This April’s private home prices were 53.5% lower than that of the same month last year.
Private home sales in April 53.5% lower than 2017
Part of the low sales volume could be attributed to the lack of major new launches last month. Only 654 new homes were launch in April. Most of the new projects launched in April were also for smaller developments. Home prices have also been rising steadily with limited unsold stock hence the rate of growth might have been slower.
729 developer-homes were sold last month, slightly higher than the 716 units sold in March. Last April however, 1,567 units were sold. At the Paya Lebar Quarters (PLQ), 166 units of its residential arm – Park Place Residences- at a median price of $2,060 psf.
Over at The Verandah Residences in Pasir Panjang road, developer Oxley Holdings sold 141 units at an average price of $1,846 psf.
Executive condominium (EC) market fared well
Last month top-selling private project was Rivercove Residences in Sengkang. This executive condominium (EC) sold 512 units at a median price of $970 psf. This will be the only EC launch for this year, hence the robust response is logical. The next EC launch might be in 2019.
There was a lack in EC land sites sold over the past year or two, despite growing appetite for these hybrid private-and-public housing units. The number of private home units released has however fallen 40% from the 1,616 psf units launched in April 2017. The pace of growth in the private home sector may have been slightly duller last month, but it does not mean recovery is not in place. Upcoming launches include Phase 2 of Le Quest condominium in Bukit Batok.