Despite a 28% fall in last month’s new home sales, a slowdown does not yet have a place in the property market’s path to recovery.
Chinese New Year a likely reason for lack of sales
The Chinese New Year (CNY) festivities last month saw developers holding back on launches.
There were only 2 new launches last month – Parksuites and the Nim Collection. This could be part of the reason for the sales lull. 186 units were launched in February and 377 private homes were sold, 28% down from the 524 units sold in January. The numbers are comparable to that of January 2017 when 108 units were launched and 382 units sold.
3 units were each sold at Parksuites and the Nim Collection. The average selling prices at both the private property projects were at $2,215 psf and $1,661 psf respectively.
Previous launches still drawing interest
On a positive note, projects launched prior to the CNY are still drawing interest from buyers. 98.4% of February’s new home sales were from previous launches such as Kingsford Waterbay, Grandeur Park Residence and Clement Canopy.
Property analysts expect sales figures to pick up in the months ahead as more projects are launched and with continued interest from buyers.
Developers may raise prices of units in future launches as they have already done so at previously-launched projects. At Kingsford Waterbay for example, the median selling price has risen from $1,111 psf in March 2015 to $1,319 psf last month.
House-hunters can look forward to quite a few upcoming launches including:
- The Tapestry in Tampines
- The Enclave @ Holland
- Twin View in West Coast
- Margaret Ville in Margaret Drive
- Amber 45 in East Coast
- Park Colonial in Woodleigh Lane
- Rivercove Residences in Punggol.