Developer home sales jump 51% m-o-m in September

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/ EdgeProp
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October 16, 2018 11:02 AM SGT
Developers sold 932 private residential units out of 1,169 units launched in September, according to URA. The total sales volume was a 51% jump from August’s 616 units, due to strong response at the launches of JadeScape and Mayfair Gardens.
The 1,206-unit JadeScape sold 327 units (68%) out of 480 units launched and achieved a median price of $1,669 psf. Meanwhile, the 215-unit Mayfair Gardens sold 82 units (82%) out of 100 units launched and recorded a median price of $1,945 psf. These two projects account for 44% of total units sold by developers in September. Other already-launched projects - namely Stirling Residences, Park Colonial, and Riverfront Residences – continued to sell units, achieving median prices of $1,743 psf, $1,751 psf, and $1,320 psf respectively in September.
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Tricia Song, Colliers International head of research for Singapore, says the developers’ sales performance “reflected strong underlying demand for homes, especially for those that are well-located and priced realistically”.
The recovery in September this year from the property cooling measures implemented in July, is similar to 2013 when the Total Debt Servicing Ratio was implemented in June that year, notes Song. In 2013, developer sales jumped 57% m-o-m to 756 units in August, from 482 units the month before, she adds.
Strong developer sales in September were expected as the property market returns to normalcy after the unexpected implementation of property cooling measures in July, says Lee Sze Teck, Huttons Asia’s head of research. Eugene Lim, key executive officer at ERA Realty Network, agrees, saying that buyers are “slowly coming to terms” with the latest property cooling measures. Lee also attributes the September rise to more project launches and the end of the Lunar Ghost Month.
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Homebuyers waiting on the sidelines may have decided to make their purchases in September, as prices had...