Singapore Property | Developers had launched a total of 16 newly developed private housing projects in the Q2 of 2019. This record is 23.1% up from the 13 registered on the 1st quarter, so far the highest quarterly record since the 4th quarter of the year 2013.
As per Singapore Business Review referencing Savills Singapore, these 16 launches are situated within the areas of Rest of Central Region (RCR), Outside Central Region (OCR) and Core Central Region (CCR) with eight (8), four (4), and four (4) residential launches respectively.
However, limited large-scale projects were on-sale thus, developers released fewer units of 1,417 units or 2.9% further down in comparison to 1,459 launched units in the past quarter.
Mr. Alan Cheong of Savills Singapore stated in a statement that developers have judiciously paced launches to assess and test how the market accepts the prices of each project as well as the purchasing power of potential buyers.
More on New Private Homes Sales up 23.1% in 2nd Quarter of 2019
A summation of 2,502 uncompleted private housing units are released in the 2nd quarter of 2019, this includes the 1,085 units that were previously launched. This means 16.3% lower from the preceding quarter but still 2.7% higher from last year’s Q2.
On the other hand, unlike uncompleted private homes island-wide, new home sales surge up to 27.9% quarter-to-quarter to 2,350 units.
Meanwhile, the optional market has also encouraging results with 26.8% or a total of 2,416 private homes take-out from the 1,905 executed launches in the foregoing quarter.
Concurrently, purchasing ventures in the upscale housing trade segment had reinvigorated in the past couple of months with 137 non-landed private homes take-out at 3,000 dollars per square feet (psf) in the 2nd quarter of 2019. This, is indeed a remarkable record since the final quarter of 2007, as per Mr. Cheong.
He added that despite the cooling measures, sales in luxury units with worth at least $10 million is actually surprising the market.