Search

NEWS
RESIDENTIAL PROPERTY | Staff Reporter, Singapore
Published: 15 Apr 13
594 views


Private home sales jumped a whopping 295% in March

Thanks to first-time homebuyers.

According to PropNex Realty, a subsidiary of P & N Holdings, the private residential market rebounded sharply last month—as developers returned to the market with a plethora of new launches to entice homebuyers. 

Despite the onset of January’s cooling measures, transactions in March reversed the 65% plunge in the previous month to register a healthy 2,793 units sold excluding ECs (or a 295% increase comparing M-O-M).

“Despite the resale market not performing as well, the new sale market has remained robust. With the recent cooling measures, the rebound in March is indicative of robust demand from genuine first-time homebuyers.

Other than developers’ sensitive pricing, many of them could have been attracted by the discounts and rebates offered by developers.

Developers probably took a respite to adjust their pricing and allowed more time for marketing efforts before launching their projects in March 2013—and now that they have more or less assessed the impact of the cooling measures, they returned with an abundance of new projects,” commented PropNex CEO Mr Mohd Ismail, March saw more homes being sold just with a few new launches, some of which included D’Nest, Urban Vista, Sennett Residences, The Trillinq and Bartley Ridge.

As a result of the new launches, 5,000 new private homes have been sold since the beginning of 2013. The best-selling development in March was D’Nest, which moved 699 units at a median price of $963psf.

Hot on the heels are other popular projects which included Bartley Ridge with 367 units sold at $1,296psf. Urban Vista sold 348 units at $1,503psf; Sennett Residences with 238 units sold at $1,474psf.

Lingering cautiousness and price sensitivity by homebuyers

Even though the current economy is stable (with low unemployment and low interest rates), Mr. Ismail believes that the strong new private home sales in March may not be a true reflection of the impact of the cooling measures.

“March’s transaction numbers are a combination of new launches, attractive pricings and discounts/rebates which would lead to short-term robust buying behavior.

Therefore, strong sales are not likely in the coming months. Buyers will still remain cautious—but those projects that are ‘value for money’, well-located and attractively conceptualised should continue to sell well,” explained Mr. Ismail.

Moving forward, the private property market is expected to remain subdued as the full impact of the property cooling measures is yet to be seen. Sales volumes are likely to stabilise.

Transactional volumes are expected to be around 1,400-1,600 units per month on average for the first half of 2013 as the incentives and discounts are still being offered by developers.



Sign up for our newsletter

 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.

Tags: URA, PropNex Realty, P & N Holdings, Singapore private home sales April 2013

CO-WRITTEN ARTICLES & SPONSOR CONTENT ››

Professor Stephen Brammer from the Birmingham Business School says up to 50% of market value is at stake.
281 views

LATEST RESIDENTIAL PROPERTY JOBS »
  • No jobs posted on this category.
PRINT ISSUE »

Subscribe Now
Trains, planes, automobiles and drones

28 views

As goes Hong Kong, so goes Singapore?

338 views

Office property shows no signs of a slowdown

89 views

MOST READ EXCLUSIVES

Singapore's 10 most successful 40 and under hotel managers

Singapore\'s 10 most successful 40 and under hotel managers

Find out who's who in the hotel industry.

by KRISANA GALLEZO
12 Mar 2014 | 54180 views
 

Take an exclusive tour at TripAdvisor's 6,000 sq ft Singapore headquarters

Take an exclusive tour at TripAdvisor\'s 6,000 sq ft Singapore headquarters

It's like having a road trip while at work.

by CARMINA JARIEL
5 Feb 2014 | 19726 views

Singapore's 6 hot new restaurants in April

Singapore\'s 6 hot new restaurants in April

Warm your belly with these top picks.

by STAFF REPORTER
1 Apr 2014 | 18178 views
 

Singapore's top six Valentine’s Day hotels

Singapore\'s top six Valentine’s Day hotels

Ready to pop the question?

by KRISANA GALLEZO
29 Jan 2014 | 17538 views

Singapore's 6 hot new restaurants in February

Singapore\'s 6 hot new restaurants in February

Warm your belly with these picks.

by STAFF REPORTER
27 Feb 2014 | 16047 views
 

Singapore's 6 hot new restaurants in March

Singapore\'s 6 hot new restaurants in March

Get a taste of NYC's eclectic undergound dining.

by STAFF REPORTER
18 Mar 2014 | 13866 views

StarHub's corporate office is so awesome it has its own theatre exclusive to staff

StarHub\'s corporate office is so awesome it has its own theatre exclusive to staff

Check out its other facilities with these pictures.

by STAFF REPORTER
3 Mar 2014 | 9017 views
 

See how FireEye's Singapore headquarters could make hackers scared out of their wits

See how FireEye\'s Singapore headquarters could make hackers scared out of their wits

It's Singapore's threat intelligence hub.

by CARMINA JARIEL
21 Jan 2014 | 7645 views

Why are office rents suddenly the hottest topic in the property market?

Why are office rents suddenly the hottest topic in the property market?

Everyone has been buzzing about it.

by STAFF REPORTER
26 Mar 2014 | 5357 views
 

What could make 2014 a disappointing year for Singapore REITs?

