September seemed like a good month for the new private homes sector as developers sold 51% more units than in August.
In fact, some analysts have reported last month’s new homes sales to be the best for the month of September since 2013.
Cooling measures in July and Hungry Ghost Festival in August may have dampened sales
The increase could be due to the suppressed sales in the 2 months prior to last.
In July, the authorities announced and implemented the latest round of property cooling measures, which impacted the market somewhat.
August was a slow month for property sales as well as developers held back on new launches and buyers waited for the Hungry Ghost Festival month to pass.
Last month, developers sold 932 private homes, up 51% from August’s 617 units. Compared to September 2017, there was also a 42% rise from the 657 units sold then.
Jadescape in Shunfu top seller last month
Jadescape, the 99-year leasehold condominium project in Shunfu, was last month’s top-seller. 327 units were sold at a median price of $1,669 psf.
The new residential development sits on the site which used to be home to the former HUDC estate Shunfu Ville and is located near the Marymount MRT station.
Another new project which launched last month was Jui Residences in Serangoon Road. Developer Selangor Dredging sold 31 units at the average price of $1,704 psf.
Other projects which sold fairly well were Mayfair Gardens in Rifle Range Road and The Jovell in Loyang. The median selling prices at these 2 properties stood at $1,945 psf and $1,259 psf respectively.
Analysts noted that the projects which performed better were those which were priced suitably, situated in good locations and had other attributes and amenities which buyers may find attractive.
Property buyers are still making purchases, however, they now have more options and will be more selective.
In the months ahead, developers may have to explore and experiment with the best pricing formulas in order to stand out as the market once again becomes more saturated with new launches, completed new homes and also resale units.
The number of homes sold by developers is expected to range between 9,000 to 10,000 this year, down from the original estimate of 10,566 units.