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Latest Property Real Estate News - Published on 15/05/2019
OR IMMEDIATE RELEASE 15 May 2019 – Developers sold a total of 735 units of Private New Homes (Excluding ECs) for the month of April. This was a 0.3% year-on-year increase in the number of units sold as compared to 733 units in 2018.
Chief Executive Officer of PropNex Realty, Mr Ismail Gafoor mentioned that, “Private new home sales maintain resiliency, despite lack of any major launches for the month of April, which recorded a total of 735 units (Excluding ECs) being transacted. Based on our analysis, over 76.1% of the units that were sold for the month of April, consist of projects that were previously launched in 2018. Buyers are foreseeing that the subsequent new project launches might not be any lower, as developers have previously committed to high land bid prices. Hence, buyers and investors are gravitating towards projects that are rightly priced. With more new launches expected in the coming months and purchasers being spoilt for choices, we can anticipate that the developers might dangle incentives and discounts to entice these buyers and investors.”
The top 5 best-selling new launches for the month of April were The Tre Ver, Parc Botannia, Stirling Residences, Treasure At Tampines, Riverfront Residences. The Tre Ver emerged the top selling development, with a total of 81 units sold at a median price of $1,624 psf. Trailing closely was Parc Botannia, which sold a total of 61 units at a median price of $1,294 psf.
Moving forward, Mr.Ismail remarked that, “Based on the trend that we have observed so far in 2019, projects that have been previously launched in 2018, have retained the interest of the buyers and investors by taking the lion share of the private new home sales. For the months ahead, we are expecting this trend to continue, with healthy sales for the rest of the year, in the tune of 8,000 to 9,000 private new homes to be transacted.”