{"id":114946,"date":"2020-03-17T11:02:02","date_gmt":"2020-03-17T04:02:02","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-in-february-soar-114-3-year-on-year-despite-virus-outbreak\/"},"modified":"2020-03-17T11:03:57","modified_gmt":"2020-03-17T04:03:57","slug":"new-private-home-sales-in-february-soar-114-3-year-on-year-despite-virus-outbreak","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-in-february-soar-114-3-year-on-year-despite-virus-outbreak\/","title":{"rendered":"New private home sales in february soar 114.3% year-on-year despite virus outbreak"},"content":{"rendered":"


\nThe M, a new launch in February, accounted for the bulk of new sales volume at 39%, or 380 units.\u00a0
\nDespite the COVID-19 outbreak and the Lunar New Year lull, new private home sales in Singapore soared 114.3% to 975 units in February from 455 units over the same period last year.
\nOn a monthly basis, new home sales jumped 57.8% from January\u2019s 620 units.
\nThe M, a new launch in February, accounted for the bulk of new sales volume at 39% (or 380 units). The project sold over 70% during its launch weekend.\u00a0
\n\u201cIt should be noted that price quantum continued to be an encouraging motivator, as 97.9% of all sales in The M are below $2 million,\u201d said Desmond Sim, Head of Research for Southeast Asia at CBRE. \u201cThis is as The M is not shackled by the minimum average size of 85 sq m as they fall in the Core Central Region (CCR).\u201d
\nRead: 3 Reasons Why The M condo sold well, despite the coronavirus outbreak
\nLee Sze Teck, Research Director of Huttons Asia, revealed that the last time such high sales figure was achieved for a CCR project was back \u201cat the peak of the market\u201d in mid-November 2013, when 71% or 468 of the 660-unit DUO Residences was sold in three days.
\nRelated story:\u00a05-top selling condos in February 2020
\nIncidentally, the integrated development by M+S, a joint venture between Singapore\u2019s Temasek Holdings and Malaysia\u2019s Khazanah Nasional, is also situated in Bugis, near The M.
\nAside from The M, other top sellers for February included previously launched projects such as Treasure at Tampines with 97 units sold, Parc Esta (53 units sold), Jadescape (46 units sold) and Parc Botannia (40 units).
\nThe executive condominium (EC) segment also shone, with 339 units moved in February. Parc Canberra, last month\u2019s only new launch, shifted 324 units.
\nTricia Song, Head of Research for Singapore at Colliers International, said: \u201c79% of the units sold at Parc Canberra ECs are priced below $1.2 million, hitting the sweet spot for first-timers or HDB upgraders.\u201d
\nIncluding ECs, total new home sales for February stood at 1,314 units.
\nLooking ahead, Huttons expects March to be a quiet month with very few launches, while more previews were planned for April. These include Kopar at Newton, Cairnhill 16, 15 Holland Hill, The Landmark and Forett @ Bukit Timah.
\nAnd with year-to-date figures at 1,595 units, CBRE Research expects new home sales to fall within the range of 7,000 to 8,000 units, which remains the underlying demand of the market, despite a challenging H1 2020.
\n\u201cOverall, affordability in terms of overall quantum continues to be the driver of demand. Buyers out there continues to be more discerning where location and developer\u2019s reputation will swing their choices. The lower interest rate also seems to be another catalyst for buying momentum; however, affordability remains key for both EC and non-EC markets,\u201d said Sim.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…New private home sales in february soar 114.3% year-on-year despite virus outbreak<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The M, a new launch in February, accounted for the bulk of new sales volume...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-114946","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tTY","jetpack-related-posts":[{"id":114664,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxus-hills-contemporary-collection-the-m-buck-cautious-sentiment\/","url_meta":{"origin":114946,"position":0},"title":"Luxus Hills (Contemporary Collection), The M buck cautious sentiment","date":"March 3, 2020","format":false,"excerpt":"\r The M and Luxus Hills (Contemporary Collection) both sold well despite the COVID-19 outbreak. Photo: Bukit Sembawang Estates Two property projects in Singapore bucked the cautious sentiment brought about by the COVID-19 outbreak, with Luxus Hills completely sold out, while The M saw another 32 units snapped up. Bukit\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114463,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wing-tai-asia-sells-70-of-the-m-over-its-launch-weekend\/","url_meta":{"origin":114946,"position":1},"title":"Wing Tai Asia sells 70% of The M over Its launch weekend","date":"February 24, 2020","format":false,"excerpt":"\r Majority of the buyers were Singaporeans in their 30s and 40s, comprising both investors and owner-occupiers.\u00a0 Despite the coronavirus outbreak, Wing Tai Asia sold 70% or more than 360 units at its latest condominium project, The M, over the weekend. The units were sold at an average price of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114357,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-up-14-9-in-january\/","url_meta":{"origin":114946,"position":2},"title":"Private home sales up 14.9% in January","date":"February 18, 2020","format":false,"excerpt":"\r The figure also marked the best January showing since 2013,\u00a0when 2,028 units were transacted. Photo: JadeScape emerged as the best-selling project in January 2020.\u00a0 Despite the Chinese New Year festivities and the coronavirus outbreak, developers sold 618 new private homes in January, up 14.9% from the previous month and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103004,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-fell-almost-50-m-o-m-in-dec\/","url_meta":{"origin":114946,"position":3},"title":"New private home sales fell almost 50% m-o-m in Dec","date":"January 16, 2019","format":false,"excerpt":"\r A crowd of potential buyers at Parc Esta\u2019s sales gallery in November. (Photo: MCL Land) New private home sales fell by almost 50 percent to 602 units in December from 1,201 units in November, on the back of the year-end lull and a dearth of new launches, reported the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120006,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developer-sales-up-in-december-highest-since-2012\/","url_meta":{"origin":114946,"position":4},"title":"Developer sales up in December, highest since 2012","date":"January 15, 2021","format":false,"excerpt":"\r Developer sales up in December, highest since 2012Analysts expect\u00a0the sales momentum in December to spill over to January 2021. However it is anticipated\u00a0that while demand for new homes may remain high, the supply of new launches may decline this year. 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