Property developers continue to drive out new launches in April, after hitting a 25 percent increase in home sales in March.
However, analysts believe that in some cases, home sales have been somewhat slower than usual, as price resistance sets in.
Tripartite Developers sold 130 of the 200 apartments released at the 501-unit Hedges Park, a 99-year leasehold condo at Upper Changi Road, at an average selling price of S$850 psf.
In Yishun, Far East Organization (FEO) and Frasers Centrepoint have sold 202 of the 280 units released at 8 Courtyards, a 99-year leashold condo priced at an average of S$795 psf. 8 Courtyards consists of two shop units and 654 apartments.
Aside from 8 Courtyards, FEO has also sold another 87 units in April. Last March, it sold a total of 205 units, including in joint venture (JV) developments such as Waterfront Isle at Bedok Reservoir.
FEO sold a unit at Boulevard Vue on Cuscaden Walk for S$4,308 psf, according to Urban Redevelopment Authority (URA) statistics on March 2011 developer sales. Units in the 33-storey freehold development are priced at approximately 4,500 sq ft each.
After selling 255 units in March, City Developments sold 35 apartments at H2O Residences in Sengkang this month, bringing the total sales to 290 units. The developer has released 350 of the 521 units in the project at an average price of S$920 to S$940 psf.
Wing Tai is expected to launch Foresque Residences at Petir Road soon. The 99-year leasehold condo near City Developments’ Tree House proved extremely popular during its April 2010 launch, selling at an average price of approximately S$800 psf. Wing Tai had bought the site in October 2010 for S$345 psf ppr.
In addition, Cheung Kong’s 361-unit condo project is also expected to be released. The site, which features 22 strata terrace houses, is located along Upper Thomson Road. Cheung Kong acquired the site at a state tender in late 2009 for S$533 psf ppr.
Analysts believe that it makes sense to launch projects as soon as possible, given the abundant supply and robust pace of the Government Land Sales (GLS) programme.
“The message seems to be clearer to developers than to consumers,” said a property consultant.