2017 looks to be a good year for property launches. Prices seems to be stabilising and cheque books are returning to VVIP and launches. The recent responses for Grandeur Park Residences, Clement Canopy and other property launches are well received and the take-up rate attractive. Is this the sign of time to come in the near future? Park Place Residences in the billion-dollar integrated development is launching soon followed a few re-launches of popular sites.
According to today’s CNA’s report, the primary condo sales market in Singapore rebound to life from increased sales. The improved sales volume came as developers launched 1,790 new units in May, nearly three times more than the 600 homes in the previous month. Is this trend sustainable?
http://www.channelnewsasia.com/news/singapore/new-private-home-sales/1165100.html
SINGAPORE: The private residential property market sprang to life in May after months of remaining in the doldrums, with developers’ sales surging 96 per cent as buyers snapped up units at the slew of new launches last month.
Developers sold 1,470 new private homes last month, nearly doubling the 749 units that they moved in April, latest data by the Urban Redevelopment Authority (URA) showed on Monday (June 16). Including executive condominiums (ECs), new developer sales rose to 1,528 units in May from 797 units in April.
The improved sales volume came as developers launched 1,790 new units into the market in May, nearly three times more than the 600 homes recorded in the previous month.
Two projects by City Developments topped the best-selling list for the month. Coco Palms at Pasir Ris Grove moved 590 of the 600 condominium units launched at a median price of S$1,018 per square foot (psf), while Commonwealth Towers at Commonwealth Avenue sold 275 of 400 homes at S$1,626 psf.
Besides the successes of new launches, May also saw another re-launch that did well: Wheelock Properties’ The Panorama at Ang Mo Kio sold 100 of the 126 units offered last month at a median of S$1,241 psf.
According to SBR, the month of March is bad for property sales. Volumes slowed 33%. According to Colliers:
“… there were only two new projects launched in March. They are the 597-unit The Santorini located in the Outside Central Region (OCR) and the 28-unit Ascent@456 located in the Rest of Central Region (RCR) … Overall, the units launched in the CCR, RCR and OCR respectively took up 1.5%. 11.9% and 86.6% of islandwide new launches of 724 units (excluding ECs). The increase in new homes sales in both the CCR and RCR failed to mitigate the fall in project sales in the OCR, leading to a decline in the overall sales volume islandwide…Taking into consideration the healthy interest seen during the launch of Lakeville in early April, primary market sales volume is expected to climb to the region of 500-800 units in April before improving further in the following months. ”
For more details you can look up at the SBR report on expectation for April sales. http://sbr.com.sg/residential-property/exclusive/will-april-be-better-month-singapore-home-sales
On a separate report in today’s Business Times, it was reported that the sales in the first three months in 2014 was just over 2000 units, first time below 3000 homes since 2009. The cooling measures such as TDSR, ABSD and SSD takes into effect as homes sales slowed down. However foreigners’ share of home purchases were creeping up to 30%. Chinese, Indonesians, Malaysians and Indian buyers continued to be the top 4 groups, accounting for 81% of all private home purchases by non-Singaporeans.
