The first residential project to be launched in 2017 was the 505-unit The Clement Canopy, a 50:50 joint venture between UOL Group and Singapore Land. About 200 out of the 250 units released were sold on the launch weekend of Feb 25 and 26. The 99-year leasehold project located on Clementi Avenue 1 was priced in the range of $1,330 psf to $1,360 psf. About 75% of the units sold were two- and three-bedroom units priced below $1.5 million.

The weekend of March 4 and 5 saw the launch of the 720-unit Grandeur Park Residences adjacent to the Tanah Merah MRT station in the east. Developer Chip Eng Seng Corp chalked up sales of 420 units at an average price of $1,350 psf that weekend. Most of the units sold in the 99-year leasehold project were believed to be the one- and two-bedroom as well as compact three-bedroom units. Chip Eng Seng says there was interest from multi-generational families for the premium threeto five-bedroom units as well.

Last year, new-home sales rang in at 7,972 units, up 7.2% y-o-y. Expectations were high that new-home sales would continue to grow in 2017, despite difficult economic conditions, observes Ong Teck Hui, JLL national director of research and consultancy. “The positive response from buyers at Clement Canopy and Grandeur Park Residences indicates that sentiment has remained upbeat and there is a good chance that new-home sales in 2017 will be higher than in 2016,” Ong says.

Developer Chip Eng Seng Corp chalked up sales of 420 units at an average price of $1,350 psf at the launch of Grandeur Park Residences

Private-home sales volume has bottomed and is on a gradual uptrend, he adds. “As volume recovery precedes price recovery, prices could bottom in the next few quarters. The perception that the market could be bottoming is leading more buyers back to the market.”

Joseph Tan, CBRE executive director of residential services, agrees that the residential market has stabilised. “Buyer confidence has returned, and there’s still liquidity in the market,” he says.

This article appeared in The Edge Property Pullout, Issue 770 (Mar 13, 2017) of The Edge Singapore.