716 new private home units were sold in March, 85.6% more than the 384 sold in the month before. The figure is however still 60% lower than the 1,780 new units sold last March.
Post-lunar new year month shows a slower pick-up in sales
For 2018, March is the month after the lunar new year and typically sales are slower. This year, the pick-up is less robust than last year when more units were sold than launched. In March last year, 1,527 new home units were launched but 1,780 sold.
This year’s 716 units sold in March brought the first quarter’s figures to 1,627, down 12.7% from Q4 of 2017. Sales at the new condominium, The Tapestry, in Tampines did, however, give the numbers a boost.
The Tapestry is last month’s top-selling new property
329 units were sold at The Tapestry last month at a median price of $1,408 psf, making it the top-seller. Grandeur Park Residences in Bedok South Avenue followed suit with the sale of 40 units.
Other developments which moved between 20 to 40 units each in March included Signature executive condominium (EC) in Yishun, Kingsford Waterbay, Parc Botannia, Gem Residences and Martin Modern.
72 EC units were sold last month, 21.7% and 85.7% less than February and March 2017 respectively. 39 units were sold at the Signature EC in Yishun for $789 psf making it last month’s top-selling EC project. Northwave EC in Woodlands sold 19 units at an average price of $843 psf.
Some recent new project launches included The Verandah Residences and Park Place Residences. 129 out of 170 units at the former were sold at their first-weekend launch earlier this month while 149 units were sold at the later in Phase 2 of its launch. Over on the EC front, new home sales are expected to pick up with last weekend’s launch of Rivercove Residences in Sengkang. 80% of its 628 units were sold at a median price of $956 psf.
Property experts are expecting more robust sales in the months ahead as market activity picks up.