{"id":116043,"date":"2020-05-04T11:18:09","date_gmt":"2020-05-04T04:18:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/sales-of-luxury-condo-rose-72-in-q1-despite-market-uncertainties\/"},"modified":"2020-05-04T12:13:39","modified_gmt":"2020-05-04T05:13:39","slug":"sales-of-luxury-condo-rose-72-in-q1-despite-market-uncertainties","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sales-of-luxury-condo-rose-72-in-q1-despite-market-uncertainties\/","title":{"rendered":"Sales of luxury condo rose 72% in Q1 despite market uncertainties"},"content":{"rendered":"


\nOrangeTee & Tie attributed the stellar sales to the new sale segment where 554 new luxury condominiums were sold in Q1 2020.
\nSingapore\u2019s luxury home segment defied the odds of the current market uncertainties, with sales of non-landed luxury homes surging 72% year-on-year to 965 units in the first quarter of 2020, revealed an OrangeTee & Tie report.
\nOn a quarterly basis, sales of luxury homes climbed 7.1% from the 901 units shifted in Q4 2019.
\nOrangeTee & Tie attributed the stellar sales to the new sale segment where 554 new luxury condominiums were sold in Q1 2020.
\nThe M, for instance, moved 387 units while Leedon Green sold 41 units. Sales at several completed projects also picked up with Marina One Residences shifting 71 units at an average price of $2,331 per sq ft (psf), D\u2019Leedon transacted 16 units at $1,608 psf and 8 Saint Thomas transacted 10 units at $3,126 psf.
\nThe report noted that the average price of non-landed resale luxury homes \u201cheld relatively steady at $2,020 psf while non-landed new homes in Core Central Region (CCR) was $2,540 psf in Q1 2020\u201d.
\nHowever, it revealed that the proportion of luxury homes sold at a lower price quantum increased during the period under review. Specifically, about 80.5% were transacted below $3 million in Q1 2020, up from 73.9% in Q4 2019.
\nOver at the mid-tier segment, non-landed sales volume within the Rest of Central Region (RCR) fell 18.3% quarter-on-quarter to 1,196 units in Q1 2020.
\n\u201cThe sales decline could be attributed to a dearth of new launches and impact of the pandemic,\u201d said OrangeTee & Tie.
\nThe average price of resale condominiums dropped 1% quarter-on-quarter to $1,834 psf. Prices of resale non-landed homes also declined 2.6% to $1,370 psf.
\n\u201cDespite the price fall, the proportion of non-landed homes by unit size range remained similar to that of the preceding quarter. Last quarter, 532 or 44.4% of non-landed home sales in RCR were below 800 sq ft.\u201d
\nMeanwhile, the average price of resale mass-market condominiums held firm at $1,042 psf in Q1 2020. However, the average price of new non-landed homes within the Outside Central Region (OCR) slipped 4.8% to $1,459 psf.
\nIn Q1 2020, the sales volume of mass-market non-landed homes dropped 23.5% to 799 units on the back of fewer new launches as well as the effects of the Covid-19 pandemic. Resale non-landed homes also declined 16% to 712 units during the quarter under review.
\nDespite this, some mass-market new projects registered healthy sales in Q1. The best-selling projects from this segment include Treasure at Tampines, which sold 216 units, as well as Parc Clematis and Parc Botannia, which transacted 93 units and 72 units, respectively.
\nOther projects such as The Garden Residences, Affinity at Serangoon, Whistler Grand, The Florence Residences and Riverfront Residences sold over 40 units.
\nLooking ahead, OrangeTee & Tie expects private home prices to drop by up to 4% for the full year should the pandemic persist.
\n\u201cAround 14,500 to 16,800 private homes could be transacted this year, of which new home sales may constitute around 7,500 to 8,500 units,\u201d it said.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Sales of luxury condo rose 72% in Q1 despite market uncertainties<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

OrangeTee & Tie attributed the stellar sales to the new sale segment where 554 new...<\/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-116043","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-ubF","jetpack-related-posts":[{"id":122272,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-sales-in-central-region-reach-10-year-high-in-q2-2021\/","url_meta":{"origin":116043,"position":0},"title":"Luxury home sales in central region reach 10-year high in Q2 2021","date":"September 29, 2021","format":false,"excerpt":"\r Luxury home sales in central region reach 10-year high in Q2 2021Singapore\u2019s upscale central region saw luxury home sales hit a 10-year high during the second quarter, reported TODAY citing an OrangeTee report. 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Image source: OrangeTee The average price of new condominiums in the Core Central Region (CCR) rose 10.5 percent to $3,014 per square foot (psf) in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":106139,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-home-sales-surge-131-6-in-march\/","url_meta":{"origin":116043,"position":2},"title":"New Home Sales Surge 131.6% In March","date":"April 16, 2019","format":false,"excerpt":"\r New home sales have been on the rebound in March, soaring 131.6 percent month-on-month to 1,054 units,\u00a0according to the Urban Redevelopment Authority\u2019s (URA) developers\u2019 sales survey.\u00a0 Including executive condominiums (ECs), developers sold 1,062 units, up 132.4 percent from the previous month. 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