Singapore Developers Sell 618 Private Homes Excluding ECs In Jan, Up 14.9% From Dec

SINGAPORE developers transacted 618 private residences in January for year 2020, up 14.9% from the earlier month’s 538 units sold. This recent figure is also 41.4% more than the 437 units property developers sold back in January 2019.

The earlier mentioned numbers – which do not include executive condominium (EC) apartments – were published by the Urban Redevelopment Authority (URA) on 17 February based on its survey with licensed real estate developers.

When adding in the ECs, which are a part public, part private hybrid type of residence, property developers found purchasers for 638 units in January, an increase of 15.8% from the 551 units transacted in December 2019 and 45.7% from the 438 units transacted in January 2019.

3 new launches happened last month: Van Holland in District 10, Leedon Green at Farrer, The Avenir at River Valley. All 3 are in prime district, says Mr Ong Teck Hui, the senior director of consultancy and research at JLL.

Jadescape along Shunfu Road was the the top-selling development for January 2020, with 56 units transacted at an average price of S$1,690 psf. Second was Treasure at Tampines, with 50 units sold at S$1,371 psf. Penrose along Sims Drive did will too, with units selling at Penrose Prices of around S$1,6xx psf.

“After the slowdown in December 2019, the real estate market turned the corner in January 2020,” said Mr Lee Sze Teck, the research director at Huttons Asia.

With the Covid-19 outbreak still in place, there will be initial pullback from purchasers anticipated after the authorities changed the Disease Outbreak Response System Condition, or Dorscon from Yellow to Orange, the second-highest level in this colour-coded system. “But, the large turnout at the Watergardens at Canberra showflat in Sembawang and Penrose in Sims Drive demonstrates that real estate is on the thoughts of many locals and they can’t help but to visit the sales galleries of highly-anticipated launches,” said Mr Lee.

Chief executive officer of PropNex Realty, Mr Ismail Gafoor, commented: “Based on Singapore’s history, most downturns, or crises, don’t stay long. When the storm subsides, the tide of the market will turn with a strong pent-up demand from investors and purchasers. With the authorities ready to declare measures during the National Budget to help affected industries, and with the resilient nature of the property market, we anticipate new private home transaction volumes to reach around 9,000 to 10,000 units in 2020.”

Source: https://www.businesstimes.com.sg/real-estate/singapore-developers-sell-618-private-homes-excluding-ecs-in-jan-up-149-from-dec

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