“The figure for new private home sales in 2017 is the highest since 2013”, said Tricia Song, Head of research, Colliers International.
“In December, which is traditionally slow due to the year-end festive season and school holidays, only 231 new units were released for sale in comparison to 450 units released in November,” said ZACD Group executive director, Nicholas Mak.
In the meantime, there were 431 units sold in December a drop of 45% month-on-month in comparison to November sales of 788 units.
Mak added that the December take-up rate, which is almost twice the number of new units launched in the month (186.6%), resulted in faster clearance of inventory of units launched and unsold. This explains why the inventory of developers’ uncompleted launched and unsold private housing units reduced from 2,190 units in the month of November to December’s 2,073 units.
Properties that topped December’s new home sales were Parc Riviera and Symphony Suites in Yishun. Symphony Suites had 50 units sold at $1.027 psf average price while at Parc Riviera, 44 units were sold at $1,223 psf average price.
The 2 projects had been launched earlier. Parc Riviera was launched in November 2016 while Symphony Suites was launched in February 2015.
Parc Botannia in Sengkang by Sing Holdings and Wee Hur Holdings took the third place in December after having 32 units sold at $1,283 psf average price.
Christine Li head of research Singapore Cushman & Wakefield noted that developers in 2018, developers may be holding back new launches as they anticipate for further price increases.
Li continued to add that the new launches expected in the first half of 2018 include the mixed-use development. Tessensohn Residence, on 99-year leasehold by Low Keng Huat along Perumal Road at Farrer Park, the 275 unit residential property, Margaret Ville, on 99-year leasehold by MCL Land along Margaret Drive and the 124-unit freehold New Futura by City Developments located at Leonie Hill Road and which will have a private preview by invitation on January 18.