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New home sales continued to rise for a third straight month amid a worsening economic outlook, with developers selling 1,080 non-landed private homes last month, up 8.2 per cent from June. This is up from a near six-year low during the circuit breaker period in April, but sales were down 8.4 per cent from 1,179 a year ago.
There were 869 private homes launched in July, up nearly 46 per cent from 597 in June, but down 4.6 per cent from 911 a year ago.
Last month's take-up was led by projects in the suburban sub-market (outside central region) with 548 sales, followed by 419 units sold in the city fringes or rest of central region, and 113 in the prime districts or core central region.
There were 869 private homes launched in July, up nearly 46 per cent from 597 in June, but down 4.6 per cent from 911 a year ago.
Last month's take-up was led by projects in the suburban sub-market (outside central region) with 548 sales, followed by 419 units sold in the city fringes or rest of central region, and 113 in the prime districts or core central region.
Treasure at Tampines condo project sold the most in July for outside central region with 548 sales, followed by 419 units sold in the city fringes or rest of central region, and 113 in the prime districts or core central region.
Figures show that the bulk of the units sold were from earlier launches, which accounted for 68 per cent of July's total sales. Data released by the Urban Redevelopment Authority (URA) yesterday, excluded executive condominium (EC) units, a public-private housing hybrid. Including EC units, 1,142 new non-landed homes were taken up last month, up nearly 11 per cent from June, but down about 27 per cent from 1,557 a year ago, the URA data showed.
Ms Wong Siew Ying, head of research at PropNex, noted that while the relatively brisk sales in recent months may seem at odds with the gloomy economic prognosis, the current downturn is not felt evenly across all sectors of the economy. "Some sectors - such as financial services and tech - have held up better than others, and (those who) feel more secure about their job prospects or have built up substantial savings may see this as an opportune time to enter the market."
Kiwi Lim from Huttons Asia felt that the absence of new launches last month shows caution among some developers. He believe that developers may delay their launches till next year when Covid vaccines are expected to be ready by laboratories across the world.
"Developers also need more time to recalibrate their pricing strategies as well as to (implement) safe management measures, especially for larger-scale projects," said Mr Ong Teck Hui, senior director of research and consultancy at JLL.
Ms Wong Siew Ying, head of research at PropNex, noted that while the relatively brisk sales in recent months may seem at odds with the gloomy economic prognosis, the current downturn is not felt evenly across all sectors of the economy. "Some sectors - such as financial services and tech - have held up better than others, and (those who) feel more secure about their job prospects or have built up substantial savings may see this as an opportune time to enter the market."
Kiwi Lim from Huttons Asia felt that the absence of new launches last month shows caution among some developers. He believe that developers may delay their launches till next year when Covid vaccines are expected to be ready by laboratories across the world.
"Developers also need more time to recalibrate their pricing strategies as well as to (implement) safe management measures, especially for larger-scale projects," said Mr Ong Teck Hui, senior director of research and consultancy at JLL.
Parc Clematis (former Park West) located at Clementi Ave 6 in the Clementi Estate right next to Nan Hua Primary School saw the 2nd highest sales for condo projects due to its proximity to amenities in a matured estate.
Interest in pricier units has picked up, analysts say. This is despite Singapore suffering a deeper recession in the second quarter than expected, with the economy contracting 13.2 per cent year on year, sharper than a 12.6 per cent plunge earlier estimated and the worst on record, the Ministry of Trade and Industry said last week.
URA Realis data showed 147 deals transacted at more than $2 million each in July compared with 118 such deals in June, said CBRE's head of research for South-east Asia Desmond Sim. "There were also some large quantum deals of more than $5 million in luxury projects such as 15 Holland Hill last month."
Upcoming launches include Penrose in Sims Drive and The Landmark in Chin Swee Road.
URA Realis data showed 147 deals transacted at more than $2 million each in July compared with 118 such deals in June, said CBRE's head of research for South-east Asia Desmond Sim. "There were also some large quantum deals of more than $5 million in luxury projects such as 15 Holland Hill last month."
