Developers sold 546 private homes in October, up 60.1 percent from September but a 30.4 percent decline year-on-year, said JLL. Developers launched 434 units, an 11 percent increase from the previous month but a 35.8 percent decrease year-on-year.
“Compared to the same period last year, the private home market is at a slower momentum. Market sentiment and buyer interest appear to have softened as economic and business conditions have become more difficult compared to a year ago,” noted JLL.
Despite the challenging environment, two new projects were launched for sale during the period. With a total of 663 units, Principal Garden at Prince Charles Crescent sold 113 of the 200 units launched at a median price of S$1,633 psf, while the 288-unit Thomson Impressions sold 80 of the 150 units launched at a median price of S$1,399 psf.
Other top-selling projects were Sims Urban Oasis, which sold 46 units, The Panorama (39 units) and High Park Residences (33 units).
Meanwhile, the executive condominium (EC) market registered some activity in October, with the launch of The Criterion. The project launched all of its 505 units and found buyers for 41 units at a median price of S$805 psf.
“Notwithstanding the slight improvement in private home sales in October over the previous month, the market generally remains subdued as the effects of the cooling measures have been compounded by the economic slowdown and impending interest rate hike in the US,” said Ong Teck Hui, National Director, Research & Consultancy at JLL.
“Market sentiments will remain soft through the year end, so we may expect muted market activity in the remaining two months when the holiday season begins. Using developer sales of 653 units in November and December 2014 as a guide, new private home sales in the last two months of 2015 are likely to taper. With 6,383 units sold in the first 10 months of 2015, the full year figure is likely to be below last year’s 7,316 units,” he added.
Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email cheryl@propertyguru.com.sg
