strongly on the second half of this year surpassing if 2017’s sales of 10,566.