Upcoming launches include Penrose in Sims Drive and The Landmark in Chin Swee Road.
Only one new launch condo for the month of July, freehold Forett at Bukit Timah is the only new launch, selling 172 units at a median price of $1,931 psf. Its attractive location & affordable freehold pricing appeals to buyers.
So far this month, freehold Forett at Bukit Timah is the only new launch, selling 172 units at a median price of $1,931 psf, JLL said.
Disputing talk of discounts, Mr Wong Xian Yang, Cushman & Wakefield's associate director of research for Singapore and South-east Asia, said median prices of the top five selling projects in July were similar to or even higher compared with those from the time of their launch to July.
For instance, the median price for The Florence Residences from the time of its launch to July was $1,471 per sq ft (psf), but it rose to $1,559 psf in July, he pointed out.
Upcoming launches include Penrose in Sims Drive and The Landmark in Chin Swee Road.
Disputing talk of discounts, Mr Wong Xian Yang, Cushman & Wakefield's associate director of research for Singapore and South-east Asia, said median prices of the top five selling projects in July were similar to or even higher compared with those from the time of their launch to July.
For instance, the median price for The Florence Residences from the time of its launch to July was $1,471 per sq ft (psf), but it rose to $1,559 psf in July, he pointed out.
Upcoming launches include Penrose in Sims Drive and The Landmark in Chin Swee Road.
Sourced from Straits Times News Article on 18 August 2020
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Linq @ Beauty World is a rare and exclusive freehold mixed condo development with only 120 residential & 54 commercial shops beside Beauty World MRT. Click Image to Enjoy Direct Developer Early Bird Discount.
Even though the circuit breaker was extended for another month till 1 June 2020. Sales however did not stagnate. In May 2020, new sales rebounded 75.8% higher month-on-month to 487 units. The unexpected surge in demand drove developers to release more units for sale. The amazing sales continued throughout the month of June 2020 and private property prices even surprised market analysts as it recorded an increase in 2nd Quarter of 2020 as reported in the news article.
Pent up demand drove monthly sales in June up by more than 100% to its highest ever in 2020. The strong surge in developer sales in June 2020 is not unexpected. This trend was observed in other countries as well. Many buyers were waiting on the sidelines waiting for the show galleries to be open to make their purchase. Some buyers see this relaxation of rules as a window of opportunity to buy their dream home in case measures are tightened again.
There could be up to 20 new launches (around 6,000 units) in 2H 2020 with Cairnhill 16 first to hit the road on 17th July, followed by Forett At Bukit Timah and Penrose. While the economy contracted by 12% in 2Q 2020, economists agreed that the worst is over and recovery is on the cards. The resilience in the market and property as an endearing asset class among investors will drive sales in the market. The market may see sales of between 8,000 and 8,500 units in 2020.
Pent up demand drove monthly sales in June up by more than 100% to its highest ever in 2020. The strong surge in developer sales in June 2020 is not unexpected. This trend was observed in other countries as well. Many buyers were waiting on the sidelines waiting for the show galleries to be open to make their purchase. Some buyers see this relaxation of rules as a window of opportunity to buy their dream home in case measures are tightened again.
There could be up to 20 new launches (around 6,000 units) in 2H 2020 with Cairnhill 16 first to hit the road on 17th July, followed by Forett At Bukit Timah and Penrose. While the economy contracted by 12% in 2Q 2020, economists agreed that the worst is over and recovery is on the cards. The resilience in the market and property as an endearing asset class among investors will drive sales in the market. The market may see sales of between 8,000 and 8,500 units in 2020.
Pent up demand in Singapore drove monthly new condo property sales in June up by more than 100% to its highest ever in 2020. Click on the image to find out more about the latest condo launches in Singapore
These projects are expected to be launched in the 2nd half of 2020:
The Landmark is located at 173 Chin Swee Road in RCR District 3 is an En Bloc development, formerly known as Landmark Tower. The Landmark is a 99-year condo project ZACD Group and MCC.
