According to the Urban Redevelopment Authority (URA) estimates, property developers have sold a total of 14,707 residential units (inclusive of executive condo or EC units) in 2017 alone – 23% more than the 11,971 residential units sold in 2016.
The total number of units sold in 2017 comprises of 10,682 private homes sold (34% more than 2016) and approximately 4,000 EC homes (around the same number as 2016).
Analysts are confident that the sales momentum in the new launch segment will continue into this year 2018 in view of the consistent number of projects being lined up for the year and positive sentiments surrounding the property market.
According to the number of sites sold that have been to property developers and those which haven’t been launched, there will be around 25 new launch projects (excluding ECs) to be introduced in 2018 – which can potentially yield up to 16,000 new homes.
It was noted that another significant sign of a steadfast momentum is how property developers have outpaced their project launches from last year 2017 – only 6,066 new private residential homes were released into the market for sale and it was around 23% lower than the number recorded in 2016.
Market watchers have noted that the total sales in 2017 could have been even higher than 14,707, if not for the fact that several property developers have held back their launches in view of a property market turnaround. Several noticeable projects which adopted this approach were Park Place Residences at Paya Lebar Quarters (PLQ), Martin Modern and Le Quest.
However, some analysts have cautioned that the rising bank interest rates could hinder sales this year by keeping buyers’ demand in check. Although the gradual rise of interest rates will not have a major impact to the property market, it will somehow dampen the market sentiments – especially among home buyers who are being overly optimistic.
According to property consultancy firm SRI Research, property developers who sold the most units in 2017 were Frasers Centrepoint, Qingjian Realty, and City Developments Ltd; with each developer selling more than 1,000 units in a single year.
The 1st private residential project to be launched this year will be New Futura by City Developments Ltd – a 124-unit luxury freehold condo in District 9. Prices are expected to start from $3.8 million for a 2-bedroom unit (1,098 square feet).
Other noticeable projects in the pipeline would be UOL’s Amber 45, a freehold project near Marine Parade and Twin View at West Coast Vale, developed by China Construction (South Pacific) Developments.