Singapore developers sell 618 private homes excluding ECs in Jan, up 14.9% from Dec

DEVELOPERS moved 618 private homes in January this year, up 14.9 per cent from the 538 units they sold in the previous month. The latest figure is also 41.4 per cent higher than the 437 units developers sold in January 2019.

The above figures - which exclude executive condominium (EC) units - were released by the Urban Redevelopment Authority on Monday based on its survey of licensed housing developers.

Including ECs, which are a public-private housing hybrid, developers found buyers for 638 units last month, up 15.8 per cent from the 551 units they sold in December last year and 45.7 per cent more than the 438 units developers sold in January last year.

Three new projects were put on the market last month: Leedon Green, The Avenir in River Valley Close and Van Holland. All three are in the prime districts and commanded median prices of between S$2,782 per square foot (psf) and S$3,245 psf, noted Ong Teck Hui, senior director of research and consultancy at JLL.

Jadescape in Shunfu Road was the the top-selling project for January 2020, with 56 units sold at a median price of S$1,690 psf. This was followed by Treasure at Tampines, with 50 units sold at S$1,371 psf and Parc Esta along Sims Avenue, with 44 units sold at S$1,684 psf.

"After the lull in December 2019, the property market picked up pace in January 2020," noted Huttons Asia research director Lee Sze Teck.

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Amid the Covid-19 outbreak, some initial pullback from buyers is expected after the government raised the colour-coded Disease Outbreak Response System Condition or Dorscon to Orange, the second-highest level. "However the strong turnouts for the Parc Canberra executive condo project in Sembawang and The M in Middle Road over the weekend show that property is on the minds of many Singaporeans and they cannot resist visiting the showflats of highly-anticipated projects," Mr Lee added.

PropNex Realty chief executive officer, Ismail Gafoor, said: "Historically, most crises or downturns do not last long. When the storm calms, the tide of the market re-emerges with pent-up demand from buyers and investors. With the government set to announce measures during the Budget to assist affected sectors and given the resilient nature of the real estate market, we expect new private home sales volume to reach 9,000-10,000 units this year."