Residential property sales in April doubled from 2016

New residential property sales doubled from 2016 in April – The sales recorded in April 2017 was 12% lesser than the record 1,780 units in March but the sales was still more than double of the total 750 units sold in April 2016. All in all, the developers in Singapore sold over 1,550 new private residential units in April 2017, excluding executive condominiums.

The sales of the new private residential homes in March 2016 was the highest record since June 2013 and this has prompted many industry professionals such as Nicholas Mak, executive director and head of research at SLP International, to say that the figures recorded in March 2017 was a one off and has attributed the sales to the relaxation of the cooling measures that came in effect since 11th March 2017.

Many say that the dip in the sales figures in April was partially because there weren’t many fresh new condo launch in the market and sited this as the main reason for the dip. This is in contrast to the 937 units launched in March 2017. Ong Teck Hui, JLL national director of research and consultancy notes that – Therefore, the corresponding take-up rate was down from 701 to 554 units on a month on month basis.

Seaside Residences – Top selling project in April 2017

April also feature a slew of new launches such as Seaside Residences and Artra, with Seaside Residences clinching the top-selling project award. With 841 units, Seaside Residences opened for sale in April and sold close to half of its units with a figure of 419, this is a 99-year leasehold project sold at a median price of $1,736 psf. Many noted that thestrong take-up rate was not unexpected, given that the project offers sea views and is located close to the upcoming Siglap MRT station and is also partially because of the lack of new launch projects in the neighborhood in the vicinity.

With that, there was also the launch of another project at Alexandra View, just next to Redhill MRT. It was the 400 unit Artra, coming in as second in the list with over 120 sold at the median price of $1,646 psf. Parc Riviera came in third, with 90 units sold at a median price of $1,246 psf. This brings total sales in the 752-unit, 99-year leasehold project at West Coast Vale to 496 (66%) as at end-April.

Another new launch last month was the 61-unit The Brooks I and II at Springside Walk, off Sembawang Road. Out of 28 units released, nine were sold at a median price of $1,274 psf in April.

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