1,024 private homes were sold in May. This figure is down by 34% from a high of 1,558 homes sold in April, as per figures given by the Urban Redevelopment Authority.
Lack of new property launches for the month of May are the reason behind the lackluster numbers. Two major projects, the Seaside Residences and Artra @ Alexandra, contributed to the higher sales in April.
In spite of the slow pace in sales, newly launched projects are picking up.
For the private condominium project, Parc Riviera has sold 83 units at an average price of $1,246 psf. The next biggest performer is The Santorini which sold 64 units at an average of $1,022 psf. Commonwealth Towers sold 53 units at $1,841 psf followed by Kingsford Waterbay who, in turn, sold 51 units at an average price of $1,164 psf. Last, but definitely not the least, is Sims Urban Oasis, which sold 51 units at an average of $1,387 psf.
(Artist's Impression of Kingsford Waterbay)
Property developers sold 370 executive condominium (EC) units the last month. EC’s are public-private housing hybrids. Sol Acres EC which is located in Choa Chu Kang, is currently the top selling residential project. Sol Acres pushed 116 units into the market at an average price of $794 psf.
Sales of homes are expected to slow down in June. This is in part, due to school holidays as per Tay Huey Ying, who is the Head of Research & Consultancy at JLL Singapore. She says that sales should return in July because developers are currently rushing to launch projects. Buyers, on the other hand, are also rushing to acquire units before the lunar seventh month which is slated from August 22 to September 19. The lunar seventh month is regarded by the Chinese as an ominous period for making substantial financial commitments.
In July, expect to see three major project launches – the Hundred Palms Residences, Le Quest and Martin Modern. Hundred Palms Residences EC is located in Yio Chu Kang Road. Le Quest is in Bukit Batok. Martin Modern is in Martin Place. All three projects are expected to push 1,497 homes into the market.