New private home sales up by 83.4% in April 2015
In April 2015, new launch sales in Singapore increased by 83.4% comparing to March 2015. Property developers have sold a total of 1,124 units in the month of April, which is the highest since almost a year ago in May 2014.
The sales in April were mainly contributed by North Park Residences situated at Yishun Central and Botanique at Bartley along Upper Paya Lebar. The sales figures were 486 and 254 respectively. This also reflects the demand in sub-urban developments as these numbers were added up to approximately 86.7% of the total sales.
As reported, one of the main reasons for the boost in sales was the price point. More than 70% of the residential units at Botanique at Bartley were priced at less than a million dollars as the majority of units in the development were mostly 1-bedroom units (495 to 689 sqft) and 2-bedroom units (657 to 958 sqft).
However, property analyst have noted that the increase in sales reflects the mood and buyers’ sentiment of the current property market as almost 2/3 of the total sales figures from the above 2 major launches were priced very conservatively, selling at an average of $1,290 psf for Botanique at Bartley, and $1,300 psf for North Park Residences.
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It was mentioned by OrangeTee research manager, Mr Wong Xian Yang, it’s being forecasted that a drop in numbers for May 2015 will be expected as there aren’t going to be any major new launch projects happening. It was also added by research director of JLL, Mr Ong Teck Hui that the upcoming sales performance will be heavily depending on these recent launches and also the subsequent new launches in 2015.