\nSales of new private homes remain tepid.
\nUPDATED: Excluding executive condominiums (ECs), property developers sold 536 new private homes last month, down 50 percent from the 1,065 units sold in May, according to fresh data released by the Urban Redevelopment Authority (URA).
\nThe significant drop in sales can be attributed to the lack of new units launched in June. Only 234 units were released to buyers, down more than 80 percent from the month before.
\nAccording to JLL, the only new project launched during the month was an eight-unit landed housing development in East Coast Terrace.
\nDesmond Sim, Head, CBRE Research, Singapore and South East Asia, said the absence of major new launches saw buyers turning to existing projects.
\nThe best-selling condo project in June was Kingsford Waterbay at Upper Serangoon View, which sold 34 units at median price of $1,185 psf, followed by The Glades at Tanah Merah (32 units at median price of $1,402 psf).<\/p>\n
Looking at the first half of the year, 73 percent of the units sold were from projects that were launched more than six months ago, noted Sim.
Sales of new private homes remain tepid. UPDATED: Excluding executive condominiums (ECs), property developers sold...<\/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-20896","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\/p75ss1-5r2","jetpack-related-posts":[{"id":48292,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-up-155-8-in-feb\/","url_meta":{"origin":20896,"position":0},"title":"New private home sales up 155.8% in Feb","date":"March 16, 2017","format":false,"excerpt":"\r The Clement Canopy was the only private condo launch in February. (Photo: UOL Group) Even with only one new project launch, the number of private residential units (excluding ECs) sold by developers rose 155.8 percent to 977 units in February 2017 from 382 in the previous month. On a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52167,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-soared-81-8-in-march\/","url_meta":{"origin":20896,"position":1},"title":"Private home sales soared 81.8% in March","date":"April 18, 2017","format":false,"excerpt":"\r New private homes saw stronger sales since Total Debt Servicing Ratio was introduced. \u00a0 Developers saw new private home sales soar 81.8 percent to 1,780 units in March from 979 units in February. \u00a0 On an annual basis, private home sales surged 111.2 percent from the 843 units sold\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":91728,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-jump-53-in-may\/","url_meta":{"origin":20896,"position":2},"title":"New private home sales jump 53% in May","date":"June 19, 2018","format":false,"excerpt":"\r Thousands of buyers turned up at the showflat of Twin Vew during the launch in May. (Photo: CSC Land) Sales of new private homes in Singapore reached 1,121 units in May 2018, representing a 53.1 percent jump from the month before and a 7.9 percent increase from the same\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101326,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-down-48-in-oct\/","url_meta":{"origin":20896,"position":3},"title":"New private home sales down 48% in Oct","date":"November 16, 2018","format":false,"excerpt":"\r 10 Evelyn in Newton was the only residential project launched last month. Excluding executive condominiums (ECs), private home sales declined by almost 48 percent to 487 units in October compared to 932 units in the month before. On an annual basis, sales fell by 36 percent from 761 units,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63788,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/surging-developer-sales-point-to-further-property-market-recovery\/","url_meta":{"origin":20896,"position":4},"title":"Surging developer sales point to further property market recovery","date":"August 16, 2017","format":false,"excerpt":"\r View of private homes in Singapore. Sales of new private homes in Singapore, including executive condominium (EC) units, almost doubled to 2,086 units in July from 1,064 units in the previous month, data released on Tuesday (15 August) by the Urban Redevelopment Authority showed. For the first seven months\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109930,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-jumped-43-5-in-july\/","url_meta":{"origin":20896,"position":5},"title":"Private home sales jumped 43.5% in July","date":"August 16, 2019","format":false,"excerpt":"\r Developers moved 1,178 new private homes, excluding executive condominiums (ECs), in July, up 43.5 percent from the 821 units sold in June. On an annual basis, the figure was 31.7 percent lower compared to the 1,724 units transacted in July 2018, when panic buyers rushed to snap units before\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\/20896"}],"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=20896"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/20896\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=20896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=20896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=20896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u201cThis is a continued positive sign for the market as the unsold stock inventory is slowly but steadily being reduced. The creative pricing of projects by developers was the key to successful sales.\u201d
\nMeanwhile, developers moved 3,763 units in the first half of 2016, 9.8 percent higher than the 3,427 units disposed in H1 2015, said JLL.
\n\u201cAlthough sentiments have become more positive, demand improvement is gradual with many buyers still remaining cautious and price-sensitive,\u201d said Ong Teck Hui, National Director of Research & Consultancy at JLL.
\n\u201cOn the one hand, there is improved optimism arising from increased transactions and the perception that the market may be bottoming out, while on the other, concerns still remain due to the economic uncertainties and more recently, the aftermath of Brexit.
\n\u201cHowever, barring shocks from the external environment, a sanguine outlook for the private home market is likely for the rest of the year with developer sales in 2016 probably exceeding that of 2015,\u201d he added.
\nMohamed Ismail, CEO of PropNex Realty, expects sales numbers to hover at an average of about 500 to 700 units for the rest of the year. \u201cFor the whole of 2016, we envisage sales volume to be between 7,000 to 8,000 units in all,\u201d he said.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Developer sales down 50% in June<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"