Developers in Singapore off to good start in 2017

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Property developers in Singapore have steered off to a brilliant start this year in terms of property sales, which could set the tone for the remaining of the year,

Based on the latest numbers from the Urban Redevelopment Authority (URA), it reflects that property developers have sold a total of 381 private residential units (not including executive condo (EC) units) in January 2017 alone.

This is a 3.8% month-to-month increase from the numbers in December 2016 (367 units sold) and 17.6% higher than the sales figures year-on-year in January 2016.

The start of 2017 does seem to look more positive – in terms of market outlook and sentiment, as compared to the beginning of 2016 which was when sentiments plunged due to the volatile stock market.

There was in fact a lacklustre of new launch projects in January 2017 as there was just 1 launch – the 78-unit project called 12 on Shan, which none were sold out of the 30 units released for sale.

NEW LAUNCHES EXPECTED IN 2017
PROJECT NAME STREET NAME TENURE NO. OF UNITS**
PRIVATE RESIDENTIAL PROJECTS
Marina One Residences (Tower 2) Marina Way 99-YEAR 521
The Enclave.Holland Holland Road FREEHOLD 26
Martin Modern Martin Place 99-YEAR 450
Park Place Residences at PLQ Paya Lebar Road 99-YEAR 429
Artra Alexandra View 99-YEAR 400
The Clement Canopy Clementi Ave 1 99-YEAR 505
Seaside Residences Bedok South Ave 3 99-YEAR 720
Private Condomiunium Flora Drive 99-YEAR 429
Private Condomiunium Fernvale 99-YEAR 700
Kandis Residence Jalan Kandis 99-YEAR 130
Watercove (strata landed) Wak Hassan Drive FREEHOLD 80
Kismis Residences (strata landed) Eng Kong Road/Terrace FREEHOLD 31
Residential + Retail Bukit Batok West Ave 6 99-YEAR 523
Private Condomiunium Margaret Drive 99-YEAR 275
TOTAL 6,059
EXECUTIVE CONDOMINIUMS
iNZ Residence Choa Chu Kang Ave 5 99-YEAR 497
Executive Condo Yio Chu Kang Road 99-YEAR 531
Executive Condo Anchorvale Lane 99-YEAR 635
TOTAL 1,663

**Estimated numbers

Things are likely to take a turn as property developers have several new launch projects lined up to ride on the current improved market sentiment.

First in line will The Clement Canopy (at Clementi Avenue 1) by UOL & SingLand, where booking of units will commence from 25 February 2017 onwards. This will be followed by the launch of Grandeur Park Residences (situated next to Tanah Merah MRT Station).

During the March and April period, the market will likely be witnessing the release of Park Place Residences at Paya Lebar Quarter (situated next to Paya Lebar MRT Station) by LendLease and ADIA, and also Seaside Residences (at Siglap) spearheaded by Frasers Centrepoint.

In the EC market, Qingjian Realty (who are also developers for the recent The Visionaire at Canberra) have scheduled the launch of iNZ Residence (at Choa Chu Kang) to take place in March.

Despite the relatively huge number of launches over the next 2 months, property consultants have suggested that the property market will be offering more options across the island, over a wider and larger geographical spread, which will provide good support for the current depth of buying demand.

Analysts mentioned that sales could me more active for real estate developers in the 1st quarter this year as compared to the same period last year in 2016. They have added that around 7,000 to 9,800 units in the private residential market will likely be sold – which will be more than the 7,952 private homes sold by developers in 2016.

Parc Riviera Condo at West Coast Vale
Best Selling New Launch in Jan 2017

It was noted that the global economy uncertainties may also cool off the demand for housing and property prices. Thus property developers will be watchful of how prospects react to property prices in Singapore in terms of the overall price quantum.

Figures in January 2017 have shown that Parc Riviera (launched last November) have topped the sales chart for the private residential segment, with 38 units sold (at an average of $1,270 psf), following by The Santorini (sold 30 units at an average of $1,066 psf) and The Trilinq (25 units at average of $1,339 psf).

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