17 September 2018 – August recorded the lowest number of transactions (616 units) of private new homes (excluding ECs) in the last six months of 2018.
Chief Executive Officer of PropNex Realty, Mr Ismail Gafoor shared, “Buyers are definitely exercising greater caution in their purchase decisions now. It is understandable that August performance is slower as it is the first month right after the cooling measures were implemented, with buyers and investors still trying to understand and ‘digest’ the effects of future pricing.”
The top 5 performing projects, The Tre Ver, Stirling Residences, Park Colonial, Riverfront Residences and Affinity at Serangoon accounted for 72 per cent of total sales in August.
Mr Ismail highlighted why these projects are moving units despite the cooling measures. “Developers who priced their units sensitively are still able to attract buyers to their development. The success of The Tre Ver moving 82 per cent of units launched in August, post-cooling measures, signals silver linings for rightly priced projects.”
Mr Ismail believes that based on the first eight months performance and the market sentiments, the month of September is set to outperform August with expected new launches such as JadeScape and Mayfair Gardens.
He expects transaction to hit more than 800 units for September 2018. For 3Q 2018, Mr Ismail predicts that sales figures exceed the 3,000 mark and ending the year with overall of 9,000 to 9,500 private new homes being transacted. This would be around 10 per cent lower than 2017’s performance of 10,566 units.