Property developer Far East Organization (FEO) led the way in sales last year with 2,718 new units sold on the back of a healthy real estate market and low mortgage costs.
The privately-owned company captured 17 percent of the market share, with units sold almost double that of Hong Leong Group and its subsidiary City Developments Limited (CDL), which sold a total of 1,434 new homes.
Sim Lian Group, Frasers Centrepoint and CapitaLand completed the top five, according to data compiled by property consultancy DTZ Research.
Chua Chor Hoon, Research Head for Asia Pacific at DTZ, said local developers ended the year occupying eight spots in the top 10. The exceptions were Chinese developer MCC Land as well as Hongkong Land, through its subsidiary MCL Land.
MCL Land’s developments include the fully sold Este Villa project and Terrasse, which sold 335 units last year. MCC Land sold 372 units, including sales at The Nautical and Canberra Residences.
According to experts, most of the sales were located in suburban areas, so projects within the mass-market segment benefited.
Over 80 percent of Far East’s sales were recorded in suburban areas, while the top-selling projects of Hong Leong and CDL were mass-market projects such as H2O Residences in Sengkang and The Palette in Pasir Ris.
“(This is because) Far East has been active in bidding for government land sale sites since the ramp-up in the programme (from) the second half of 2010. The top-selling project for Far East last year was euHabitat (pictured) (in Jalan Eunos), where 645 units were sold,” noted Chua.
Sim Lian Group secured third spot due to its two suburban projects, Treasure Trove in Punggol and Parc Vera in Hougang, while Fragrance Properties made it to the top 10 due to the 99 units it sold at the 116-unit Suites@East Coast development.
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