In April 2015, new launch private home sales in Singapore increased by 83.4% compared 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 for suburban developments. When combined together, these figures came to about 86.7% of the total sales.
As reported, one of the main reasons for the boost in private home sales was the price point. At Botanique at Bartley, almost 70% of the residential apartments had prices less than $1 million. 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 analysts have noted that the increase in sales reflects the mood. And buyers’ sentiment about the current property market. The prices of the two main launches mentioned above accounted for about 2/3 of the total sales numbers. Selling at an average of $1,290 psf for Botanique at Bartley, and $1,300 psf for North Park Residences.
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Mr. Wong Xian Yang, the research manager of OrangeTee mentioned that there is a prediction that May 2015 numbers will decline. As there aren’t going to be any major new launch projects happening. Mr. Ong Teck Hui, the director of research at JLL also added, that the upcoming sales performance will be heavily dependent on these recent launches. And also the subsequent new launches in 2015.