A record 12408 sale of new private home together with executive condominium was achieved in 2016 compared to 9026 sales in year 2014 and 10199 sales made in 2015. Of all the sales made, the executive condominiums accounted for about 32.6%. This is according to a report by the PropNex Realty from the data and records by URA.
"The high sales figures were attributed to greater affordability and reliability of the brand new residential developments", Mohamed Ismail, PropNex CEO revealed.
Developers have gone on to slash prices by a margin of between 20% and 25% leading to overall rise in the CCR sales by about 67.2%. This has been done all in a bid to avoid the payment of the required extension fees.
"Prices for the ECs falling by a margin of 5% within the first quarter of 2015 and fourth quarter of 2016 also greatly contributed to the rise in sales volumes. This is evident because a total of 4018 ECs were sold in 2016 in comparison to 2550 units sold in 2015, an increase of 57.6%,” JLL real estate consultancy seconded.
"The appetite for home sales has further been fueled by both investors and first time home owners over the past 2 years,” CBRE’s Research Head for Singapore Southeast Asia, Desmond Sim, added.
Excluding executive condominiums, the sales of private home increased by about 9.4% bringing the total number of units to 8136 units in 2016 up from a total of 7440 units that were sold in 2015.
However, units that were sold in the month of December were 367 down from 860 units that were sold in the month of November, a reduction of 57.3%. This was largely attributed to the festive season hype, but it was still 4.4% lower than the previous December of 2015.
JLL Consultancy noted that the top best-selling residential developments in the month of December last year were The Santorini which topped the list followed by Queens Peak, Parc Riviera, River Bank @ Fernvale and the Alps Residences respectively.
In December 2016, the best performing executive condominium was Sol Acres that had 66 of its total units sold at an average price of $789psf. Other well-performing ECs included The Terrace that had 33 units sold for $790 psf average price, The Vales had 17 units sold at $805 psf average price, Westwood Residences sold 17 houses at $786 psf average price and The Visionaire EC had sold 14 units at $814psf average price.
"Sale of new private home sales may remain the same in 2017 as recorded in 2016 with an estimated 12000 units expected to be sold", Ismail predicted.
Sim, on the other hand, reckons that the sales will slightly decrease he says will be as a result of the grim economic prospects backed up by uncertainty in interest rates.
To know more on upcoming launches, you may like to visit The Clement Canopy (Showflat will be opened after Chinese New Year), Grandeur Park Residences (near Tanah Merah MRT Station), Watercove (a Freehold landed property in Sembawang) and Park Place Residences (A brand new mixed development in District 14).