While the month of September recorded high private homes sales, it did not have any new launches. There were 509 private homes sold in comparison to 341 units sold in September last year and the 468 sold in August.
Lake Grande had the highest sales of 29 units in September at an average price of $1,312 psf. The Trilinq was close behind having sold 28 units at an average price of $1,405 psf while Kingsford Waterbay took the third position with the sale of 23 units at an average price of $1,202 psf.
(An image of Kingsford Waterbay)
JLL National Director Ong Teck Hui said that September is uneventful for private residential market new sales, but the coming months are expected to have more activity and will give a better indication of the market’s direction. This is with the launch of Forest Woods’ 519 units, The Alps Residences’ 626 units, Parc Riviera’s 752 units and Queens Peak’s 736 units. He further noted that Forest Woods and The Alps Residences received keen interest from purchases and had a high sales take-up.
Fewer executive condo units were sold by developers in September since there were fewer launches. The month on month sales fell by 21 percent while the year on year dropped by 10 percent. The last executive condominiums to be launched were NorthWave and Treasure Crest in July.
Treasure Crest had the highest number of units sold with 38 units selling at an average price of $746 psf. Sol Acres followed with the sale of 36 units at an average price of $800 psf. The Terrace took the third position with the sale of 28 units at an average price of $787 psf.
“The current market momentum will possibly result to both take-up and launches in quarter four 2016 exceeding the 1,603 sold units and 1,333 launched units in quarter four 2015. Developers are estimated to sell between 7,500 to 8,200 private homes in 2016, a figure higher than the last year sales of 7,440 units,” said Ong.