ECs the driving force in new home sales

Singapore developers sold 769 private housing units in September including executive condominiums (ECs), down 3.7 percent from the 799 units sold in the previous month, revealed data published on Monday (17 October) by the Urban Redevelopment Authority (URA).

Year-on-year, sales rose about 18 percent compared to the 629 units sold in September 2015.

Analysts explained that developer sales remains slow due to the absence of new launches.

The best-selling private condominium last month was Lake Grande in Jurong West, which was launched in July. The 99-year leasehold project sold 29 units at a median price of $1,312 psf.

Two previously launched EC projects sold even more units, helping to push up the sales figure.Treasure Crest in Sengkang sold 38 units at a median price of $746 psf, followed by Sol Acres in Choa Chu Kang, which moved 36 units at a median price of $800 psf.

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“Buyers continue to find value in the EC market as they will be able to take advantage of an expected long-drawn market recovery to capitalise on selling the EC units after fulfilling the Minimum Occupation Period,” said Desmond Sim, Head, CBRE Research in Singapore and South East Asia.

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The most active region was the suburbs, which sold 297 units (74 percent). The balance came from the city fringe, which sold 144 units (20 percent), and the city centre with 68 units sold (six percent).

In the coming months, Ong Teck Hui, National Director of Research & Consultancy at JLL, expects to see more buying activity with the launch of The Alps Residences (626 units), Forest Woods (519 units), Queens Peak (736 units) and Parc Riviera (752 units).

“It has already been reported that The Alps Residences and Forest Woods found keen interest amongst buyers and achieved good sales take-up,” he said.

Analysts also predict a stronger sales performance this year compared to 2015. “It is estimated that 7,500 to 8,200 private residential units will be sold by developers in 2016, exceeding the 7,440 units sold last year,” said Ong.

Including ECs, the figure could surpass 12,000 units, a 20 percent increase from the 10,199 units sold in 2015, added Mohamed Ismail, CEO of PropNex Realty.

Source: Proerty Guru

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ECs the driving force in new home sales

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