Old project launches take the spotlight in April as pent-up demand drives sales

Sales from previously-launched developments jumped 48.1%.

Fence-sitting home buyers are apparently tired of waiting for home prices to slide. Latest statistics show that new home transactions dipped by 11.6% month-on-month in April, reversing the sales surge seen in March.

However, analysts argue that this is not bad news—although the headline figure slipped, sales of previously-launched projects stayed robust during the month, highlighting the pent-up demand in the market.

For instance, UOL's Botanique at Bartley was the second bestselling project in April, with 52 units sold at a median price of $1,297 psf. The Poiz Residences, first launched in November last year, came in third with 42 units sold, followed by Kingsford Hillview Peak and Cairnhill Nine which sold 39 and 33 units, respectively.

"Discounting sales from new launches, developers sold 619 units in April 2016 and 418 units in the corresponding month in 2015, representing an increase of 48.1%," OrangeTee Research noted in a report.

The report added that buyer demand appeared more evenly spread out in 2016, with the top 15 projects selling 18 or more units each in April.

“This could imply a slight improvement in sentiments and a spill over of pent-up demand into the market. With cooling measures unlikely to be lifted anytime soon, some buyers are experiencing ‘waiting fatigue’ and have decided to enter the market,” OrangeTee Research said