According to developers’ sales survey by the Urban Redevelopment Authority, the number of units launched fell sharply by 75.5 per cent month-on-month (m-o-m) to 444 units in April. There were only three mid to small-sized projects launched last month – Mayfair Modern (171 units), Coastline Residences (144 units) and Wilshire Residences (85 units).
Despite the absence of mega projects (more than 500 units) being launched, 735 new homes were transacted last month. From the high base of 1,054 sales transactions in March, new sales volume dipped 30.3 per cent month-on-month (m-o-m) in April. Including executive condominium (EC) units, developers sold 744 units last month, registering a 29.9 per cent m-o-m decrease.
Most transactions (96.2 per cent) were from existing launches. Last month’s top selling projects were The Tre Ver (81 units sold), Parc Botannia (61 units), Stirling Residences (51 units), Treasure at Tampines (51 units), Riverfront Residences (50 units), The Florence Residences (44 units) and Parc Esta (39 units).
Sales performance has been encouraging at many existing launches, given that the cooling measures are still in place and a number of projects have been launched in recent months. Some large-sized projects have already sold more than 40 per cent of their entire development within a 12-month launch period from May 2018 to April 2019. Some were launched before last July’s cooling measures such as Affinity at Serangoon (sold 48.5 per cent of the entire project), Stirling Residences (51.5 per cent), Riverfront Residences (67.1 per cent) and Park Colonial (74.8 per cent), which were all mega projects
A few mid- to large-sized projects launched after the cooling measures also reached the same 40 per cent sales status. This includes Mayfair Gardens (sold 63.3 per cent of their total units), The Tre Ver (71.2 per cent), Arena Residences (55.1 per cent), Jui Residences (44.4 per cent) and Whistler Grand (43.9 per cent). Some mega projects launched after the cooling measures achieved stellar results by selling more than 500 units at Parc Esta over a six-month launch period, almost 400 units at Jadescape were sold after launching the project for eight months and more than 300 units at Treasure at Tampines sold after a two-month launch period.
The good sales performance across many projects indicate that buyer demand is still strong and that projects with attributes like good locality, distinctive designs, attractive pricing and being developed by reputed developers, will continue to see healthy demand.
Source: URA, OrangeTee & Tie Research & Consultancy