New private home sales in April hit 11-month high!

By The Folks @PropTalk - May 16, 2015 No Comments

Developer sales in April has hit a 11-high of 1,124 units (excluding ECs). This is a 83.4% increase from the 613 units in March and a 47.5% year-on-year improvement from the 762 units in April 2014.

Below are some underlying facts:

1. The strong rebound in April sales is primarily due to the launch of two large projects - Frasers Centrepoint's North Park Residences in Yishun and UOL Group's Bontanique at Bartley. The two projects accounted for close to 66% of the total volume sold last month.

2. The sales number is expected to ease dramatically in May, as no major launched are expected. The near-doubling month on month in the number of private residential units that developers sold came amid a more-than-trebling in the number of units launched - 1,344 in April up from 400 in March. There has been a set pattern for supply-led demand in the Singapore's private resident property market for some time now.

3. Buyers are drawn to the two large projects in view of their attributes (proximity to MRT stations) and more importantly, reasonable pricing. 73% of the sales at North Point Residences and 84% of units sold at Botanique at Bartley were for units below $1.2 million.

4. North Park Residences performed better than Botanique at Bartley despite the former's higher median price - A total of 486 units (52.8% of total) of the former was sold at a median price of $1,374psf versus 254 units (31.9% of total) of the later at a median price of $1,290psf. This was attributed to the fact that residential projects that offer proximity to both MRT stations and malls still attract more buyers than those near MRT stations but without any nearby retail amenities.

5. Frasers Centrepoint said on Friday that to date, it has sold 526 of the 670 units released at North Point Residences, with Singaporeans accounting for 88% of buyers. About two in three buyers are current HDB dwellers. Another 20% have private non-landed addresses and 14% have a private landed address. Only a small number have foreign addresses. Two-thirds of units sold in the 920-unit project are two-bedders or smaller.

Including executive condominiums (ECs), developers moved 1,218 units last month, higher than the 692 units in March this year and 810 units in April last year.
Info sources: BT/ST

So here's to those who are about to take out the bubbly and celebrate the return of confidence in the private home market...

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