500-800 new homes could be sold in April: expert

PropertyGuru

17 April 2014 at 12:25 am

Excluding The Santorini condominium, sales of new private homes in March was robust despite the fact that take-up in the primary market fell 35 percent month-on-month, revealed a Credit Suisse report.

Last month saw a total of 724 private residential units launched, the most since November 2013. Of that number, however, 597 units came from The Santorini in Tampines which reported a disappointing 13 percent take-up rate, likely because there are no MRT stations nearby.

Without factoring The Santorini, sales volume was strong at 320 percent, with most of the top-selling projects located near train stations in the Outside Central Region (OCR), likely attracting the HDB upgraders segment.

At the same time, the URA data showed that sales in the Core Central Region (CCR) and Rest of Central Region (RCR) improved by 1.9 percent and 44.3 percent respectively.

This outcome is the result of more transactions involving remaining units at previously launched projects, said Chia Siew Chuin, Director of Research & Advisory at Colliers International.

"These include Eight Riversuites (44 units sold), Guillemard Suites (14 units), and Bartley Ridge (12 units) in the RCR, as well as Hallmark Residences (13 units), Liv on Wilkie (9 units) and Goodwood Residences (8 units) in the CCR."

Moving forward, new home sales are expected to hit 500 to 800 units in April, given the healthy interest seen during the launch of Lakeville, added Chia.

However, total sales are forecast to drop 20 to 30 percent in 2014 from 15,015 last year, noted Credit Suisse, adding that larger prime units could face more downward pressure.

Nevertheless, mass-market projects near MRT stations are predicted to remain resilient.

Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg

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