And 15 major private residential non-landed projects with over 100 units could launch in 2018.
Developers sold an estimated 10,682 units, excluding executive condos, in 2017, which is 34% YoY higher, OrangeTee Research said.
This is the highest volume moved since 2013, although it still falls well short of the 14,948 units sold then.
However, given that the launch pipeline is expected to expand substantially in 2018, with more than 15 major private residential non-landed projects with over 100 units possibly launching in 2018, developer sales could potentially increase further in 2018.
OrangeTee Research managing director Steven Tan said, "Although developers will likely be timing their launches so as to mitigate competitive pressures from their competitors from other launches, and may also hold back on launches in hopes of capitalising on a potential price increase, the robust demand and positive buying sentiment will likely drive sales volumes to higher levels in 2018."
As most of the cooling measures remain in place, developers will need to price their units reasonably as buyers will likely remain quantum sensitive due to TDSR measures.
With the price of land reaching record highs due to aggressive bidding by hungry developers, the firm said developers may favour a unit mix that tends towards smaller units in order to keep units affordable in future developments.
More From Singapore Business Review