Singapore Property | The remarkable buying momentum witnessed in November was supply-driven, with the unveiling of seven fresh projects. According to CBRE Research Head for Singapore as well as Southeast Asia, Mr. Desmond Sim, “developers are expecting to make the most out of their properties as 2018 comes to an end in an anticipation of economic downturns next year.”
In November 2018, developers availed 1,341 units of new private residences for sale compared to 202 units launched for sale in October. New launches managed to sell 830 units, translating to 69 percent of the aggregate number of new private residences sold, with the exception of executive condos. This statistics represents a month-to-month jump by 146 percent and a year-to-year increase by 52 percent. “It also represents the greatest number of private residences deployed to the market in November in the past half a decade, given that developers managed to sell 1,271 units in November 2013,” points out Tricia Song, who works at Colliers International as Singapore’s research head.
Song says, “The impressive take-up for the new private residences is a reflection of a sincere undisclosed demand for intelligently priced and strategically positioned projects.” She adds, “The healthy purchase of the new properties will go a long way in boosting the confidence of developers in Singapore’s residential industry.”
Parc Esta outperformed other new developments to emerge as the top-selling property in November. This property had 1,399 units. MCL Land, a renowned developer in Singapore, launched 450 units and managed to sell 348 units (77 percent) of them at an average price of $1,699 psf. Coming in second in the list of top-selling projects was Whistler Grand that released 300 units and sold 219 units (73 percent) of the total at an average price of $1,352 psf. Kent Ridge Hill Residences came in third with 126 units sold at an average price of $1,715 psf. Other developments including strata landed Belgravia Green, a freehold development at Guillemard Crescent, Arena Residences, District 19 condominium, Woodleigh Residences as well as District 10, 3 Cuscaden were also launched last month.