Singapore Property | Private houses sales surprisingly surged up to 29.5% in May. 952 private residential units were sold out of 1,394 new units launched in the month way up from 735 in April, as per report by the Urban Redevelopment Authority (URA) last June 17, 2019.
New launches, however, tripled compared to last April launches of only 444 new units.
However, although May sales surged up on month-on-month data, it is still 15 percent lower comparing to data last May 2018 wherein 1,222 units were sold and 1,060 units were launched.
Analysts are saying that buyers are poured out with choices, with myriad unsold units from earlier launches. Developers even lower prices to attract even more buyers creating a classic buyer’s market.
More on Surge On Private Housing Sales: 29.5% In May
In the statement of Desmond Sim, CBRE’s chief of research for Southeast Asia, he stressed out that despite having numerous variety of choices available, only Amber Park reaches the 97 percent take-up comparing to the others with less than 30 percent registered sales.
Being said, Amber Park emerged as a top-selling project with 155 units sold out of 160 units launched last month. This is followed by Parc Komo with 79 units and The Woodleigh Residences with 74 units sold respectively.
Analysts said that “reputation of its developer, City Development, as well as its freehold status is factors behind its popularity”.
Amber Park’s success is noted to be attributed to the head of research for Singapore at Colliers International, Tricia Song’s design and reasonable pricing.
Currently, sales prices are static but as CBRE’s Sim emphasised on statement that he doubts the longevity of maintaining current prices as new more residential units will be open for market buyers. He added that developers are likely to limit on lowering prices especially for new residential openings. On the other hand, Song’s believed that halting interest rate increase, economic growth, and collective group replacing homes are the possible main consideration that could hold up prices in the next quarters”.