Sales of new private homes (excluding executive condos) in Singapore fell by 28.05% from January to 377 units last month, according to URA data. The weaker take-up was largely due to the lack of major launches as developers held back new projects during the Lunar New Year festivities amid depleting inventory, says Tricia Song, Colliers International’s head of research for Singapore.
Far East Organization’s Parksuites, a 119-unit project in Holland Grove, was soft launched last month, and three out of 50 units released were sold at a median price of $2,215 psf. Bukit Sembawang’s Nim Collection, a 99-year leasehold landed development located off Ang Mo Kio Avenue 5, launched 26 units and sold three units at median price of $1,661 psf, or a quantum of $2.8 to $3 million.
The 736-unit, 99-year leasehold Queens Peak at Dundee Road was the bestselling project for February. Chinese developer Hao Yuan Investment sold 47 units in the District 3 project at a median price of $1,730 psf. The project is now 87.5% sold.
Crowds at The Tapestry's showflat during the weekend of its preview (March 10 & 11) (Credit: Huttons Asia)
Home prices of previously launched projects have also inched up amid the recovery in the property market and the Singapore economy, adds Song. Some projects have raised prices noticeably such as Kingsford Waterbay whose median price increased from $1,111 psf in March 2015 to $1,349 psf in Feb 2018.
Grandeur Park Residences near Tanah Merah MRT station has also seen its median price increased from $1,406 psf in Mar 2017 to $1,487 psf in last month, and it’s now 90% sold. Median prices at The Clement Canopy also rose from $1,343 psf in Mar 2017 to $1,479 psf as it pushes towards 87% sell-through rate.
Upcoming launches include City Developments’ The Tapestry on March 24, Lendlease’s Park Place Residences Phase Two which will preview on March 24 and Rivercove Residences by Hoi Hup Realty which is slated for preview on April 1. Other launches in the pipeline include the 170-unit The Verandah Residences at Pasir Panjang Road, the 520-unit Twin Vew at West Coast Vale and Park Colonial at Woodleigh Lane by Chip Eng Seng, Heeton Holdings and KSH Holdings.
Colliers’ Song expects developer sales to rise by 19% year-on-year to 12,600 units (excluding ECs) from 10,566 units in 2017, due to more projects launched from government land sales and collective sales.
Most analysts are expecting overall residential prices to rise by 5% to 10%.