In a year-on-year comparison, new private home sales has risen a promising 17.6% since last January. With 381 units sold last month, an increase from the 324 from the same month last year and up 3.8 per cent from December’s 367 units, it’s safe to say the year for the new non-landed residential homes market segment has gotten off to a rather good start.
Suburban condominims made the biggest showing with 238 units sold last month. 110 units were sold in the city fringes followed by 33 in the core central region. Parc Riviera came out tops with 38 units sold at $1,270 psf, followed by 25 units at The Trilinq at $1,399 psf. Developers have been aggressive in their marketing and pricing strategies, offering discounts and lowering prices to make it palatable overall to increasingly savvy buyers.
The new property launch earlier this month, Clement Canopy, together with last weekend’s launch at Grandeur Park Residences, and upcoming launches at Park Place Residences and Seaside Residences, will be a boost to the quarter’s sales volume.
While no quick nor drastic rebound is expected for the year ahead, industry experts are nevertheless hopeful about the performance of this market sector. They expect demand to hold steady and a sales figure of about 7,000 units. Essentially, the pins holding down the pricing structure are the cooling measures though there might be a bit of give should the interest rates change.