Myra is a condo located at 11 Meyappa Chettiar Road in the RCR District 13 region. Myra is an En Bloc Freehold condo project developed by Selangor Dredging Berhad.
Forett @ Bukit Timah is a freehold condo project situated at 46 Toh Tuck Road in the RCR region of District 21. Forett @ Bukit Timah is an En Bloc condo project formerly known as Goodluck Garden developed by Qingjian Realty.
Ki Residences is a beautiful 999 year condo development (almost freehold) located in Sunset Way at the RCR region of District 21. Ki Residences is an En Bloc condo development formerly known as Brookvale Park condo, a 999-year almost freehold condo project developed by Hoi Hup and Sunway.
The Linq @ Beauty World is freehold integrated condo situated in 110-122 Bukit Timah Road at the RCR region of District 21. The Linq @ Beauty World is an En Bloc condo project formerly known as Goh & Goh Mansions developed by BBR Holdings.
The Landmark is located at 173 Chin Swee Road in RCR District 3 is an En Bloc development, formerly known as Landmark Tower. The Landmark is a 99-year condo project ZACD Group and MCC.
Myra is a condo located at 11 Meyappa Chettiar Road in the RCR District 13 region. Myra is an En Bloc Freehold condo project developed by Selangor Dredging Berhad.
Forett @ Bukit Timah is a freehold condo project situated at 46 Toh Tuck Road in the RCR region of District 21. Forett @ Bukit Timah is an En Bloc condo project formerly known as Goodluck Garden developed by Qingjian Realty.
Ki Residences is a beautiful 999 year condo development (almost freehold) located in Sunset Way at the RCR region of District 21. Ki Residences is an En Bloc condo development formerly known as Brookvale Park condo, a 999-year almost freehold condo project developed by Hoi Hup and Sunway.
The Linq @ Beauty World is freehold integrated condo situated in 110-122 Bukit Timah Road at the RCR region of District 21. The Linq @ Beauty World is an En Bloc condo project formerly known as Goh & Goh Mansions developed by BBR Holdings.
Forett @ Bukit Timah is a rare freehold integrated-style condominium at Toh Tuck Road and only a short walk to Beauty World MRT Station. Click Image to Enjoy Direct Developer Early Bird Discount.
The Verdale is a 99 year leasehold condo situated in 2 De Souza Ave, off Jln Jurong Kechil in the RCR region of District 21 developed by CSC Land Group and COHL.
Clavon is a beautiful 99 year leasehold condo project in Clementi Ave situated in the OCR region in District 15 developed by the reputable UOL Group and UIC.
Tedge is a beautiful freehold condo project located at 328-334 Changi Road in the OCR area of District 15. Tedge is an En Bloc condo project formerly a row of shophouses to be developed by Macly Capital.
The Ryse Residences is a beautiful fully integrated condo development with a shopping mall, supermarket, hawker centre, eateries, amenities, bus interchange and Pasir Ris MRT all conveniently situated below the residential development located in Pasir Ris Central at District 18. The Ryse Residences is a 99-year leasehold condo project developed by Allgreen and Kerry Properties.
Hyll on Holland located on 95 Holland Road in the CCR area of District 10 is an En Bloc condo development formerly known as Hollandia and The Estoril. Hyll on Holland is a freehold condo project developed by Far East Consortium Properties and Koh Brothers.
To understand why residential condo properties remain resilient even during COVID, you may read the news analysis article here.
Clavon is a beautiful 99 year leasehold condo project in Clementi Ave situated in the OCR region in District 15 developed by the reputable UOL Group and UIC.
Tedge is a beautiful freehold condo project located at 328-334 Changi Road in the OCR area of District 15. Tedge is an En Bloc condo project formerly a row of shophouses to be developed by Macly Capital.
The Ryse Residences is a beautiful fully integrated condo development with a shopping mall, supermarket, hawker centre, eateries, amenities, bus interchange and Pasir Ris MRT all conveniently situated below the residential development located in Pasir Ris Central at District 18. The Ryse Residences is a 99-year leasehold condo project developed by Allgreen and Kerry Properties.
