{"id":117914,"date":"2020-07-22T12:52:50","date_gmt":"2020-07-22T05:52:50","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/up-to-20-new-residential-projects-to-be-launched-in-2h-huttons\/"},"modified":"2020-07-22T13:05:04","modified_gmt":"2020-07-22T06:05:04","slug":"up-to-20-new-residential-projects-to-be-launched-in-2h-huttons","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/up-to-20-new-residential-projects-to-be-launched-in-2h-huttons\/","title":{"rendered":"Up to 20 new residential projects to be launched in 2H, Huttons"},"content":{"rendered":"


\nDespite slow sales during the circuit breaker period, there\u2019s been resilence in the market and Huttons Asia expects sales to hover between 8,000 and 8,500 units in 2020, with more project launches on the cards.\u00a0\u00a0
\nDuring the circuit breaker, developer sales plunged to one of its lowest levels in April to 277 units, or down 58% from the previous month and 62.4% over the same period last year, revealed Huttons Asia in its latest report.
\nThe lowest monthly developer sales was in January 2009, when only 108 units were shifted.
\n\u201cCompared to January 2009 when there was no circuit breaker, April 2020 sales are extremely good in light of the circumstances,\u201d said Huttons.
\n\u201cThere were initial worries that sales may be dismal given that sales galleries are closed. But April developer sales have proved otherwise. Buyers were receptive of the virtual way of viewing a sales gallery with almost 100 sales concluded after the circuit breaker.\u201d
\nIn fact, sales did not stagnate even as the government decided to extend the circuit breaker for another month until 1 June.
\n\u00a0
\nWhile sales galleries and physical viewings remain suspended, the lifting of the circuit breaker measures on 1 June resulted to another wave of buying demand as buyers who were staying on the sidelines decided to take the plunge.
\nNew sales in May increased by 75.8% month-on-month to 487 units. \u201cThe unexpected surge in demand drove developers to release more units for sale,\u201d said Huttons.
\nWith this, sales for the first 18 days of June (before the reopening of show galleries) were on par with the sales registered during the entire month of May.
\n\u201cPent up demand drove monthly sales in June up by more than 100% to its highest ever in 2020,\u201d said the report.
\nNotably, 54% of June\u2019s sales were made over 12 days of physical viewing \u2013 that is, from 19 to 30 June \u2013 while the rest were made over 18 days of virtual viewing.
\nAlthough there was a pivot to virtual viewing, there were still buyers who prefer to personally see the product.
\n\u00a0
\nA breakdown of June\u2019s deals showed that there were more deals in the Core Central Region after physical viewing was allowed, pushing the average quantum up from $1.43 million to $1.51 million.
\nHuttons noted that June\u2019s strong surge in developer sales was not unexpected, adding that the trend was also observed in other countries.
\nRead also:\u00a09 Condos To Watch For Fire Sales As They Approach ABSD Deadline in 2020\/2021
\nMeanwhile, the percentage of foreigners acquiring properties (new and resale) in Singapore continued to decline due to the government\u2019s travel restrictions, which involve 14 days quarantine.
\n\u201cThe local property market is still very much supported by Singaporeans and thus a small adjustment in foreigner buying is unlikely to have a significant impact on the market.\u201d
\nOver at the resale market, transactions within the resale market fell almost 60% due to curbs on physical viewing.
\nWith the resumption of physical viewings, sales increased 65% month-on-month in June.
\n\u201cAlthough resale prices were slightly higher in Q2 2020, this was achieved on the back of record low volume and may not be truly reflective of the market,\u201d said Huttons.
\nSales of new executive condominium (EC) units, on the other hand, significantly slowed to 50 units in Q2 2020. This comes as there was no new EC launch during the period.
\nLooking ahead, Huttons expect up to 20 new launches with about 6,000 units in the second half of 2020. It expects Cairnhill 16 to enter the market first, followed by Forett @ Bukit Timah and Penrose.
\nFor the whole of 2020, Huttons expect sales to hover between 8,000 and 8,500 units.
\n\u201cWhile the economy contracted by 12% in Q2 2020, economists agreed that the worst is over and recovery is on the cards,\u201d it said.
\n\u201cThe resilience in the market and property as an endearing asset class among investors will drive sales in the market.\u201d
\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…Up to 20 new residential projects to be launched in 2H, Huttons<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite slow sales during the circuit breaker period, there\u2019s been resilence in the market and...<\/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-117914","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-uFQ","jetpack-related-posts":[{"id":115682,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-residential-sales-rose-20-in-q1-huttons-asia\/","url_meta":{"origin":117914,"position":0},"title":"Singapore residential sales rose 20% in Q1: Huttons Asia","date":"April 17, 2020","format":false,"excerpt":"\r Residential sales in Singapore climbed 20% year-on-year in the first quarter of 2020. 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According to Today\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115658,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-fall-32-4-in-march-amid-covid-19\/","url_meta":{"origin":117914,"position":5},"title":"Private home sales fall 32.4% in March amid Covid-19","date":"April 16, 2020","format":false,"excerpt":"\r Transactions sharply tapered off as the effects of the Covid-19 began to hurt sentiment\u00a0reverberate through the economy. Developers in Singapore sold 660 new private homes in March, down 32.4% from the 976 units moved in February. 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