{"id":117846,"date":"2020-07-17T12:08:14","date_gmt":"2020-07-17T05:08:14","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-homes-sales-to-hit-up-to-7000-this-year\/"},"modified":"2020-07-17T12:08:35","modified_gmt":"2020-07-17T05:08:35","slug":"new-private-homes-sales-to-hit-up-to-7000-this-year","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-homes-sales-to-hit-up-to-7000-this-year\/","title":{"rendered":"New private homes sales to hit up to 7,000 this year"},"content":{"rendered":"


\nDespite the circuit breaker restrictions, sale activities still continued to happen in Q2 2020.\u00a0
\nWhile the enforcement of the circuit breaker measures disrupted real estate activities in Q2 2020, Knight Frank believes the progressive easing of the restrictions and resumption of economic activities will contribute to a pickup in sales activity for the rest of 2020.
\nIn fact, Knight Frank expects this year\u2019s new sales volumes to hit around 6,000 to 7,000 units.
\nBut with recessionary pressures affecting all sectors of the economy, the real estate consultancy firm expects the Urban Redevelopment Authority\u2019s (URA) non-landed price index to fall by around 5% this year, depending on the extent of economic contraction.
\nURA flash estimates showed that the Property Price Index (PPI) for non-landed private homes declined 0.6% quarter-on-quarter in Q2 2020 to 147.2, taking the decline for the first half of the year to 1.6%.
\nThe quarter saw 2,253 transactions for non-landed private homes, excluding executive condominiums (ECs), despite the closure of showflats and restrictions on physical viewings for most of Q2.
\nKnight Frank noted that while transaction volumes fell 40.5% from the previous quarter, the sales activity indicated that \u201csome buyers had adapted to these unprecedented conditions\u201d.
\nOf the 2,253 transactions posted in Q2, around 70.6% or 1,591 were new sale transactions, while the remaining 662 were secondary sale transactions.
\n\u201cNew sale activity was down in April when the circuit breaker measures first kicked-in, recording 261 sales of non-landed private homes (excluding ECs). However, sales activity in the primary market improved as the quarter progressed, increasing to 455 and 875 transactions in May and June respectively as developers\u2019 discounts encouraged buyers,\u201d said Knight Frank.
\nRecommended article:\u00a010 Condos To Watch For Fire Sales As They Approach ABSD Deadline in 2020\/2021
\n\u201cSecondary sales however continued to slide, with 145 in May and 218 in June as compared to 299 in April.\u201d
\nIt revealed that non-landed private home prices within the Core Central Region (CCR) slipped 0.1% quarter-on-quarter in Q2, an improvement from the 2.2% quarter-on-quarter decline posted in Q1.
\nCCR saw non-landed transaction volumes, excluding ECs, fall 60.4% quarter-on-quarter to 381 units in Q2, after steadily increasing during the last two quarters.
\nProjects that launched for sale in Q2 in CCR were limited, including 15 Holland Hill and Kopar at Newton.
\nOpened for sale just before the circuit breaker restrictions kicked in, Kopar at Newton registered 116 transactions with average unit price at $2,275 per sq ft (psf), making it the highest volume during the quarter. The project recorded 71 transactions from 4 to 6 April alone prior to the mandatory closure of sales galleries.
\nOver at the Outside Central Region (OCR), non-landed private home prices held flat in Q2 after falling 0.4% quarter-on-quarter in Q1.
\n\u201cWhile overall non-landed transaction volume (excluding EC) dipped, new sale activity sustained with 773 transactions recorded,\u201d said Knight Frank.
\n\u201cNew sales were boosted by developer discounts in projects such as Treasure at Tampines and Parc Clematis, with both registering above 150 units this quarter.\u201d
\nIt added that a Hillion residences unit was transacted for $2.7 million or $1,032 psf, and had the highest value in the OCR in Q2. The 99-year leasehold project was completed in 2017.
\nMeanwhile, the Rest of the Central Region (RCR) recorded the sharpest drop in prices in Q2, with the PPI for non-landed private homes dropping 1.9% quarter-on-quarter to 149.7.
\nRCR saw transaction volumes for non-landed private homes, excluding ECs, fall 33.7% quarter-on-quarter to 795 units in Q2. Of these, 77.7% were new sale transactions.
\n\u201cDespite the lack of new project launches, developments that were previously launched continued to sell, supporting primary sale volumes. Projects that were launched in 2018 contributed to just over 50% of new sales in Q2 2020,\u201d said Knight Frank.
\nIt noted that Meyer Mansion posted the highest transaction value in the RCR during the quarter, with a unit sold at almost $5.2 million or $2,475 psf.
\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
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…New private homes sales to hit up to 7,000 this year<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the circuit breaker restrictions, sale activities still continued to happen in Q2 2020.\u00a0 While...<\/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-117846","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-uEK","jetpack-related-posts":[{"id":118028,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-investment-sales-muted-in-q2-2020-but-buying-activity-to-increase-edmund-tie\/","url_meta":{"origin":117846,"position":0},"title":"Residential investment sales muted in Q2 2020, but buying activity to increase : Edmund Tie","date":"July 30, 2020","format":false,"excerpt":"\r Despite a muted market, the real estate consulting firm expects buying activity to increase, with new projects launching in the second half of 2020. 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The report noted\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118465,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/foreigners-continue-to-actively-participate-in-singapores-housing-market-knight-frank\/","url_meta":{"origin":117846,"position":2},"title":"Foreigners continue to actively participate in Singapore\u2019s housing market, Knight Frank","date":"September 2, 2020","format":false,"excerpt":"\r In Q2 2020, foreign homebuyers\u00a0\u00a0\u2013 which comprised both Singapore permanent residents and foreigners\u00a0\u00a0\u2013 accounted for 18.3% of acquisitions, a slight drop from the 20.2% recorded in Q1 2020.\u00a0 Despite the economic impacts of COVID-19 and the circuit breaker measures from 7 April to 1 June 2020\u00a0\u00a0\u2013 which disallowed home\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2020\/09\/foreign-buyers-nationalities-knight-frank.png?fit=600%2C365&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":118202,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sale-of-prime-non-landed-homes-plunge-52-9-in-1h-2020\/","url_meta":{"origin":117846,"position":3},"title":"Sale of prime non-landed homes plunge 52.9% in 1H 2020","date":"August 12, 2020","format":false,"excerpt":"\r However, Knight Frank expects the sale of prime non-landed homes to improve in the second half of 2020. 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Flash estimate from the Urban Redevelopment Authority (URA) showed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118076,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-prices-to-remain-soft-in-the-coming-months-orangetee\/","url_meta":{"origin":117846,"position":5},"title":"Property prices to remain soft in the coming months, OrangeTee","date":"August 4, 2020","format":false,"excerpt":"\r Property prices are expected to remain soft in the coming months due to escalating tensions and growing economic uncertainties. 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