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February new private home sales take a nosedive
Singapore Property Market News and Analysis


Latest Property Real Estate News - Published on 15/03/2013

 February saw a 65% dip M-on-M in the number of private home sales to just 708 units (excluding ECs), this figure was not surprising as February was a short month and it also included the Lunar Chinese New Year (CNY) which was typically a lull period in terms of new launches and transactions.

“The drop in February new home sales is also due to the latest cooling measures in January 2013 as potential homeowners are likely to take a wait-and-see attitude. Additionally, developers have held back on the project launches for the month and this is evident in only 262 new units (the lowest that we have seen) that were being launched, commented Mr Mohamed Ismail, CEO of PropNex Realty.

In February, the top selling projects were—D’Leedon sold 166 units with median prices of $1,540psf, The Topiary (EC) sold 84 units at a median price of $730psf, Q Bay Residences sold 74 units at median price of $1,041psf while 85 units were sold at One Canberra (EC). The sales volume was largely sustained by transactions in the OCR (Outside Central Region), which posted 341 transactions. 23% of the total private sales volume was contributed by the sale of ECs, with 169 units being snapped up in February mainly due to upgraders and first-timer buyers.

More launches expected in coming months

“New home sales volume for March 2013 is expected to pick up as developers step up on their new project launch activities especially after the January’s cooling measures with City Developments’ (CDL) mega 912-unit condominium D’Nest in Pasir Ris has already been readied for launch at a reasonable mass market price.”

“First-time buyers are likely to be the sustaining the numbers, seizing the opportunity in entering the market, as they do not have to pay the ABSD and developers are offering discounts and incentives for this segment of homebuyers .”

We expect the sale of mass-market projects to remain healthy in the coming months. Developers will continue to be innovative in their new projects while at the same time, offering discounts to negate the ABSD. Projects with good locality and accessibility attribute, along with reasonable pricing will continue to be well-received. The price quantum will continue to remain a key consideration for homebuyers as they are more sensitive,” remarked CEO Mohd Ismail.

END

For media enquiries, please contact: Carolyn Goh
Corporate Communications and Marketing Manager
P & N Holdings Pte Ltd (holding company of PropNex Realty)
480 Lorong 6 Toa Payoh #10-01 HDB Hub East Wing Singapore 310480
DID : (65) 6829 6968 / 98287834 | Main : (65) 6820 8000 | Fax : (65) 6829 6600
www.PropNex.com



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