Developers sold 384 private homes in December compared to 759 in November on the back of fewer launches. This brings the developer sales tally for the whole of 2015 to 7,529 units.
All of the new launches in December came from existing projects such as Lakeville (50 units), Kingsford Waterbay (50 units) and Coco Palms (44 units).
The top-sellers in December were The Poiz Residences (64 units at $1,430 psf median price), Sky Vue (20 units at $1,571 psf median price) and Botanique at Bartley (17 units at $1,302 psf median price).
Separately, developers sold 124 executive condominiums (EC) in November. The Brownstone topped the list with 20 units sold at $814 psf median price, followed by The Terrace with 15 units at $788 psf median price.
CBRE head of research Desmond Sim notes: "Looking to 2016, the Singapore economy is expected to slow down while interest rates rise. Fewer new projects will be offered as developers’ inventory is running low. About 60% of new sales will come from the 14,000 unsold units from launched projects, which will certainly help to clear the inventory. Overall home prices will moderate marginally by 1.0%-3.0%; some of the existing projects might see some discounts while a number of new launches have strong location attributes.”
Christine Li, head of research at Cushman & Wakefield, says, "On the supply front, the Government has also scaled back the number of residential units available for sale through the confirmed list, a move which could ease the supply pressure should the buying sentiment remains weak against the backdrop of a much uncertain marco-economic environment arising from higher interest rates, plunging stock market and oil prices and higher geopolitical risks," .
"Demand could be elastic depending on the market condition. Should there be a price cut of high single digits or even double digits with palatable quantum (particularly the smaller units up to two-bedders), there will be a uptick in the market activities as buyers waiting on the sideline are ready to come back to the market," adds Li.
Top selling private projects in December
Top selling EC projects in December