Developers sold 1,228 (excluding ECs) new residences in November, close to 95% of total new private properties launched, (1,293 units excl ECs) in the month. In comparison M-O-M, there is a 54.6% increase (incl ECs) 21.7% increase (excl ECs) in the total new launches sold.
“November is another exceptional month whereby developers strategically launched their new homes in time of the festive seasons. Core of Central Region (CCR) marked the highest sale this year at 662 units largely due to DUO Residences that were priced near the baseline of its region and as such, were highly attractive to buyers. Regardless of the regions of these launches, sales of new homes had remained strong, mainly contributed by the rightfully prices projects of the other top-selling projects of Alex Residences and The Creek @Bukit. It was these attractive prices that set the tone for the sale of new launches in November and it gives the strongest signal for developers to pricing sensitively their new launches to attain high take-ups,” commented Mr Mohamed Ismail, CEO of PropNex Realty.
DUO Residences, best seller in November
Including ECs, the best-selling projects were from the CCR and OCR namely Duo Residences sold 600 units at a median price of $1,999psf, Sky Park Residences (EC) moved 271 units at $800psf. Alex Residences found buyers for 171 units at $1,706psf; Waterwoods (EC) sold 131 units at $801psf, whereas The Creek at Bukit sold 47 units each at median prices of $1,637psf.
Demand still strong in weakening market
“The sustained buying level from the previous month shows that underlying demand for the private housing market is still abundant. After the introduction of the TDSR (and the increased ABSD), buyers have become more selective in their purchases. Developers who have taken this into consideration and adjusted their pricing strategies accordingly. September and October’s sales show that the market will respond positively to projects of which developers adopt the right pricing strategy to better meet the expectations of targeted buyers. The success of Sky Vue and Thomson Three in September, and The Inflora in October and now Duo Residences and Alex Residences in November could further prompt developers to align their pricing strategy with current market sentiments.”
“We expect sales volume to slow down especially during this festive seasons as homebuyers go away for holidays. However, sales activity will remain healthy and to pick up from March 2014 as January and February are traditionally the quieter months due to Chinese New Year. Home buyers and investors will continue to remain selective with projects and any upcoming projects that are rightly priced and at the right quantum will command a good demand,” concluded Mr Ismail.
For media enquiries, please contact: Carolyn Goh
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P & N Holdings Pte Ltd (holding company of PropNex Realty)
480 Lorong 6 Toa Payoh #10-01 HDB Hub East Wing Singapore 310480
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