‘JLL’s perspective: Private residential units sold by developers in September 2017’ news release reports that sales of residential units in Singapore were slow in September due to Lunar Seventh month and a plunge in launches.

At a glance:

• 657 private residential units were sold by developers in September
• This is 47.3 per cent lower than the previous month
• The result is partly attributable to the Lunar Seventh month
• In 3Q developers had sold an estimated 3,015 private homes
• This is 2% shy of the 3,077 sold in 2Q17
• Total sales of private homes for the first nine months of 2017 is 9,054 units
• This is 60.1% higher than the same period last year
• It also exceeds the full year sales of 7,972 units in 2016

​Click here to read our recent article: Singapore residential sales results in August 2017

According to JLL launches in September were unusually low with only 73 units placed on the market, the lowest since December 2014 and only 9.2 per cent of the number launched in August. The lack of new units on the market also contributed to the lower sales during the month.

Only one fresh private residential project was launched in September – Place-8 an eight unit strata landed project came on the market, selling one unit at $904 psf.

The top selling projects during the month were

1. Kingsford Waterbay

45 units sold in Kingsford Waterbay in September at median price of $1,289 psf

2. Symphony Suites 

42 units sold in Symphony Suites in September at median price of $1,098 psf

3. Principal Garden

40 units sold in Principal Garden in September at median price of $1,761 psf

4. North Park Residences 

30 units sold in North Park Residences  in September at $1,365 psf

New executive condominium (EC) sales also slowed in September to 249 units, 27 per cent less than in August. However the total number of new ECs sold in 3Q17, estimated at 1,570 units, is the highest since 4Q12, attesting to the keen demand for new ECs in the current market. 3,596 units of new ECs were sold between January and September 2017 while 1,555 units were launched. This shows a stronger EC market in 2017 when compared to 3,265 units sold and 2,656 units launched for the same period in 2016.

Top selling EC projects in September were Parc Life (48 units at a median price of $795 psf), The Criterion (41 units at a median price of $759 psf), INZ Residence (40 units at a median price of $804 psf), Signature at Yishun (37 units at a median price of $760 psf) and Visionaire (27 units at a median price of $836 psf).

Mr Ong Teck Hui, National Director of Research & Consultancy at JLL commented: “Launches of new private homes plunged 90.8 per cent from August to only 73 units in September, limiting buying opportunities in the market. With the market turning around, sellers are under less pressure to dispose of their units and may take their time in launching units for sale. If this becomes a trend, the volume of sales may slow as less units become available for sale.

The EC primary market has strengthened in the first nine months of year with 3,596 new units sold, 10.1 per cent higher y-o-y, notwithstanding a 41.5 per cent drop in launches from 2016 to 2017 for the same period. While demand has been buoyant, supply has become limited with only 1,620 unsold EC units as at 2Q17, dropping 53.6 per cent from a year ago.”

For more detailed information, email Mr Ong Teck Hui, National Director of Research & Consultancy at JLL, via the contact details below.

Source: JLL

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