The Clement Canopy was the only private condo launch in February. (Photo: UOL Group)
Even with only one new project launch, the number of private residential units (excluding ECs) sold by developers rose 155.8 percent to 977 units in February 2017 from 382 in the previous month, according to data from the Urban Redevelopment Authority (URA).
On a yearly basis, private homes sales soared 222.4 percent from the 303 units sold in February 2016.
The Clement Canopy, which was the only new launch in February, emerged as the best-selling project, with 207 units sold at a median price of $1,343 psf. It was followed by Parc Riviera and The Santorini, with 200 units and 51 units sold at median prices of $1,281 psf and $1,041 psf, respectively.
Sales of ECs also increased 78.8 percent to 329 units in February, despite the lack of new projects.
Analysts noted that the healthy figures indicated significantly better market sentiments from the previous year and an early start to the buying momentum this year.
“There is a greater sense of confidence in both developers and buyers,” said Ong Teck Hui, JLL’s National Director for Research and Consultancy, adding that 770 of the 977 private homes sold in February were from previously launched projects.
“This tells us that with more positive sentiments, buyers are not just attracted by newly launched projects but also drawn to those launched previously, reflecting a more broad-based improvement in demand,” he said.
“The recent easing of the Seller’s Stamp Duty and the Total Debt Servicing Ratio would be a favourable enhancement on a market that is already on a buying uptrend.”
Meanwhile, Desmond Sim, Head of CBRE Research for Singapore and South East Asia, believes the sales levels “reinforce the current trend of buyers favouring projects with units priced at a palatable quantum”.
Sim revealed that he does not expect the trend to change even with the recent tweaks to the property curbs.