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Sales of New Private Homes

Posted by Property Launch Invest on Friday, 28 March 2014 in Property News

Sales of new private homes surpassed the number of units launched in February 2014, a sign that developers are pushing back new launches while focusing more on selling existing developments.

Based on URA data, developer sales increased by about 28 percent to 724 units in February. Including executive condominiums (ECs), 769 units were taken up last month compared to the 610 previously. In total, 671 homes were launched in February from 549 in January.

“The sales volume for February provided more evidence of developers holding back new launches, and instead concentrating their efforts on marketing existing projects,” said Desmond Sim, Head of Research at CBRE Singapore.

Existing projects which recorded sales in the month included Jewel @ Buangkok which moved 15 units, Bartley Ridge (17 units) and La Fiesta (23 units).

Chia Siew Chuin, Director of Research & Advisory at Colliers International, also had similar views. “While no new projects were launched in the Rest of Central Region (RCR) and Core Central Region (CCR), developers gradually released units from previously launched projects in these two market segments.”

Only 20 apartments from the 120-unit Whitehaven in the RCR were made available for sale, while 25 units from Liv on Wilkie andHallmark Residences in the CCR were released, noted Chia. However, developers sold 49 units in the central region and 87 in the city-fringe.

In the Outside Central Region (OCR), 588 units were sold mainly from two new projects in Sengkang – RiverTrees Residences and Riverbank @ Fernvale. The former moved 218 of the 300 units launched, while its adjacent rival found buyers for 211 out of 250 units released.

JLL has revealed that both these projects have the potential to release another 500 units in the next few months. Despite this, the sales volume for Q1 2014 is expected to fall by around 30 percent quarter-on-quarter, added CBRE.

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PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

Sales of New Private Homes

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