Developers sold 1,056 private homes in May 2016, up from 748 units in April

[reporter2]

http://www.businesstimes.com.sg/real...units-in-april

Developers sold 1,056 private homes in May 2016, up from 748 units in April

By Kalpana Rashiwala

[email protected]

@KalpanaBT

Jun 15, 2016


DEVELOPERS sold 1,056 private homes excluding executive condos (ECs) in May 2016, up 41.2 per cent from 748 units in April this year and also higher than the 643 units they found buyers for in May last year.

At Gem Residences in Toa Payoh, 312 units were sold last month at a median price of S$1,431 per square foot, according to developers' monthly housing sales data released by the Urban Redevelopment Authority on Wednesday.

Including ECs, which are a public-private hybrid housing form, developers moved 1,388 units in May 2016, again higher than the 1,295 units they sold in April this year and 853 units they sold in May last year.

[reporter2]

http://www.todayonline.com/singapore...ise-642-yy-may

Business

Sales of new private homes hit 10-month high

By Lee Yen Nee

[email protected]

Published: 12:47 PM, June 15, 2016
Updated: 11:24 PM, June 15, 2016


SINGAPORE — Sales of new private homes in the Republic rose 41 per cent to a 10-month high in May as new projects continued to attract buyers, reinforcing signs of improving sentiment despite headwinds such as slower economic growth and property curbs.

Last month, developers here sold 1,056 units, an increase from the 748 units sold in April, according to data released by the Urban Redevelopment Authority (URA) on Wednesday (June 15). May’s sales were 64 per cent higher than the 643 transactions registered in the year-ago period.

The jump in sales came on the back of increased launches as developers ramped up offerings before the mid-year seasonal lull. A total of 1,345 units made their debut in the market last month, compared to 902 in April and 500 in May 2015.

“May’s sales volume indicates that the market is highly launch-driven and underlying demand is present if prices are attractive ... With two consecutive months of increased volume, there is a definite pick-up in momentum but whether it can be sustained largely depends on the project’s location and its pricing,” PropNex’s chief executive Ismail Gafoor said.

The best-selling development last month was the newly-launched Gem Residences at Toa Payoh, which sold 312 of its 578 units on offer at a median price of S$1,431 per square foot (psf). Transactions at this project accounted for the bulk of the 582 sales that the Rest of Central Region (RCR), or city fringes, registered.

Another project, Stars of Kovan, came in second after offloading 76 of 180 units at a median S$1,414 psf. The Upper Serangoon Road development helped the Outside Central Region (OCR), or suburbs, clock 414 sales last month.

Meanwhile, the Core Central Region (CCR), or city centre, sold 60 units.

The latest set of data came a day after an SRX flash report showed three consecutive months of improvement in the non-landed private residential resale market.

The report estimated that 840 units were resold in May, a 36 per cent jump from April and 35 per cent higher than a year ago — which analysts read as signs of market stabilisation.

Analysts said buying activity will slow down to the 500 to 700 range in the next few months given the lack of major new launches during the June school holidays and upcoming Hungry Ghost Festival.

However, developers are expected to intensify efforts in clearing their unsold inventories in previously-launched projects, which could drive this year’s total sales higher than 7,400 units in 2015.

Ms Tay Huey Ying, head of research and consultancy at JLL, said: “Given that developers’ sales in the first five months of 2016 have already surpassed that of the first five months of 2015 and barring unforeseen circumstances derailing the improvement in market sentiment seen in the last three months, developers’ sales for 2016 look poised to exceed that of 2015.”

Mr Desmond Sim, head of CBRE Research in Singapore and South-east Asia, noted that previously-launched projects have been registering “encouraging” sales as well even though buyers are taking a longer time to commit.

“This can be attributed to buyers sitting on the fence who were swayed to projects nearing completion, as well as increased incentives for both buyers and marketing personnel offered by developers. Overall, sales from previously-launched projects are expected to perform slightly better year-on-year,” he said.

In the executive condominiums (ECs) segment, sales fell 39 per cent month-on-month to 332 units in May. There were no new EC launches last month. However, analysts said this segment looks poised to lead developers’ sales in the coming quarter with the launches of Northwave and Treasure Crest ECs.

[reporter2]

http://www.channelnewsasia.com/news/...1/2874210.html

Private home sales up 41.7% in May

Excluding executive condominiums, property developers sold 1,056 units last month compared with the 745 units sold in April, data from the Urban Redevelopment Authority shows.

Posted 15 Jun 2016 15:14 Updated 15 Jun 2016 23:22


SINGAPORE: Sales of new private homes rose 41.7 per cent in May, an improvement from the number of private units sold the previous month.

Excluding executive condominiums (ECs), property developers sold 1,056 units last month compared with the 745 units sold in April, data from the Urban Redevelopment Authority (URA) showed on Wednesday (Jun 15).

A total of 1,388 units - including ECs - were sold, up from April’s 1,291 units. The top sellers were the new launches, GEM Residences (312 units) and Stars Of Kovan (76 units).

According to ERA's Key Executive Officer Eugene Lim, investors were the main driver of sales at these projects, with 1 and 2 bedroom units at GEM Residences being the most popular among buyers.

Projects which are located near MRT stations continue to be favoured by buyers, with projects such as The Poiz Residences, Sturdee Residences and The Panorama among the best-selling projects in the month, he said.

"This shows that there is sustained demand for existing projects," added Mr Lim. "Buyers are discerning, they go for projects which offer them the best value for their money."

PropNex added that the transaction volume will continue to be launch-driven, as well as largely dependent on the price and location of the project. The luxury segment is also showing signs of a pickup due to strong performance of OUE Twinpeaks, it said.

“Sales performance will likely hover at an average of about 500 to 700 units per month for the rest of the year. For the whole of 2016, we envisage sales volume to be between 7,000 to 8,000 units in all," said PropNex CEO Ismail Gafoor. “In Q3, the upcoming launches of Northwave and Treasure Crest ECs, and Lake Grande boost volume as developers look to step up their launch activities before the Hungry Ghost Festival hits in August."

- CNA/xk