New private homes have experienced a reduction in sales in April from March. However, the demand for previously launched projects has been steady.
According to data by Urban Redevelopment Authority, last month recorded a sale of 745 homes, an 11.6% reduction from March sales.
By discounting the new launches transactions, sales of projects previously launched rose to 619 in April from 541 in March.
According to Mr. Wong Xian Yang, Orange Tee Senior Manager of research and consultancy, demand was spread out evenly on different projects. Each of the 15 best selling projects sold 18 or more units last month. He further noted that buyers have returned to the market because they do not expect cooling measures to be lifted by the government any time soon.
Still, last year saw more previously launched projects sold possibly due to trimmed prices.
As noted by Dr Lee Nai Jia, Regional head of research DTZ, the projects that are completing soon such as the Trilinq, which will complete next year, are attracting buyers because they can move in soon.
Mr. Alan Cheong, Research head, Savills Singapore said that the market has fewer unsold units due to stable demand rate and reduced land sales by the government since 2014. He also noted that the number of unsold private homes have reduced from 20,433 April 2015 to 16,718 April this year.
Executive Condominium market had 1260 units released in April, the highest in 17 months.
Parc Life sold 51 of its 628 units at $ 784 psf and The Visionaire sold 154 of its 632 units at $ 821 psf. Other ECs such as The Brownstone, The Amore, The Vales and The Terrace sold about 40 to 50 units each.