New developments such as Grandeur Park Residences have been seeing keen interest this year. Source: CEL Development
There are signs that Singapore’s private residential market may have bottomed out in 2016, with the sector recording a higher deal volume, revealed Edmund Tie & Co.
Citing data from the Urban Redevelopment Authority (URA), the property consultancy noted that the combined sales of new and resale private homes increased sharply by 15.5 percent to 16,378 units last year from 14,183 units in 2015. Specifically, transactions in the primary market rose marginally to 7,780 units from 7,703 previously.
The URA’s statistics also revealed that prices of private homes stabilised in 2016, with the sector posting a softer price drop of 3.1 percent compared to the 3.7 percent decline seen in the preceding year.
Moreover, the private residential market may benefit from the higher transaction volume of HDB resale flats, which rose 7.8 percent to 20,813 units last year. This is because upgraders tend to sell their public housing units before moving into private properties.
Looking ahead, the company expects sales of new private homes to trend upwards to 8,000 to 9,000 units for the whole of 2017. New developments that are expected to sell well this year include Guocoland’s 450-unit Martin Modern in Martin Place, UOL’s The Clement Canopy with 505 units in Clementi Avenue 1, the 720-unit Grandeur Park Residences by CEL Development in New Upper Changi Road, and the 840-unit Seaside Residences by Frasers Centrepoint in Siglap Road.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
