Strategically positioned and sensitively priced projects, serve as the driving force for continued demand. CCR segment witnessed record transaction volume since November 2017.
15 February 2019 – For the month of January, New Private Home Sales recorded a total of 433 units being sold. This was a 17.8 % year-on-year decrease in the number of units sold as compared to 2018.
Chief Executive Officer of PropNex Realty, Mr Ismail Gafoor expressed that, “The month of January, is typically viewed as a subdued period, as developers tend to withhold the new launches till after the Chinese New Year period, in order to provide the added prominence of the new projects in the eyes of potential buyers and investors. Existing projects that have been previously launched, have been serving as the driving force, in ensuring a sustainable and continued demand. Particularly, projects that are strategically positioned and sensitively priced, remain as a pull-factor for upgraders and investors. A trend that can be expected to carry through, over the course of 2019.”
The top 5 best-selling new launches for the month of January were Fourth Avenue Residences, Affinity at Serangoon, Parc Esta, Stirling Residences and Parc Botannia.
The launches of Fyve Derbyshire, RV Altitude and Fourth Avenue Residences, together with other CCR projects transacted 130 units (surpassing 100 units), a record since November 2017 for the segment. Mr Ismail highlighted, “This clearly demonstrates the continued demand from deep-pocket investors for these prime developments which are rightly priced, despite the existence of cooling measures.”
Mr.Ismail further analysed that, “For the month of February, we can expect tepid sales performance as a result of the Chinese New Year celebrations. Despite the lack of major launches in February, we believe that there will be a positive take-up rate of existing projects, as a result of buyers and investors capitalizing on the announcement of the Cross Island MRT stations.”
Looking ahead, Mr.Ismail predicted that with the upcoming major launches, he believes that the total new home sales volume will reach 9,000 transactions in 2019.