Sales of new private homes rose an encouraging 30% last month as developers launched 9 projects following April’s lull.
May’s new private home sales figures boosted by previous launches
Despite the higher number of new launches last month,70.2% of the sales were of units from previous launches.
This could be a promising sign that buyers are not enticed only by the new but are serious about their purchases and investments. Older projects continue to offer potential buyers opportunities.
More units were released for sale last month, the 1,394 units more than triple the 444 units released in April and 32% higher than the 1,060 units launched in May last year.
A total of 952 units were sold by developers in May, a 30% increase from the 753 units sold in April. The figures from last month’s developer-led private home sales were however still 15% lower than the 1,122 units sold in May 2018.
One of last month’s top sellers was The Woodleigh Residences which was launched earlier this year. Prices of units here have since fallen to $1,823 psf following the median $2,000 psf at its launch last November.
Developers expected to continue with project launches
From the 9 new launches which made up 29.8% of last month’s new private home sales figures, the strongest performance came from Amber Park in East Coast and Parc Komo in Changi.
Both are freehold properties and median prices were between $1,340 psf and $1,497 psf. Amber Park is located near the East Coast and Katong districts as well as the upcoming Thomson-East Coast MRT line. Parc Komo will be built near the future Changi Aviation Hub and also the Cross Island MRT line.
Analysts are expecting developers to continue with the rolling out of new launches as in bids to secure buyers as the market environment becomes increasingly competitive.
Some are even expecting developers to launch new projects at lower prices in the coming months should the take-up rate remain at the current levels.