Sales of new private homes likely increased in September as property developers launched more units to generate higher sales before the holiday season, revealed media reports.
“Developers started rolling out their launches from September to capitalise on existing demand ahead of the annual school-holiday season,” said Tan Tee Khoon, Executive Director for residential services at Knight Frank Singapore.
Experts estimate that about 500 to 600 units were sold last month compared to the 432 units taken up in August, which was considered an unlucky time to buy a house due to the Hungry Ghost month.
If the forecast is accurate, sales for the third quarter could reach 1,500 to 1,600 units. But for those waiting for official figures, the data will be published on 15 October.
Notable residential projects unveiled in September include Forte Holdings’ Forte Suites, 70 Saint Patrick’s by UOL and Keppel Land’s Highline Residences.
Around 30 percent of Forte Suites’ 106 units were moved at an average price of $1,748 psf. The 186-unit 70 Saint Patrick’s sold about 64 percent of its units at $1,630 psf, while at least 25 percent of Highline Residences’ 500 units were taken up at an average psf price of $1,900.
Looking ahead, developers will likely ramp up efforts to sell projects that are close to completion to avoid paying fees for unsold units. These may include high-end developments like Ardmore 3 by Wheelock Properties and Nouvel 8, which is being jointly developed by CDL and Wing Tai.
Image: Launch crowd at 70 Saint Patrick’s. (Photo by UOL)
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
