Private new home sales in March up 86% m-o-m

In March, developers sold 716 new private homes, an 86% increase m-o-m, but a 60% drop y-o-y, according to URA data. The y-o-y contraction in new home sales last month belies the strong underlying residential demand, with secondary sales in 1Q2018 at 3,518 units, up 50% y-o-y, says Credit Suisse.
The estimated number of private homes sold in 1Q2018 is 1,627 units, a 12.7% decline from 4Q2017, but 45.1% drop y-o-y, according to JLL. The tally for 1Q2018 home sales is lower than the 2,962 new homes sold in 1Q2017, mainly due to fewer launches, and therefore fewer sales.
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Park Place Residences at PLQ, Phase 2 launch (Credit: Lendlease)
Still, the sales momentum that has picked up in March will continue to gather speed with more launches in the coming months, notes Desmond Sim, head of CBRE Research, Singapore & SEA.
This month, The Tapestry moved 329 units at a median price of $1,408 psf, considered a new benchmark price for a newly launched project in that area. Following the success of The Tapestry, the top selling private residential projects in March includes Grandeur Park Residences which was launched a year ago at $1,406 psf, and saw 40 units sold last month at a median price of $1,532 psf.
Parc Botannia, launched last November at a median price of $1,287 psf also raised selling prices with 30 units sold at a median price of $1,310 psf last month. Kingsford Waterbay sold 32 units at a median price of $1,377 psf, and Gem Residences saw the sale of 23 units at a median price of $1,513 psf.
Furthermore, high-end project Martin Modern saw 20 units sold in March at a median price of $2,772 psf, much higher than the launch price of $2,152 psf.
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The Verandah Residences saw 129 out of a total of 170 units sold on the first weekend of sales at an average price of $1,800 psf (Credit: Oxley Holdings)
April is expected to see a surge in private residential units given the strong take-up rates at The Verandah...