A total of 979 residential units including Executive Condominium (EC) units were launched for sale by developers in May this year, down 29% from the 1382 units launched in April (Figure 1a). In turn, developer sales fell 28% from 1167 units in April to 845 units in May (Figure 1b).
Following the launch of 600 units at North Park Residences, 400 units at Botanique at Bartley and 100 units at The Trilinq, which contributed to the 1167 units launched in April, the number of private residential units launched in May fell to only 499 units, including the final 139 launched for sale at Sky Habitat in Bishan.
Botanique at Bartley had the second highest number of units sold in May at 94, at a median price of $1,292 psf. This development has shown strong performance with 86% or 345 units sold in April and May out of 400 units launched. It has 397 units that are yet to be launched for sale.
The total number of units launched was bolstered by the 480 Executive Condo (EC) units launched at Westwood Residences in Jurong. While fewer units were sold in total for the month of May, the number of EC units sold picked up from 126 in April to 207 in May. This was due to the performance of Westwood Residences, which managed to sell 25% or 118 units in its first month at a median price of $803 psf.
Figure 1a: Residential units launched by developers
Figure 1b: Residential units sold by developers
Despite the decline in the number of private residential units including EC units launched, the inventory of units launched but unsold by developers climbed by 8% from 8,738 in April to 9,469 units in May (Figure 2). The Rest of Central Region (RCR) saw the most marked increase in inventory at 597 units or nearly 34% from 1,781 to 2,378 units in May.
Figure 2: Units launched but unsold by developers