http://www.businesstimes.com.sg/sub/...76019,00.html?

Published February 2, 2012

Developers may have sold 1,700-1,800 private homes in Jan

Watertown and The Hillier report strong sales, other projects post less impressive sales

By KALPANA RASHIWALA


(SINGAPORE) Developers may have sold 1,700-1,800 private homes excluding executive condos (ECs) in January, a sharp reversal from the mere 632 units moved in December.

December's sales marked a 63 per cent month-on-month drop from November's 1,702 units sold, and a year-on-year drop of 53 per cent. Including ECs, which are a public-private housing hybrid, developers moved 670 units in December, down 64 per cent month on month and down 61 per cent year on year.

And January's figures could be even higher once ECs are included.

Far East Organization chalked up the bulk of January sales. It moved 1,253 private homes (including at joint-venture projects). The figure came mostly from two projects - Watertown and The Hillier.

Watertown in Punggol was the clear chart-topper in January, with 771 units sold, followed by The Hillier next to the upcoming Hillview MRT Station, with options for 387 units issued. The average price is $1,224 psf.

In Woodlands, Fragrance Group and World Class Land are understood to have sold nearly 200 units at Parc Rosewood condo. Some 80 units at Riversound Residence in Sengkang East Avenue and 85 units at The Nautical in Sembawang found buyers last month. City Developments sold 224 units including ECs.

'I think many of us in the market are surprised by the strong sales in January,' said DTZ's Southeast Asia chief operating officer, Ong Choon Fah. But she added that last month's strong numbers came mainly from Watertown and The Hillier. Their attractive locations next to MRT stations and strategic marketing by their developer were key factors for their popularity. Both projects are part of retail-residential mixed developments. Watertown fronts My Waterway@Punggol. Far East is developing Watertown with Frasers Centrepoint and Sekisui House, but The Hillier on its own.

Sales at most other projects have been less spectacular.

'There're steady sales. There're people coming to showflats but they're taking their time to consider. They're more cautious because of the additional buyer's stamp duty, economy and supply.

'People don't see the urgency to buy now. On the one hand, they expect prices to fall, but on the other hand they know underlying demand is still strong. So it's quite a struggle for them,' said Mrs Ong.

Urban Redevelopment Authority will release the official January developer sales information on Feb 15.