SINGAPORE (EDGEPROP) - A total of 1,296 new private residential units (excluding ECs) were sold in Singapore in March, bringing the total sales in 1Q2021 to 3,574 units, 66.3% higher y-o-y, according to URA data.
(Source: URA, OrangeTee & Tie Research & Analytics)
While all regions in the city-state registered an increased sales volume over the month, transactions in the Core Central Region (CCR) showed a surge in sales volume, at 546 units sold. This is over nine times the volume of its previous month, at 58 units sold in February.
The number of units sold in the CCR in March is also the highest since 668 units were sold in the CCR in November 2013, observes Leonard Tay, head, research, at Knight Frank Singapore.
The launch of Midtown Modern contributed a significant level of sales, with 368 units sold at the project with median prices from $2,299 to $4,213 psf. It also represents 28.4% of all developer sales in March.
The sale of all the remaining 77 units at RV Altitude also contributed to the sales transactions in the CCR in March. This is followed by sales transactions in other CCR projects like The M (29 units), Fourth Avenue Residences (13 units), Leedon Green (12 units), Kopar At Newton (seven units) and Martin Modern (seven units).
Meanwhile, transactions for private residential homes in the Rest of Central Region (RCR) constituted 29.9% of total developer sales in March, while transactions in the Outside of Central Region (OCR) constituted 27.9% of total sales.
Treasure At Tampines (77 units) and Ki Residences At Brookvale (60 units) continued to move sales in the OCR, while 64 units were sold at Amber Park in the RCR.
Prominently, 16 new homes transacted above $5 million in March, two of which were sold above $10 million, notes Christine Sun, senior vice president of research & analytics at OrangeTee & Tie. One of these was a 3,520 sq ft unit at Midtown Modern that was transacted for $14.8 million ($4,213 psf), while the other was a 5,662 sq ft unit at Meyerhouse which transacted for $13.9 million ($2,450 psf).
This month, Irwell Hill Residences sold over 50% of the entire project during its launch weekend on April 10. Luxury project Eden also sold all 20 units to a single buyer, reported to be the Tsai family of Taiwan behind snack food giant Want Want China Holdings.
“Backed by the prospects of further price growth and a better leasing environment, foreign demand is expected to return gradually. We may see more luxury homes being sold in the coming months as more luxury properties are slated to be launched,” says Sun.
Find out why The M sold 70% of units in one weekend and the prices have been increasing steadily here
Discover more about the Leedon Green, best selling freehold project in prime District 10 here
Check out the latest listings near Midtown Modern, RV Altitude, The M, Fourth Avenue Residences, Leedon Green, Kopar At Newton, Martin Modern, Treasure At Tampines, Ki Residences At Brookvale, Amber Park, Irwell Hill Residences, Eden