{"id":115658,"date":"2020-04-16T11:14:38","date_gmt":"2020-04-16T04:14:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-fall-32-4-in-march-amid-covid-19\/"},"modified":"2020-04-16T12:14:58","modified_gmt":"2020-04-16T05:14:58","slug":"private-home-sales-fall-32-4-in-march-amid-covid-19","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-fall-32-4-in-march-amid-covid-19\/","title":{"rendered":"Private home sales fall 32.4% in March amid Covid-19"},"content":{"rendered":"


\nTransactions sharply tapered off as the effects of the Covid-19 began to hurt sentiment\u00a0reverberate through the economy.
\nDevelopers in Singapore sold 660 new private homes in March, down 32.4% from the 976 units moved in February. On an annual basis, developer sales dropped 37.4% from the 1,054 units shifted in March 2019.
\nTricia Song, Head of Research for Singapore at Colliers International, said transactions sharply tapered off as the effects of the Covid-19 began to hurt sentiment and reverberate through the economy.
\nIncluding executive condominiums (ECs), developers sold 904 units in March, down 31.3% month-on-month and 14.9% year-on-year.
\nThere was only one mega-development launched last month \u2013 the 548-unit EC project OLA \u2013 which sold 170 units, making it the best-selling project for the month.
\nThe 378-unit Kopar at Newton released only eight units for sale in March, while three smaller projects \u2013 77@East Coast, 19 Nassim and Tedge \u2013 were also launched.
\nAside from OLA, the other top performers for March include Jadescape (sold 76 units), Treasure at Tampines (moved 69 units) and Parc Esta (63 units sold).
\nNew home sales in the Outside Central Region (OCR) and Rest of Central Region (RCR) \u2013 which climbed 10.6% and 7.2%, respectively \u2013 remained resilient last month \u201cas many deals were probably near completion prior to the worsening of the Covid-19 outbreak and before stricter safe distancing measures kicked-in at the end of March\u201d, said Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
\n\u201cSome investors may have also bought properties to diversify their investment portfolios after the stock market rout in March,\u201d she added.
\nPreviously launched projects with lower price quantum of $1.2 million to $1.5 million accounted for most of the transactions in the city fringe and suburbs.
\n\u201cAmidst economic uncertainty, buyers focused on affordability and owner-occupier properties. We estimate 89% of the total developer sales in March 2020 were priced at the median price of $1,000-$2,000 psf, compared to 55% in February,\u201d said Song.
\nAnd given the dearth in foreign buyers last month due to stricter border control across many countries, the proportion of Singaporeans purchasing non-landed new homes increased to a fresh high of 86.3% last month since April 2009, noted Sun.
\n\u201cTaking into consideration the closure of sales galleries due to circuit breaker measures and the ban on foreign visitors into Singapore, new sales volume is likely to hit a roadblock in April 2020,\u201d said Desmond Sim, Head of Research for Southeast Asia at CBRE.
\nRelated story: Why now is a good time to buy a property
\n\u201cThe injection of new units for launch is also expected to slow down, from what was originally planned at the start of the year as some developers delay their project launches. Softer economic sentiments may hold back buyers\u2019 decision.\u201d
\nLee Sze Teck, Director of Research at Huttons Asia, also believes that new home sales in April will definitely take a hit due to the circuit breaker measures. \u201cHowever, if initial first week sales are an indication of demand in the property, it gives cause for optimism,\u201d he said.
\n\u201cAn estimated 150 caveats for private residential properties were lodged in the first five days of April. If this is extrapolated for the whole month, we might see 900 transactions in April which is much higher than March,\u201d he explained.
\nRead:\u00a0The URA Caveat: Why It\u2019s So Irresistibly Good
\nOnce the situation stabilises and the safe distancing measures are lifted, Sun expects new home sales to pick up with the reopening of show flats and resumption of house viewings.
\n\u201cThe growing economic uncertainties around the world may also propel more investors to seek shelter for safe-haven assets here, of which private residential properties will remain attractive to investors in the long term,\u201d she added.
\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…Private home sales fall 32.4% in March amid Covid-19<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Transactions sharply tapered off as the effects of the Covid-19 began to hurt sentiment\u00a0reverberate through...<\/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-115658","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-u5s","jetpack-related-posts":[{"id":115346,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-down-1-2-in-q1-2020\/","url_meta":{"origin":115658,"position":0},"title":"Private home prices down 1.2% in Q1 2020","date":"April 2, 2020","format":false,"excerpt":"\r After rising for three consecutive quarters, Singapore\u2019s private residential property prices fell in the first quarter of 2020, due to the impact of Covid-19 on the economy. Urban Redevelopment Authority\u2019s (URA) flash estimates showed that private home prices fell 1.2% quarter-on-quarter in Q1 2020, \u201cgiving back almost half of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-market-sentiment-to-weaken-amid-restrictive-containment-measures\/","url_meta":{"origin":115658,"position":1},"title":"Residential market sentiment to weaken amid restrictive containment measures","date":"April 20, 2020","format":false,"excerpt":"\r After the residential market showed signs of slowing in the first quarter of 2020, Knight Frank expects market sentiment to weaken amid concerns over job security as well as restrictive containment measures due to Covid-19. Urban Redevelopment Authority (URA) flash estimates showed that the Property Price Index (PPI) 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":115658,"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":75055,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-property-market-looking-up-for-2018\/","url_meta":{"origin":115658,"position":3},"title":"Singapore property market looking up for 2018","date":"December 21, 2017","format":false,"excerpt":"\r \u00a0Luxury apartments in Singapore.\u00a0\u00a0\u00a0 Given the higher land prices and anticipated market recovery, new private home prices will likely be higher in 2018. By Elizabeth Choong The private residential market is widely expected to perform better in\u00a02018\u00a0due to improved consumer sentiments. According to\u00a0PropertyGuru\u2019s\u00a0latest Consumer Sentiment Survey,\u00a0many\u00a0potential buyers are looking\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/12\/Guru-View-1024x281.jpg?fit=1024%2C281&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":114670,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rising-number-of-unsold-invetories-give-buyers-the-upper-hand-cbre\/","url_meta":{"origin":115658,"position":4},"title":"Rising number of unsold invetories give buyers the upper hand: CBRE","date":"March 3, 2020","format":false,"excerpt":"\r The increasing number of unsold units coupled with the COVID-19 outbreak will see buyers having the upper hand.\u00a0\u00a0 Buyers in Singapore are seen to have the upper hand in the private residential market this year due to the rising number of unsold inventories, reported The Straits Times. Around 40\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55577,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-posts-higher-sales-in-upscale-condos\/","url_meta":{"origin":115658,"position":5},"title":"Singapore posts higher sales in upscale condos","date":"May 22, 2017","format":false,"excerpt":"\r Better sales in 2016 can be attributed to a good selection of choice units in completed developments such as\u00a0Tomlinson Heights, Leedon Residence\u00a0(pictured) and TwentyOne Angullia Park (Image: Artist\u2019s Impression). Sale of luxury condos and private apartments costing at least S$10 million increased to 36 units last year, reported The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115658"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=115658"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115658\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=115658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=115658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=115658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}