Developers sold 716 private residential units in March, an increase of 86.5 per cent compared to February 2018, but 60 per cent lower y-o-y from the 1,780 private homes sold in March 2017. The estimated number of private homes sold in 1Q18 is 1,627 units, a 12.7 per cent decline from 4Q17 and a 45.1 per cent drop y-o-y.

614 private residential units were launched during the month, more than triple that in February but still much lower than the 1,527 units launched in March 2017. First quarter launches totaled an estimated 1,068 units, a 21.8 per cent improvement from the 877 units launched in 4Q17, but still 45.2 per cent lower than the 1,949 units placed on the market in the first quarter of last year.

Two new private residential projects were launched in March – 8 Hullet, in the prime district nine and The Tapestry, a suburban development in Tampines. Of the 44 units in eight Hullet, 15 were sold at a median price of $3,490 psf. The Tapestry which has 861 units, launched 450 of them and sold 329 at a median price of $1,408 psf.

The top selling private residential projects in March were: 

• The Tapestry (329 units at median price of $1,408 psf)
• Grandeur Park Residences (40 units at median price of $1,532 psf)
• Kingsford Waterbay (32 units at median price of $1,377 psf)
• Parc Botannia (30 units at median price of $1,310 psf)
• Gem Residences (23 units at median price of $1,513 psf)

New executive condominium (EC) sales:

EC projects with more significant sales in March were:

• Signature at Yishun (39 units at median price of $789 psf)
• Northwave (19 units at median price of $843 psf)

A few other EC projects had sales of less than 10 units during the month. Most launched EC projects are substantially sold accounting for the low sales figures.

Mr Ong Teck Hui, National Director of Research & Consultancy at JLL commented:

“The 716 new private homes sold in March seems like a slow pick-up but it is the month after Chinese New Year which was in mid-February. In 2017, Chinese New Year was in late January and we also saw a modest pick-up in the following month i.e. February when 979 units were sold. However, market activity resumed more robustly in March 2017, with 1,527 units launched and 1,780 units sold. 

A pick-up in launches and sales take up is expected in April with the market becoming more active. Several projects have already been launched including Harbour View Gardens, The Verandah Residences and Park Place Residences at PLQ (Phase 2), with others in the launch pipeline.

There is little left in the inventory of unsold ECs and most launched EC projects are at the tail-end of their marketing. The undersupply of ECs has contributed to a strong appreciation in new EC prices as seen in the reported average selling price of $965 psf at the recent launch of Rivercove Residences. This is nearly 15 per cent higher than the average selling price of $842 psf of Hundred Palms Residences when it was launched in July 2017.”

Source: JLL

Similar to this:

Singapore sees low key sales and launches in February due to festive month

Signs of a Singapore pick-up notwithstanding usual slower sales in January

Residential sales in Singapore show boost in October