Normanton Park leads the way in sales for 1H2021
Out of top 10 best selling projects, 5 of them are located in the OCR
Out of 1,862 units in total, Normanton Park sold 923 units (approximately 50%) within 6 months.
Midtown Modern by GuocoLand comes in second place by moving 384 units out of the 558 units in total. That makes up about 69 percent of this new launch at Bugis.
It has been noted that 5 out of 10 top-selling projects were located within the Outside Central Region (OCR). Analysts believe that this market segment will continue to outperform for the remainder of 2021.
Some upcoming new launches within the OCR include the likes of Pasir Ris 8 (a mega integrated development at Pasir Ris), Watergardens at Canberra, and also Parc Greenwich executive condominium (EC).
In total, property developers sold around 6,530 private homes (excluding ECs) within 1H 2021. This take-up rate has overtaken the full-year rate of 2020 by more than 65 percent.
Meanwhile, the number of unsold condo units has declined for the 8th quarter straight. The total number has reached 21,634 as of the first quarter of 2021.
It’s a new low recorded in the 4th quarter of 2017, according to Cushman & Wakefield. The peak of unsold stock was 37,799 units back in the 1st quarter of 2019.
Analysts remain optimistic and believe that the residential property market has accepted and overcame the effects of pandemics.
Hence, It’s expected that developers are able to sell around 11,000 to 12,000 private residential units in 2021.
They added that if this is achieved, it will be the highest annual sales volume ever achieved since 2013, which was when the government introduced 2 rounds of property cooling measures within a single year.
Such sentiments have also been felt in the government land sales segment as developers showed bullish efforts to acquires the Ang Mo Kio Avenue 1 GLS site and Lentor Central GLS site.