New home sales up 29.5% m-o-m in May: URA

/ EdgeProp Singapore
June 18, 2019 11:27 AM SGT
In the developers’ sales survey released by the URA, new private home sales have increased 29.5% m-o-m to 952 units in May from 735 units in April. However, on a y-o-y basis, sales dipped 15.2%.
A total of 1,394 units were launched in May, and no executive condominiums (ECs) were sold. The strong rebound in new private home sales was attributed to the nine new launches released prior to the June school holiday, notes OrangeTee & Tie (OTT). Out of the units released, 6% of the new sales were in the Core Central Region (CCR), 51.3% in the Rest of Central Region (RCR) and 42.8% in the Outside Central Region (OCR).
Including May, a total of 3,525 units have been sold in the year to date, out of 4,827 units launched, notes Desmond Sim, head of research, Southeast Asia, CBRE.
While May did not see any action in the EC segment, the upcoming Sumang Walk launch, Piermont Grand, will likely be well-received due to pent-up demand and the reputation of the developer, he adds.
Top-selling projects
The new project launches include Amber Park, Rivière, Parc Komo, The Gazania, The Hyde, Juniper Hill, The Lilium, Meyerhouse, and Olloi. For the month of May, the top-selling projects were Amber Park with 155 units sold at a median price of $2,475 psf, Parc Komo with 79 units sold at a median price of $1,497 psf, and The Woodleigh Residences with 74 units sold at a median price of $1,823 psf.
Christine Sun, head of research and consultancy at OTT, observed that the market was “undaunted by the cooling measures and uncertain economic outlook” and “buoyed by demand for homes above $2,000 psf". Almost 30% of new home sales or 273 units were transacted above $2,000 psf, as seen from URA data.
OTT further notes that the number of new homes transacted at above $2,000 psf rose 661% from 36 units in February to 273 units in May this year, which is also the highest number since December 2013 (295 units).
The majority of the 273 transactions came from sales at Amber Park, The Gazania, 3 Cuscaden, Riviere, Coastline Residences, Fourth Avenue Residences, Marina One Residences, Juniper Hill and Mayfair Modern. Of the 273 transactions, 193 units were from RCR, which is a “historical high number of new homes sold above $2,000 psf for the market segment”, says OTT’s Sun.
The higher monthly sales...