Slower sales and launches due to June holidays

By Tan Chee Yuen / JLL Research & Consultancy, The Edge Property | July 16, 2015 11:08 AM SGT
Sales of private homes by developers fell by 22% y-o-y to 375 units in June. The dip was in tandem with fewer new launches of 219 units in June 2015, compared with 418 units in June last year.
Botanique at Bartley was the best-selling project with 59 units sold at a median price of $1,301 psf, followed by Lakeville and The Panorama at $1,320 psf and $1,231 psf respectively. Both Lakeville and The Panorama sold 25 units each.
Based on preliminary analysis, number of units sold and launched by developers in 1H15 fell by 20.7% and 27.7% y-o-y to 3,496 and 3,476 units respectively. The above figures exclude executive condominiums.
Despite no new executive condominium (EC) project launched, a total of 110 EC units were sold in June. The top-selling project was Westwood Residences with 19 units sold at a median price of $816 psf, followed by Bellewoods at $773 psf and The Terrace at $802 psf. Both Bellewoods and The Terrace sold 15 units each in June.
Several EC projects is slated for launch in July including The Vales in Anchorvale Crescent and The Brownstone in Canberra Drive. In the landed housing segment, Bukit Sembawang is launching phase 7 of Luxus Hills, a 999-year leasehold project located off Ang Mo Kio Avenue 5. A total of 28 terraced units and four semi-detached houses will be released in the latest phase.
Ong Teck Hui, National Director at JLL Research & Consultancy says: “Pricing is still key to moving sales, so whether 2H15 sales volume can improve depends on how attractive pricing is to buyers. Barring adverse external factors, developer sales volume for private homes could be headed to around 6,500 to 7,500 units in 2015. However with talk of an early election, the question is whether developers would stiffen prices if they anticipate cooling measures being moderated. That could slow sales leading to a lower transaction volume in the interim.”
Table 1: Five best-selling projects in June

Source: URA, The Edge Property