2018 started off well for developers as they sold 37% more new private home units last month in a year-on-year comparison.
New private home sales sails off to a good start
522 new private home units were sold in January alone, up 21% from the 431 units sold last December. Developers also sold 100 executive condominium (EC) units, the figures remain unchanged from December 2017.
The fall in the number of EC units sold may be due to a dwindling EC inventory. There was no EC launch in January and of date, only 296 units remained unsold.
One of the best-selling private housing developments was Symphony Suites in Yishun. 65 units were sold at a median of $1,085 psf. Another project that sold well was Highline Residences in Kim Tian Road. Average prices here stood at $1,962 psf.
In the EC segment, Parc Life in Sembawang Crescent sold 25 units at a $824 psf median. iNz Residence EC in Choa Chu Kang also sold 20 units at a median price of $839 psf. Most buyers were happy to dive in existing stock in the private homes market.
20 more private housing projects expected to launch this year
The primary sales market is expected to move from 11,000 to 14,000 units this year, an increase from the 10,566 units from last year.
After the lunar new year period, buyers can look forward to new launches hitting the market. Property analysts project at least 20 new private residential property launches this year. These launches are expected to yield about 12,500 units.
Property analysts are hopeful for continued growth in the months ahead. January’s showing was considered “healthy” especially since there were no new launches in January.
The active buying may have come from buyers jumping on the bandwagon before the feared price-increment projected for later this year.