Artist’s impression of Kent Ridge Hill Residences, a new condominium located right at the edge of Kent Ridge Park.
Singapore saw developers’ sales soar 146 percent month-on-month to 1,198 units (excluding executive condos (ECs)) in November, on the back of healthy demand for several new launches.
On an annual basis, the figure was 52 percent higher from the 788 units sold in November 2017.
The new projects launched – Arena Residences, 3 Cuscaden, Kent Ridge Hill Residences, Belgravia Green, Parc Esta, Whistler Grand and The Woodleigh Residences – accounted for 69 percent (830 units) of last month’s new private home sales.
Developers released 1,341 new private homes last month, up 564 percent from the 202 units launched in October and three times higher than in November last year.
Parc Esta emerged as the top-selling project, with 348 units sold at a median price of $1,699 psf, followed by Whistler Grand (219 units sold at a median price of $1,352 psf) and Kent Ridge Hill Residences (126 units sold at a median price of $1,715 psf).
Including ECs, developers moved 1,202 units last month.
“The strong launches and sales take-up of private homes in November is significant as they occurred during the time of the year when market activities usually begin to wind down due to the start of the year-end holidays,” said JLL senior director of research & consultancy Ong Teck Hui.
“They are in fact the strongest monthly launch and sales figures in 2018 (disregarding the 2,239 units launched and 1,724 units sold in July which were an aberration due to the sudden launch of several projects to beat the start of the July cooling measures).”
Colliers International research head for Singapore, Tricia Song, said last month’s robust sales performance reflected “an underlying genuine demand for astutely-priced and conveniently-located projects”.
She believes the healthy take-up for the new launches will help “shore up developers’ confidence in the residential sector in Singapore, following the more muted market sentiment after new cooling measures were implemented in July”.
Looking ahead, Song expects developers to sell between 9,500 to 10,000 new homes next year amid the ample pipeline of new projects that could be launched for sale.
“This is an 11 percent increase from our 2018’s forecasted numbers as we take into account a potentially larger and varied launch pipeline and gradual market acceptance of the new measures in 2019,” she added.
Projects to be launched in Q1 2019 could include Fourth Avenue Residences, Mayfair Modern, MeyerHouse, Petit Jervois, Treasure at Tampines and Florence Residences.
Get more details on the property market outlook for 2019 here
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
