Year-on-year, private home sales down 53.5%

Year-on-year, private home sales down 53.5%

Developers sold 729 private homes last month, up slightly from the 716 units in March but down 53.5 per cent from the 1,567 units moved in April last year. The figures exclude executive condominiums (ECs).


The top-selling project last month was the Rivercove Residences executive condominium. The developer, a Hoi Hup Realty-Sunway Developments joint venture, moved 512 units at a median price of $970 per sq ft.PHOTO: LIANHE ZAOBAO

According to Urban Redevelopment Authority data yesterday, as for EC units, 596 were sold last month, well up on the 72 in March and the 371 sold in April last year. The strong EC sales were on the back of the launch of Rivercove Residences in Sengkang. JLL national director of research and consultancy Ong Teck Hui said the upward pressure on EC prices will continue. Huttons Asia research head Lee Sze Teck, who expects the 193 unsold EC units to be gone within three to six months, said: The developer, a Hoi Hup Realty-Sunway Developments joint venture, moved 512 units at a median price of $970 per sq ft.

Meanwhile, a joint venture between Lendlease and Abu Dhabi Investment Authority sold 166 units at Park Place Residences at PLQ, a private development in Paya Lebar Road, at a median price of $2,060 psf in the second-phase launch of the 429-unit development. During the first phase of the project's launch in March last year, the median price is about 14 per cent higher than the $1,805 psf median price for the 217 units sold.

Roxy-Pacific Holdings moved 52 units at Harbour View Gardens, also in Pasir Panjang Road, at $1,763 psf median price. Oxley Holdings sold 141 units at The Verandah Residences in Pasir Panjang Road at a median price of $1,846 psf.

City Developments sold 51 units last month at The Tapestry in Tampines at $1,391 psf median price. The Tapestry Condo is located along Tampines St.86 and close to the established Tampines Regional Centre and Pasir Ris estate. This development attracted many investors and home-buyers.


JLL noted that only 654 new private homes were launched last month, just 40 per cent of the 1,616 units launched in April last year. About 1,575 private homes were released from January to April - down 56 per cent from the 3,565 launched in the same period last year. And the number of private homes sold in the first four months of 2018 - about 2,310 units - was only about half of the 4,529 units moved in the same period last year.

Analysts expect developer sales of private homes to rise this month, given that a few projects have already been released and sold well - including Twin VEW in West Coast Vale, and Amber45.

More are slated for release, including Phase 2 of Le Quest in Bukit Batok.

The Tapestry @ Tampines is the ideal location because of its connectivity. Just a few minutes to the future Tampines West MRT Station,,Tampines Hubs and many more conveniences near by. Please visit Location to know more about this golden location and do not hesitate to contact us if you have any concern.  
Adapted from The Straits Times, May 16, 2018

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