Developer sales hit 10-month high for private residential homes in May
With the boost in sales from new launch projects Stars of Kovan and Gem Residences, developers have attain a 10-month high in the total number of sales transacted within a single month.
The number includes projects which were released for sale during the earlier months/years.
However, the sales figures are expected to be on the lower spectrum in June as there are no new launch projects be announced thus far. Then again, a surge in numbers may happened again in July as 1 private residential condo and 2 executive condominium (EC) projects are expected to be opened for booking.
Video report from Channel NewsAsia on the record developer sales in May 2016.
According to statistics from the Urban Redevelopment Authority (URA) of Singapore, a total of 1,056 private residential homes (not including ECs) were sold by developers. This figure is 41.2% more than the amount of units sold in April last year – which was 748, and 64.2% more than the number in May last year – which was 643 units.
Together, both new launch projects last month have made 36.7% of the total number of developers’ sales in May and 56.4% of the 1,345 units launched in the same month.
It was noted by property experts the 1 and 2-bedder units in these 2 new launches were the most favoured among property buyers.
Figures have also shown that post-launched projects – such as The Poiz Residences, Botanique at Bartley and Sturdee Residences in the Rest of Core Central region (RCR) have also continued to clock in sales transactions in May – with 47, 36 and 36 units sold respectively in each project.
Property consultants have added that if the total number of developers’ sales may be scaled downwards to approximately 550 to 600 as there aren’t any new launches in June, which is in fact a norm based on historical data.
Numbers may pick up once again in the 2nd half of 2016 as a couple of new launch projects are in the pipeline, mainly surrounding the Jurong Lake District.
One of them being MCL Land’s 710-unit condo Lake Grande at Lakeside (expected to launch end July) with an average estimated psf of S$1,350.
Another one will be the 752-unit Parc Riviera by EL Development at West Coast Vale, which looks set to have a soft launch in around August.