This Year Has Registered More Unit Sales Than Last Year-Statistics Show. This year, real estate developers have sold more executive condominiums and new private residential units than last year.The great momentum in November when the two projects were started contributed to this.It implies that the year 2016 will register the highest number of new properties sold in 3 years. 7,769 was the total number of private residential units that were sold within 11 month period. This is higher than the number of units which were sold last year(7,440). To add, 3,804 executive condominiums were sold during the same 11 month period in 2016.The number exceeded 2,550Ecs that were sold in 2015. The development is by Guocoland and is more of the more prestigious development at the heart of the city.
Residential Sales at Guocoland New Condo
According to statistics released on Thursday by Urban Redevelopment Authority(URA), the number of residential sales significantly improved when compared to last year. 860 new private residential units were sold in the last 30 days.This was 31.4% lower than the sales recorded in the month of October but 13.3% higher last year. When 250Ecs units are included, the total number of sales comes to 1,110 units. This is 28% lower than last month but 17.5% higher than last year. According Ong Teck Hui, the national director of research and consultancy ,the surge in private residential transactions that was witnessed in October and November to 2,113 units is more than 1,308 units that were sold during the same period in the year 2015 by a huge 61.5%.
Sales figures at Martin Place
He stated that the demand the demand for new private homes is high and is expected to increase in 2017. Desmond Sim, the head of CBRE in Singapore and South East Asia noted that buyers are motivated by certain factors. For instance, better value offered by competitive prices and home loans with low interest rates. The Rest of Central Region(RCR) registered 48.6% residential sales in the month of November. This was followed by Outside Central Region at 47%.The lowest number of sales was registered in Core Central Region(CCR) at 4.4%. The top 2 November bestsellers were launches by EL and Hao Yuan.This was not a surprise because many people expected it.
Parc Riviera, a project by EL Development at West Coast Vale registered 128 unit sales at S$1,189 psf while Queens Peak , a Hao Yuan Investment project sold 271 units in November at S$1,628 per square foot. Ishmael Gafoor, the chief executive of PropNex said that November sales indicate that there is high demand for units if prices are buyer-friendly.The above two projects accounted for an impressive 46% of all the units that were sold in November.
New Project launching at Martin Place
He added that developers will be more careful in launching their projects and come up with a competitive pricing strategy to encourage buyers. Eugene Lim, the key executive officer of ERA Reality noted that small bedrooms reported the highest number of sales. Percentage sale of two bedroom and one bedroom units was 86% and 90% at Parc Riviera and Queens Peak respectively.He added that the number of sales in December is expected to reduce. Sales are likely to pick up again between February and May next year as developers launch new projects.
The Executive director of SLP International Nicholas Mak observed that private residential market is showing signs of recover.This is because over 8,000 private housing units were sold this year. It is an impressive increase when compared to 2015.4,000 more private residential units are likely to be launched for sale in the next 16 months.He projected. Mak added that 3 EC projects which has 1,650 units could also be launched within the same period. Mr. Sim also added that buyers will consider a number of factors next year before making buying decision.For example credit card status, economic outlook, pricing and lending rates in Singapore. He concluded that despite the fact that sales increased this year,CBRE is projecting smaller reduction in the number of sales in 2017 at approximately 7000-7,500 units.