The Outside Central Region (OCR) contributed 65.4 per cent of the total sales volume last month, according to Knight Frank.
Out of the top ten private residential projects by sales volume in April, seven projects are in the OCR while the remaining three developments came from the Rest of Central Region (RCR).
New sales volume in OCR increased substantially month-on-month (m-o-m) by 62.9 percent, while RCR saw sales volume increase by about 86.6 percent m-o-m.
“Such performance of the OCR is mainly attributed to several attractive launches in the region, namely Lakeville and The Sorrento. Median prices for these highly sought-after developments in the OCR have exceeded some of those for developments in the RCR. For instance, the median price of The Sorrento at $1,414 psf is 2.7 per cent higher than that of Sky Habitat, and 7.7 percent higher than Eight Riversuites,” said Alice Tan, Head of Research at Knight Frank Singapore.
New sales volume is expected to further improve in May, on the back of some upcoming highly-anticipated launches such as Waterfront @ Faber, Commonwealth Towers and CoCo Palms.
Moving forward, the majority of the demand for lower-priced private residential homes is likely to be for units in the RCR and OCR.
Tan said, “With the continuing elevated housing prices in the OCR, private residential properties in the RCR could increasingly be viewed upon as a better location proposition with its proximity to the city area and at possibly lower average prices.”
Knight Frank foresees total developers’ sales for the second quarter of 2014 could range between 2,000 to 2,500 units.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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