Only 480 new private housing units were sold in March, compared to 739 units in February and 572 in January, pushing the total sales volume for Q1 2014 to 1,791 units, or the lowest quarterly level since late-2009, revealed a Savills report.
The low number of transactions is due to sluggish sales at new project launches, except for The Hillford which sold all of its 281 units, Riverbank @ Fernvale (84 percent of 211 units sold), RiverTrees Residences (73 percent or 218 units sold) and The Panorama (48 percent of 58 units sold). The 52-unit Cluny Park Residence also saw healthy interest prior to its official launch.
“In the secondary market, Savills analysis of caveats show that 1,010 private residential properties changed hands in the first three months of the year, representing a quarter-on-quarter fall of 26.8 percent.” On an annual basis, sales volumes slumped 57.9 percent from 2,397 units in Q1 2013.
Despite the lacklustre sales, 13 residential projects are expected to be released in the next six months, including Pollen & Bleu on Farrer Drive, New Futura on Leonie Hill Road, Gramercy Park on Grange Road and Robin Residences on Robin Road.
“In addition, two integrated projects within the city, namely Marina One and South Beach Residences, may also be released to the market soon,” said Savills.
The city-fringe will see three upcoming developments – CDL’s Commonwealth Towers, The Crest by Wing Tai and Keppel Land’s Highline Residences. Launching tomorrow, Commonwealth Towers reportedly attracted about 1,500 visitors on its first day of preview.
Other projects on the horizon include CDL’s Coco Palms in Pasir Ris Grove, Marine Blue by CapitaLand in Marine Parade and two yet-to-be named projects by Qingjian Realty in Anchorvale Crescent and Woodlands Avenue 5/Woodlands Avenue 6.
Meanwhile, the recent tender outcome for a residential site at Prince Charles Crescent showed that developers are adopting a cautious approach, despite the healthy demand for such land.
“A competitive marketplace, along with the credit crunch, has made developers more restrained in their land bids. This could lead to further moderation of launch prices of future projects, as long as the cooling measures remain in place,” Savills added.
Image: Artist’s impression of Marina One, an integrated development in Singapore’s new CBD.