Sales surged for new launch condo projects in May
Amber Park tops the chart with 155 units sold within the month
As property developers start feeling the pressure from the substantial supply of new homes to be launched in the upcoming months, a total of 9 new launch condo projects were pushed out in May alone, following April when sales were significantly subdued.
These 9 new launch projects have accounted for 29.8 percent of the total sales for new private homes – Amber Park by City Developments Ltd (CDL) and Parc Komo by CEL. Both projects topped the sales chart with their attractive price point for a freehold property.
Among these 9 projects, property developers have sold 952 units in total – up by almost 30 percent from the 735 units sold in April.
However, the year-on-year figure still shows a 15 percent decline in sales number when comparing to the 1,122 units sold in May 2018.
Property consultants from JLL noted that out of the total sales last month, 70.2 percent of the transactions were attributed from projects which were launched earlier.
According to data from the Urban Redevelopment Authority (URA), it shows that a total 3,491 unsold condo units in Singapore as at Q1 2019 – from projects which have already been launched for sale. The number is more than 3 times higher year-on-year than the total number of unsold units as at Q1 2018.
In May 2019, The Woodleigh Residences was one of the top selling projects after its average per square foot (psf) price was adjusted lower to around $1,823 psf after its initial launch during November 2018 when units were selling at approximately more than $2,000 psf on average.
Analysts mentioned that despite the tighter margins, the price adjustment has certainly helped to drive sales at The Woodleigh Residences as it sold 74 units in May 2019, comparing to the mere 29 units sold during its earlier launch in November 2018.
Within the first 5 months of 2019, property developers have sold a total of 3,525 units from their private residential projects (excluding executive condos), up by 2.6 percent from the 3,346 units sold within the same period in 2018.
Meanwhile, in May, 1,394 new private homes were released for sale in May – more than tripling the 444 private homes released for sale in April and a 32 percent surge from the 1,060 private homes launched for sale a year ago.