Developer sales rebounded in October with buyers snapping up 546 new private homes, a 60% increase from 341 in September. The surge is attributed to the launch of two new projects, Principal Garden and Thomson Impressions, which contributed 80% or 350 of 434 units launched in the month.
Principal Garden, a 99-year leasehold condo development by UOL Group and Kheng Leong Company at Prince Charles Crescent, was the top-selling project in October. The project sold 113 of the 200 units released for sales at a median price of $1,633 psf in October. This is followed by Thomson Impressions by Nanshan Group, which sold 80 units of the 150 units launched at a median price of $1,399 psf.
Ong Teck Hui, JLL national director of research and consultancy notes: “Notwithstanding the slight improvement in private home sales in October over the previous month, the market generally remains subdued as the effects of the cooling measures have been compounded by the economic slowdown and impending interest rate hike in the US. Market sentiments will remain soft through the year end, so we may expect muted market activity in the remaining two months when the holiday season begins.”
In the EC segment, developers moved 276 units in October, a decline from 288 units sold in September. Sol Acres regained its position as the best-performing EC project with 68 units sold at a median price of $800 psf. The Criterion, which was the only new EC project launched in the month, took the second spot with 41 of 505 units launched taken at a median price of $805.
JLL expects sales to taper in the last two months of 2015. “With 6,383 units sold in the first ten months of 2015, the full year figure is likely to be below last year’s 7,316 units.”, adds Ong.
Top five selling private projects in October
Top five selling ECs in October
Figure 1a: Residential units launched by developers
Figure 1b: Residential units sold by developers