News: New private home sales down 34% in May

Jun 16, 2017

Artist’s impression of Parc Riviera at West Coast Vale.

Property developers in Singapore sold 1,024 private homes in May, down 34 percent from 1,558 units in April, according to latest numbers from the Urban Redevelopment Authority.

Unlike the previous month which saw two major projects hit the market – Seaside Residences and Artra, the lack of new launches in May contributed to the drop in sales.

Despite the slowdown, several previously launched projects managed to find buyers.

Parc Riviera led the private condominium segment with 83 units sold at a median price of $1,246 psf, followed by The Santorini (64 units at a median price of $1,022 psf), Commonwealth Towers (53 units at a median price of $1,841 psf), Kingsford Waterbay (51 units at a median price of $1,162 psf) and Sims Urban Oasis (51 units at a median price of $1,387 psf).   

Last month, developers also sold 370 executive condominium (EC) units, a public-private housing hybrid. The bulk of sales came from Sol Acres EC, which happened to be the best-selling residential project. Located in Choa Chu Kang, it moved 116 units at a median price of $794 psf.  

Meanwhile, home sales activity in June is expected to cool further due to the school holidays, noted Tay Huey Ying, Head of Research & Consultancy at JLL Singapore.

But she added: “Sales volume should rebound in July as developers rush to launch projects and buyers rush to pick up units ahead of the lunar seventh month (22 August to 19 September) – typically considered an inauspicious period by the Chinese for making large financial commitments.”

Three major projects are expected to launch in July – Hundred Palms Residences EC in Yio Chu Kang Road, Martin Modern in Martin Place and Le Quest in Bukit Batok, which are expected to yield a total of 1,497 homes.  

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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