Last month’s new home sales was a little lacklustre. But that could simply be due to the fact that there were no major or new launches in January. Only 146 units from previously launched projects were released. And January is after all known to be a slow month for property sales.
Photo: The Wisteria condominium
The new property market looks all set to be bright and exciting after the lunar new year, with new projects such as The Wisteria, Sturdee Residences, Wandervale EC (executive condominium) and The Visionaire EC. Property analysts are expecting new private property sales volume to reach 7,000 this year. In 2015, 7440 new units were sold.
Of late, developers are more focused on selling existing stock, with some even offering up discounts and Chinese New Year promotions. At High Park Residences, some 20 units were offered up with $33,888 in discounts while at The Glades, some units were going at a $38,000 discount while most other units had $8,000 shaved off. Executive condominiums however were the big sellers, with an average of 155 units sold monthly despite there not being any new EC launch in the last quarter.
Resale properties are giving new units a run for their money, with prices rising last month. There may be a fair fight for buyers in the private property market as buyers shop their options and wait out market volatility.