In May 2018, developers sold 1,121 private residential units, a significant increase of 53.1% over the 732 units sold in April and also 7.9% more than that in May last year.

The tally for the first five months of the year is estimated at 3,434 units, approximately 38% below the 5,568 units which developers sold for the same period in 2017.

The 1,060 new private homes launched during the month is 59.6% more than the 664 released in April.

Private homes launched from January to May 2018 totalled an estimated 2,645 units, well below the 3,935 units launched for the same period last year by about 33%.

The top selling private residential projects in May were:

• Twin Vew (454 units at median price of $1,385 per square foot (psf))
• Amber 45 (86 units at median price of $2,378 psf)
• Le Quest (73 units at median price of $1,462 psf)
• The Tapestry (59 units at median price of $1,388 psf)
• Seaside Residences (59 units at $1,896 psf).

New project launches:

Launches picked up steam in May with five new private residential projects placed on the market. 

1. Twin Vew launched all of its 520 units for sale with 454 units taken up at a median price of $1,385 psf.
2. Amber 45 launched 100 of its 139 units and sold 86 at a median price of $2,378 psf.
3. Sixteen35 Residences launched its 60 units, disposing of 45 at a median price of $1,511 psf.
4. The 56-unit 120 Grange launched 50 units for sale with no sale recorded in May but caveats to-date reveal 37 transactions at a median price of $3,141 psf.
5. Sea Pavilion Residences was also launched with 14 of its 24 units taken up at a median price of $1,852 psf.

Executive Condominium (EC) market

May brought no new EC projects on the market. Rivercove Residences which was launched in April continued to move sales at a brisk pace, selling 108 units at a median price of $993 psf in May. In total, it has sold 610 of its 628 units i.e. a take-up rate of 97%.

Among other EC projects, Northwave sold 19 units at a median price of $835 psf. A few other EC projects recorded very low sales as these were their few remaining units. Altogether, 136 new ECs were sold in May, much less than the 596 sold in April when Rivercove Residences was launched.

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

“The market pick-up in May is mainly due to increased launches with the five new private residential projects launched, accounting for 71 per cent of the total launch volume, which in turn contributed to stronger sales performance during the month. Twin Vew alone, which sold 454 units, accounted for nearly 41 per cent of the 1,121 new private homes sold in May.

At $1,385 psf, the median price of Twin Vew appears attractive to buyers interested in a suburban location. In the current market, suburban projects priced around $1,400 psf have been achieving steady sales progress, even if they are not near MRT stations.

Despite buoyant market sentiments, the launch and sold data for January to May 2018 lag those for the same period last year – an estimated 2,645 units launched in the first five months of 2018 against 3,935 for the same period last year and 3,434 units sold from January to May this year versus 5,568 units correspondingly last year.

The implication is that sales will have to pick up strongly especially in the second half of 2018 if 2017’s new home sales of 10,566 units is to be matched or surpassed.”

Source: JLL

For more information email Ong Teck Hui, National Director of Research and Consultancy at JLL via the contact details listed below.

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