What could make 2014 a disappointing year for Singapore REITs?

SREITs are in for a triple whammy.

by KAREN MESINA
22 Jan 2014 | 5134 views

Should everyone be happy with falling private home prices?

Should everyone be happy with falling private home prices?

And will the cooling measures be relaxed by 2015?

by STAFF REPORTER
9 Apr 2014 | 4846 views
 

Parco Marina Bay at Millenia Walk shuts down on 24 February

Parco Marina Bay at Millenia Walk shuts down on 24 February

Let’s call it a day, says management.

by CARMINA JARIEL
12 Feb 2014 | 4393 views

Find out how this 2-storey gallery-hostel in Singapore is painting the town red

Find out how this 2-storey gallery-hostel in Singapore is painting the town red

It has 18 rooms with 100 beds.

by STAFF REPORTER
27 Feb 2014 | 3792 views
 

Is Singapore's property market still haunted by liquidity nightmares?

Is Singapore\'s property market still haunted by liquidity nightmares?

Analysts are still unimpressed.

by STAFF REPORTER
5 Feb 2014 | 3144 views

Guess where cash-rich shoppers splurged their money over CNY period

Guess where cash-rich shoppers splurged their money over CNY period

Shop 'til you get tracked.

by STAFF REPORTER
14 Feb 2014 | 3126 views
 

Singapore Wine Vault's $200m facility slated to launch in 3Q

Singapore Wine Vault\'s $200m facility slated to launch in 3Q

It can house over 10 million bottles.

by STAFF REPORTER
5 Mar 2014 | 2926 views

How disappointing were the January home sales, really?

How disappointing were the January home sales, really?

Analysts are still keeping their hopes up for next month.

by STAFF REPORTER
19 Feb 2014 | 2533 views
 

Find out how this startup plans to beat Singapore’s skyrocketing car prices

Find out how this startup plans to beat Singapore’s skyrocketing car prices

It’s speeding up its Asian expansion.

by STAFF REPORTER
5 Mar 2014 | 2253 views

SingTel, StarHub stuck in a tight tug-of-war over 2014 World Cup broadcast rights

SingTel, StarHub stuck in a tight tug-of-war over 2014 World Cup broadcast rights

Negotiations are challenging, said StarHub.

by STAFF REPORTER
17 Feb 2014 | 2022 views
 

Singapore is world's most expensive city—but only for expats

Singapore is world\'s most expensive city—but only for expats

Is The Lion City still affordable to ordinary Singaporeans?

by STAFF REPORTER
6 Mar 2014 | 2013 views

Buckle up: Car sharing firms gain ground in Singapore

Buckle up: Car sharing firms gain ground in Singapore

Should car retailers be scared?

by CARMINA JARIEL
10 Feb 2014 | 1884 views
 

Singaporeans mine gold in ‘second hand economy’ amidst skyrocketing cost of living

Singaporeans mine gold in ‘second hand economy’ amidst skyrocketing cost of living

8 in 10 Singaporeans admit to purchasing pre-owned goods.

by CARMINA JARIEL
28 Mar 2014 | 1723 views

Singapore hoteliers saw flat Chinese New Year

Singapore hoteliers saw flat Chinese New Year

Business was challenging, they said.

by STAFF REPORTER
5 Feb 2014 | 1695 views
 

What does Singapore's 6.2% industrial production growth imply for the rest of 2014?

What does Singapore\'s 6.2% industrial production growth imply for the rest of 2014?

Analysts are delighted by it.

by STAFF REPORTER
29 Jan 2014 | 1439 views

How a horrible renovation experience inspired Kluje to build a home renovation empire

How a horrible renovation experience inspired Kluje to build a home renovation empire

Over 400 accounts created in its first 2 months.

by CARMINA JARIEL
5 Feb 2014 | 1366 views
 

Will Singapore banks break hearts with bad results on Valentine's Day?

Will Singapore banks break hearts with bad results on Valentine\'s Day?

Especially with the easing of debt servicing burden.

by STAFF REPORTER
12 Feb 2014 | 1313 views

See how Zalora's 24-hour online ad campaign boosts Singapore's music scene

See how Zalora\'s 24-hour online ad campaign boosts Singapore\'s music scene

It collaborated with local singer-songwriters.

by STAFF REPORTER
22 Jan 2014 | 1293 views
 

Singapore's most followed Google+ personality joins local startup

Singapore\'s most followed Google+ personality joins local startup

Check out how "SuperMommy" plans to take Tickled Media into another level.

by KRISANA GALLEZO
3 Apr 2014 | 1254 views

See how this startup lets you create free listings in less than 30 seconds

See how this startup lets you create free listings in less than 30 seconds

Forget about Craiglist or Gumtree.

by STAFF REPORTER
19 Feb 2014 | 1188 views
 

Self-storage firms find silver lining in Singapore's space crisis

Self-storage firms find silver lining in Singapore\'s space crisis

Less space, more money.

by CARMINA JARIEL
19 Feb 2014 | 1118 views
close Don't Show Again

STAY INFORMED! Get our free weekly newsletter