Private new home sales in May highest since Aug 2017

The crowd at Twin Vew's launch in May (Credit: CSC Land)
In May, developers sold 1,121 new private homes, a 7.9% y-o-y increase, or a jump of 53.1% over 732 units sold in April, according to URA data. The sales in May marked the highest since August 2017, when 1,246 units were sold, says Tricia Song, Colliers International head of research for Singapore.
Altogether, there were five new projects launched in May, which contributed to the strength of new home sales. Twin Vew was the top performer with 87% of units sold, or 454 out of 520 of units, at an average price of $1,385 psf. Amber 45 saw 86% or 86 out of 100 units released sold at an average price of $2,378 psf. Sixteen35 Residences saw 45 units sold out of 60 units launched, at an average price of $1,511 psf. Meanwhile, 120 Grange saw 37 out of 56 units in the development sold at an average of $3,141 psf. Sea Pavilion Residences along Upper East Coast Road saw 14 out of 24 units taken up, at an average price of $1,852 psf.
The five new launches accounted for 71% of the total units launched, says Ong Teck Hui, national director of research & consultancy at JLL. Twin Vew alone contributed to 41% of private new home sales in May, he added.
However, as developers have raised prices for new launches, take-up rates have slowed, notes Colliers’ Song. On the other hand, units in projects launched earlier, and at lower psf prices, have been snapped up, she adds. She points to Twin Vew, where median price of units sold was at least 11% higher than the median price of $1,246 psf at the adjacent Parc Riviera a year ago. She attributes the strong sales at Twin Vew to its proximity to the Jurong Lake District, poised as Singapore’s second CBD, despite the High Speed Rail project being derailed.
Despite positive market sentiments, JLL’s Ong points out that the number of units sold in the first five months of 2017 - 5,568 units - is still higher than the number of units sold in the first five months of 2018,...