Private Singapore Property Sales Rise to 51% in September, URA says

October 18, 2018

Property Sales Shoot Up 51% This September

Property developers made a comeback in the Singapore property market last September due to a 51% increase in private residential unit sales. Developers sold a total of 932 private residential units as compared to the previous 617 units sold in August.

This increase in unit take-up is due to some newly launched properties with a realistic price and a practical location.

The Urban Redevelopment Authority (URA) presented data that showed a strong residential take-up for JadeScape and Mayfair Gardens. JadeScape, a 99-year leasehold property at the former Shunfu Ville near Marymount MRT station sold 327 units out of 480 units, having a median price of SGD 1,699 per square foot (psf).

On the other hand, the Mayfair Gardens at Rifle Range Road sold 82 units out of 100 with a recorded median price of SGD 1,954. Being located near the King Albert Park MRT station, it is no doubt that this property gained popularity.

With these much sales, both JadeScape and Mayfair Garden made up the 44% of the 51% sales increase last September. Jui Residences in Serangoon Road is another sg property which sold a handful of units, totalling to 31 units sold at a median price of SGD 1,704. The Jovell also sold 41 units, transacted with a median price of SGD 1,259.

Increased Sales in September Expected, other Months to Remain Placid

According to Hutton Asia’s head of research Lee Sze Teck, the growth in sales this September was expected as the Singapore property market returns to normalcy.  Eugene Lim, ERA Realty Network’s key executive officer, agrees.  Lim said that buyers are “slowly coming to terms” with the previously implemented cooling measures.

The last quarter of 2018 expects an influx of over 3,500 units. Despite this, Lim said that the Singapore property market’s buying demand will remain placid. This is because of the buyers’ discerning attitude toward housing needs, options, and finances. More importantly, Lim said that no significant price discounts have emerged as developers still set a high land price.

Consultants further estimated that for the whole year, private residential home sales will most likely decrease to 8,500 and 10,000 units, resulting in a 15% to 20% drop from last year’s 10,556 units. This estimate excludes executive condominiums which are a public-private housing hybrid. Conversely, property prices will not be going down soon, owing to Singapore’s stable economy.

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