February home sales hint at a confident market

By Tejaswi ChunduriMar 16, 2012

Tejaswi Chunduri is a Real Estate Analyst at PropertyGuru. As an experienced researcher, she is responsible for analysing research data and makes forecasts on the residential and commercial property markets in Singapore and the Asia Pacific region. Her job includes writing monthly market research reports, PropertyGuru's quarterly property...

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Total number of units transacted in February rose to a whopping 3,138 compared to the 2,077 in January 2012. This is a jump of more than 51% m/m and 155% y/y.  Excluding executive condominiums (ECs), the volume of sales reached 2,413 - an increase of almost 29% from January.

February witnessed the launch of 3,598 units out of which 87% were sold. Developers launched 94% of these projects in the more popular suburban regions. 2,965 projects were launched in the Outside Central Region (OCR) out of which 86% of units were sold, with the highest price at S$1,935 psf and lowest price being S$460 psf.

Ten projects in the OCR sold more than 100 units:-

-    Parc Rosewood was the most popular project and sold 380 units out of the 390 launched in the month (almost 90% sold) at a median price of S$994 psf.

-    Twin Waterfalls sold 257 units out of the 728 launched in the month at a median price of S$727 psf.

-    The Rainforest, The Tampines Trilliant (both ECs) and Watertown sold more than 180 units in the month.

The costliest unit sold in the month was from Scotts Square at S$4,661 psf.  Two units were sold in the month at a median price of S$4,533 psf. Skyline @ Orchard Boulevard sold one unit at S$4,140 psf. The most affordable unit was sold from a project named The Woods along Westwood Avenue at S$460 psf.

In the Rest of Central Region (RCR), 527 units were sold in February. Guillemard Edge along Lorong 28 Geylang sold all the 275 units launched in the month at median price of S$1,215 psf. The costliest unit in the RCR was from Skyline Residences along Telok Blangah Road at S$2,277 psf and the most affordable unit in the RCR was sold at Suites 28 along Lorong 30 Geylang at S$731 psf.

In the Core Central Region (CCR), 50% of 111 units launched in the month were sold, significantly more than the 17 units sold in January. Nonetheless, home buyers, especially foreign buyers who are otherwise active in the CCR, are taking a cautious approach before making the big decision to invest.

December 2011 sales were severely affected by the ABSD, however looking at the home sales data from the last two months; it is evident that there is still a huge demand in the mass to mid-market sector, especially from HDB upgraders and potential EC buyers. Thus, going forward, mass market property launches are expected to continue supporting the strong demand here.

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