Developers sold 522 private housing units in January, a “healthy” figure in a quiet month where there were no new launches, as developers avoided the lull period during Chinese New Year, comments Nicholas Mak, executive director at ZACD Group.
Sales for January was 21% higher than the 431 units sold in December 2017 and 37% than the 382 units sold in the same time last year. Take-up rate also rose to 211% in January from 187% in December 2017, notes Mak.
Tricia Song, head of research for Singapore at Colliers International notes that the strong buying momentum last year showed no signs of abating in the new year. “This has been the best January sales since 572 units were transacted in January 2014,” comments Song.
While property giant City Developments sold 24 units at New Futura at a median price of $3,143 psf, the 124-unit New Futura at Leonie Hill Road was not included in URA’s developer sales figures for the month of January, notes Ong Teck Hui, national director of research and consultancy at JLL. This could have increased the new home sales figures further.
The best-selling private project for January was Symphony Suites, where developer EL Development moved 65 units at a median price of $1,085 psf. The the 660-unit project at Yishun Close is 99% sold, with just four units left on the market.
Meanwhile, developers sold 100 executive condominium (EC) units in the month of January, on par with that of December 2017. The best-performer in the EC market was Parc Life at Sembawang, where developer Frasers Property moved 25 units at a median price of $824 psf. This brings total sales to 545 out of a total of 628 units, which reflects a take-up rate of 87%.
With just 296 unsold EC units on the market in January, ZACD Group’s Mak reckons that the take-up rate for the upcoming Rivercove Residences at Sengkang could potentially exceed 90% within 60 days of its launch. The project, jointly developed by property developers Hoi Hup Realty and Sunway Developments, will have an estimated 628 units.
Overall, Colliers’ Song expects February figures to be similar to that of January’s, with a potential breakthrough in March and April. This is because developers are likely to launch more projects, such as The Tapestry at Tampines, Twin Vew at West Coast, Margaret Ville at Marget Drive and Amber 45, from March onwards, she says.