Developers of property sold 1,262 brand new private residences on April 20, 2021.Although this was a decrease of 2.6 percent m-o-m sales, they soared 455.6 percent y-o-y owing to the dilution of buyers’ sentiment in”the “circuit breaker” period last year.
This is the seventh month since July, 2020 in which monthly new home developer sales have reached 1,000 units sold each month.
“The sales performance for the overall market is healthy despite the slight decrease in sales volume, considering a higher proportion of pricier homes were sold and no mass-market projects were launched,” says Christine Sun, senior vice head of research and analytics at OrangeTee&Tie.
The city-fringe area as well as areas that are considered to be the Rest of Central Region (RCR) were in the spotlight last month as 41.2 percent of all new residential sales for private homes were from projects within the region.This includes the One-North Eden project, which has 165 units that has sold more than 85% of the units it launched.
The city centre the city centre, also known as Core Central Region (CCR) comprised for 34.2 percent of the monthly sales of new homes and were largely due to the success in the area of the 540 unit Irwell Hill Residences in which over 50% of the units that were introduced were sold in the opening weekend.
Although the strong sales in April reflected a positive market buyers were prudent with purchasing, according to Ong Teck Huang, the senior director of research and consulting at JLL.Hui adds that right-sizing and right-pricing remains the main strategy that has helped to ensure the success of sales in the new launch of.
Over eighty percent of the homes that were sold in the Irwell Hill Residences contained less than 700 square feet and sold for prices ranging from $998,000 to $1.97 million.For One-North Eden The majority of units sold were smaller than 800 square feet and were sold at prices ranging from $965,000 to $1.71 million.
“It is unclear at present whether the market’s momentum that has been strong in the past will last since certain buyers may be cautious because of the recent increase in the number of Covid-19 infections.A quick stoppage of the disease could increase confidence and ensure sales growth, but a long-term spread of the infection could slow the market’s activity,” According to Ong.
There aren’t any new launches anticipated to launch for the coming six weeks. And, after eight launches that were successful in the initial four months in 2021 the market may be taking a break for the next couple of weeks, according to Mark Yip, CEO of Huttons Asia.
The introduction of new safe management measures made public by the federal government on May 14, decreases the capacity of showflats. Yip claims it will increase the process of making decisions for buyers and reduce the number of transactions that occur for new home sales during the months of May and June.
But, he doesn’t think that the market will return to the sales levels that were recorded during the period of circuit breakers in 2020.This is due to the fact that over 400 brand new products have been sold in the initial 2 weeks in May 2021.
After the rush to digitize following the circuit breaker time period in the last year, the majority people in the sector has the technology infrastructure in place to help mitigate the negative effects of the stricter measures Sun says Sun.
“Agents as well as buyers are becoming more comfortable with video-based property tours and live-streaming.So, the industry of property appears to be better well-equipped to provide continuity to business than it was a year ago” she claims.
Assuming that the measures to ensure safety are in place by July 13, the developers may be at ease enough to launch the last of the new projects currently in the pipeline.It includes Klimt Cairnhill, Pasir Ris 8, Perfect Ten, The Watergardens at Canberra and the executive condo Parc Greenwich.