Hyll on Holland located on 95 Holland Road in the CCR area of District 10 is an En Bloc condo development formerly known as Hollandia and The Estoril. Hyll on Holland is a freehold condo project developed by Far East Consortium Properties and Koh Brothers.
To understand why residential condo properties remain resilient even during COVID, you may read the news analysis article here.
The Ryse Residences is a fully integrated condo with shopping mall, supermarket, hawker centre, community centre, eateries, amenities, bus interchange and Pasir Ris MRT all conveniently situated below the residential development in Pasir Ris Central. Click Image to Enjoy Direct Developer Early Bird Discount.
Phoenix Villas is a 99 year leasehold condo located at 5 Phoenix Walk in the OCR area in District 23. Phoenix Villas is an En Bloc condo project formerly known as Phoenix Heights developed by OKP Holdings.
77 @ East Coast is a freehold condo at 77 Upper East Coast Road in the OCR region in District 15. 77 @ East Coast is an En Bloc condo project formerly known as Lodge 77 developed by KDC (77) Development Pte Ltd.
Peak Residence is a freehold condo situated at 333 Thomson Road in the CCR region of District 11. Peak Residence is an En Bloc condo development formerly known as Peak Court to be developed by Tuan Sing Holdings and Rich Capital Holdings.
Cairnhill 16 is a beautiful freehold condo project at 16 Cairnhill Rise in the CCR region of District 9. Cairnhill 16 is an En Bloc condo project formerly known as Cairnhill Heights developed by Tiong Seng Holdings and Ocean Sky International.
Liv @ MB is a condo project sited at 114A Arthur Road in the RCR region in District 15. Liv @ MB is an En Bloc condo project formerly known as Katong Park Towers, a 99-year condo developed by Bukit Sembawang Estates.
Peak Residence located at 333 Thomson Road in CCR District 11 is an En Bloc development, formerly known as Peak Court. Peak Residence is a freehold condo project developed by Tuan Sing Holdings and Rich Capital Holdings.
One-North Gateway Residences is situated at One-North Gateway in the RCR District 5 region. One-North Gateway Residences is a 99-year leasehold project developed by TID Residential.
Real estate professional Kiwi Lim from Huttons Asia said "Choosing your dream home can be a headache, especially with the new challenges COVID brings". Find out how COVID may affect your decision making process when choosing your new home by reading this news article here.
77 @ East Coast is a freehold condo at 77 Upper East Coast Road in the OCR region in District 15. 77 @ East Coast is an En Bloc condo project formerly known as Lodge 77 developed by KDC (77) Development Pte Ltd.
Peak Residence is a freehold condo situated at 333 Thomson Road in the CCR region of District 11. Peak Residence is an En Bloc condo development formerly known as Peak Court to be developed by Tuan Sing Holdings and Rich Capital Holdings.
Cairnhill 16 is a beautiful freehold condo project at 16 Cairnhill Rise in the CCR region of District 9. Cairnhill 16 is an En Bloc condo project formerly known as Cairnhill Heights developed by Tiong Seng Holdings and Ocean Sky International.
Liv @ MB is a condo project sited at 114A Arthur Road in the RCR region in District 15. Liv @ MB is an En Bloc condo project formerly known as Katong Park Towers, a 99-year condo developed by Bukit Sembawang Estates.
Peak Residence located at 333 Thomson Road in CCR District 11 is an En Bloc development, formerly known as Peak Court. Peak Residence is a freehold condo project developed by Tuan Sing Holdings and Rich Capital Holdings.
One-North Gateway Residences is situated at One-North Gateway in the RCR District 5 region. One-North Gateway Residences is a 99-year leasehold project developed by TID Residential.
Real estate professional Kiwi Lim from Huttons Asia said "Choosing your dream home can be a headache, especially with the new challenges COVID brings". Find out how COVID may affect your decision making process when choosing your new home by reading this news article here.
