Singapore Property | In November 2017, developers sold 785 private residential units, a rise of 3.3% from 760 units that were sold in October and a drop of 8.7 % y-o-y, based on URA data. On a month-on-month basis, the October sales had grown by 15.7% while in September the sales had dropped by 39.3%.
“The sale of new homes remained moderate in the month just as school holidays started towards the middle of the November and the number of launched units has not risen substantially”, said Ong Teck Hui, JLL national director of research.
The month had 3 new launches with 450 units. At Rezi 35, out of the 44 units that were launched, 12 were sold at $1,595 psf average price. The Parc Botannia that has 735 units launched 357 units of which 253 were sold at $1,287 psf average price. None of the 2 units launched by the landed 4-unit Link Residence @ Holland were sold.
Top sellers in November were Parc Botannia that sold 253 units at an average price of $1,287, Queens Peak with 71 units followed fetching $1,694 psf average price, Kingsford Waterbay with 38 units fetching $1,346 psf, Sims Urban Oasis sold 35 units fetching an average price of $1,508 psf as well as Gem Residences that had 34 units sold at an average price of $1,517 psf.
“About 10,247 units were transacted for the 11 months of 2017, 31.9% higher than a similar period last year,” said Ong.
“I expect the sale of private new homes (excluding ECs) for 2017 to be between 10,700 and 11,000, about 34-38% higher than for 2016,” said Nicholas Mak, ZACD Group executive director.
In the meantime, Ismail Gafoor, PropNex CEO expects the sale of new private homes for 2017(excluding executive condominiums) to be more than 11,600 units while the ECs could be about 4,100 units.
He added that he expected December and January sales performance to reduce because of the school holidays, the beginning of a New Year and lack of new launches.
Mak expects new launches at the beginning of 2018 to be limited. He noted that only about a few new residential units would be launched (including ECs) before Feb 16, 2018, the Lunar New Year.