By Fiona Ho
Developer sales jumped 29.5 percent month-on-month to 952 units (excluding executive condominiums) in May, as buyers were spoilt for choice with nine new projects launched during the month.
New launches more than tripled from the previous month to 1,394 units in May.
On a yearly basis, however, private home sales dropped 15 percent as May 2018 witnessed a major mass market launch – the 520-unit Twin Vew, which moved 454 units, noted Tricia Song, head of research for Singapore at Colliers International.
Last month, Amber Park, Parc Komo and The Woodleigh Residences emerged as the top-selling projects, with 155 units, 79 units and 74 units sold, respectively.
“Given that it is now a buyers’ market with many choices available, only Amber Park had a stellar take-up of 97 percent of the units launched, with the rest registering less than 30 percent take-up,” said Desmond Sim, CBRE’s head of research for Southeast Asia.
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New Project Launches
Top Selling Projects in May 2019
Colliers’ Song attributed Amber Park’s success to the project’s attractive design and reasonable pricing.
“In addition to its having the largest recreational space among new developments in the East Coast and Katong area, the upcoming Thomson-East Coast MRT line to be in place by 2023, also augurs well with the new project’s completion timeline.”
In general, sales have come to a relative standstill, said CBRE’s Sim. “Ultimately, it is a question of how long they can afford to maintain prices at current levels as more launches come onto the market to compete for buyers. Should take-up remain at current levels, it is likely that developers might shave off some margins to launch at lower prices, especially for yet-to-be-launched projects, as well as those secured in the later stage of the en-bloc cycle.”
Song expects take-up to ease slightly in June during the school holidays, while private home prices could stabilise in the second half of 2019 and rise by one percent for the full year.
“Supporting factors that could hold up prices in the coming quarters include: halt in interest rate increases, continued benign economic growth, and en bloc beneficiaries buying replacement homes,” she added.
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