The year 2017 is set to record an increase in sales of new private homes.
According to Edmund Tie & Co, the Singapore private residential market recorded a higher sales volume a sign the sector could have bottomed out last year.
While citing the Urban Redevelopment Authority data, Edmund Tie & Co noted that the combined total sales of resale private homes and new homes had a sharp increase of 15.5% from 14,183 units recorded in 2015 to 16,378 units sold in 2016. However, the primary market recorded a marginal rise in transactions from 7,703 units recorded in 2015 to 7,780 units in 2016.
Based on the statistics by the URA, there was a stabilization of private homes prices in 2016 since the year had a 3.1% price drop, which was lower in comparison to the 3.7% that was recorded in 2015.
In addition, the higher sales volumes of resale flats at HDB that increased to 20,813 units or by 7.8% in 2016 may benefit the private residential market. The increase in sales is attributed to the fact that upgraders have a tendency of selling the public housing homes first before they move into private residential homes.
Forecasting the future, the property consultant expects new private homes sales to increase to approximately 8,000 – 9,000 units in 2017. This year, some new developments have been receiving keen interest from buyers. Some of the new developments that are set to add to the figure by selling well in 2017 include Martin Modern, a 450 unit by Guocoland that is located in Martin Place. Others are The Clement Canopy, a 505 unit by UOL that is located in Clementi Avenue 1; Grandeur Park Residences, a 720 unit by CEL Development located in New Upper Changi Road and Seaside Residences, an 840 unit by Frasers Centrepoint that is located in Siglap Road.