Developers sold more units in first nine months of this year than whole of 2016

By Angela Teo / EdgeProp | October 16, 2017

Developers moved 9,582 private residential units between January and September this year, surpassing the 8,363 private residential units sold in 2016. This means that private home sales transaction volume as at end-September 2017 is already about 15% higher than that achieved in the whole of 2016, according to latest figures released by URA.

Last month alone, developers moved 657 private residential units, a 29% increase y-o-y compared with September 2016, where only 509 new private homes were sold.

Kingsford Waterbay was the bestselling private project this September. Chinese developer Kingsford Development sold 45 units at a median price of $1,289 psf. About 23% (269) of the 1,165 units in the 99-year leasehold project at Upper Serangoon View remain to be sold as at end-Sep 2017.

Coming in second place for the month was Symphony Suites in Yishun, where EL Development moved 42 units at a median price of $1,098 psf. As at end-3Q2017, 98% (539) of the 548 units launched at the 660-unit Symphony Suites have been sold.

UOL Group and Kheng Leong Company’s Principal Garden ranked third. The developer sold 40 units in the month of September 2017 alone at a median price of $1,761 psf. Both Symphony Suites and Principal Garden are 99-year leasehold developments.

Compared to August, however, developers moved 47% less private residential units m-o-m, on the back of a lower launch volume of just 73 units in September. Nicholas Mak, executive director of ZACD Group, attributes the low launch volume in September to the Hungry Ghost Month period and developers holding back units in anticipation of increasing property prices in the near future.

Developers also sold 3,653 EC units in the first nine months of 2017, more than the 3,316 EC units sold in the first nine months of 2016. 249 EC units were sold last month, compared to 260 units in the same period last year.

Parc Life in Sembawang was the bestselling EC and overall project for September. Frasers Centrepoint moved 48 units in September at a median price of $795 psf. As at end-September, 450 units (71%) of the 628 homes at Parc Life have been sold.

Desmond Sim, head of CBRE Research comments, “Despite there being no new EC launches, 249 units were sold. ECs present good value amid rising property prices.”

Sim adds that quantum ultimately still sells, as 93% of the caveats lodged with URA Realis in September were for projects priced below $1.5 million.

Project Name Street Name Units Launched in the Month Units Sold in the Month Total Number of Unsold Units Median Price ($psf)
Kingsford Waterbay Upper Serangoon View 0 45 269 1,289
Symphony Suites Yishun Close 0 42 121 1,098
Principal Garden Prince Charles Crescent 0 40 46 1,761
North Park Residences Yishun Central 1 0 30 43 1,365
Queens Peak Dundee Road 0 28 271 1,681