Primary Sales in February picking up in momentum

DEVELOPERS’ sales momentum had picked up this year, even before the recent easing of the property cooling measures; sales figures for February bear this out and March figures are projected to be even more sterling.

A total 977 new private homes and 329 executive condominiums (ECs) were sold by developers last month – respectively 2.6 times and 1.8 times more than the numbers sold in January.

Compared to a year ago, the number of private homes sold in February was nearly 3.2 times greater; that of ECs was 2.5 times higher.

The sales data were collated by the Urban Redevelopment Authority (URA) through a survey of developers. Many property observers said that the fact that some 79 per cent of the new private homes sold in February came from previously launched projects reflects a broad-based recovery in demand.

With highly anticipated projects such as Seaside Residences to headline sales in the coming months, sales momentum are expected to continue.

The top selling project in February was The Clement Canopy by UOL Group and Singapore Land. The 505-unit development in Clementi, the first project to be launched this year, moved 207 units at a median pricing of S$1,343 per square foot (psf). Its launch in February cast buyers’ attention on the Clementi/West Coast area, and this benefited EL Development’s Parc Riviera, which was priced lower on a per square foot basis. Parc Riviera, located in West Coast Road sold 200 units at a median S$1,281 psf. There was also strong pick-up in sales in the Sol Acres EC project by MCL Land, which sold 82 units in February at a median S$782 psf, and at The Santorini by MCC Land, which moved 51 units at a median pricing of S$1,041 psf in February.

CEL Development sold another 23 units at 720-unit Grandeur Park Residences in Tanah Merah last weekend, following the news on the cooling measures. This takes its total sales this month to 462. About 60 per cent of units in the project are one- and two-bedders.

Qingjian Realty also moved nearly 170 of the total 497 units in EC project iNz Residence on booking day this month. Three in every four private residential units sold were in the suburban region or Outside Central Region last month, in tandem with the higher proportion of new launches in the region, URA data shows.

Since the start of this year, developers have continued to move units in delicensed projects. These are completed projects that have received Certificate of Statutory Completion and individual strata titles issued to buyers, and are hence not included in the monthly compilation of licensed developers’ new home sales. PropNex data indicates that, in the first 71 days of this year, about 50 units at The Peak @ Cairnhill II and 30 units at OUE Twin Peaks were sold.

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