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Private New Home Activities Slower In Feb 2018

Latest Property Real Estate News - Published on 15/03/2018

Private new home activities slower in Feb 2018
URA latest Private New Homes figures released today depicted a total of 377 private new homes (excluding ECs) transacted in the month of February 2018. This figure is commendable despite only 186 units launched in the month, showing signs of strong demand from buyers who are picking up unsold existing units that are rightly priced. The top 5 bestselling projects are all from existing launches in the market.

As predicted, the total units sold is lower than the average monthly figure as most developers are timing their project launches, preferring to wait after the Chinese New Year (CNY) celebrations after the month of March. The 377 units sold marked a 28 per cent decline compared to January’s performance of 524 units sold. This figure is also the lowest recorded since December 2016 where 367 units were sold.

CCR properties witnessed 32 per cent increase in Feb
Comparing month on month, February wit nessed a 32 per cent increase in private home sales in the Core Central Region (CCR) with 45 units sold. In contrast both the Rest of Central Region (RCR) and Outside Central Region (OCR) witnessed a 21.2 per cent and 40.8 per cent decline inthe number of units sold respectively. A total of 47 units of the previously launched project, Queens Peak were sold in the month of February, making it the best selling project of the month. Below is the list of Top 5 selling units in February 2018:

Mr Ismail Gafoor, CEO of PropNex Realty remarked, “February traditionally witnesses lesser property activities due to the festive celebrations and lack of new launches. With more new launches lined up in the coming months, we can expect sales to pick up and transactions to increase, with the month of March witnessing approximately more than 500 units sold.”

The first quarter of 2018 will likely see the upcoming launches of The Tapestry at Tampines Avenue 10, The Enclave @ Holland and Rivercove Residences EC. Great demand is expected for Rivercove Residences in April as it is the only Executive Condominium launch in Singapore for the whole of 2018. Mr Ismail remarked that with new record land bid price for Sumang Walk EC site ($583 psf ppr) announced in March 2018, home buyers and upgraders will be propelled to make a move to purchase existing stocks of ECs available, before prices increase in the market. Total of 92 units of ECs were sold in February. Similarly, the current positive Singapore property market sentiments are also driving buyers and investors to make a move to purchase their private homes this year.

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