Check out these four best-selling residential projects in March

Buying activity remains tepid.

According to PropNex, developer sales remain fairly muted in the month of March with a total of 724 units launched and 480 units sold (excluding ECs); and only one new residential project— The Santorini, entered the market last month.

The best-selling projects were, namely; The Santorini, which sold 76 units at a median price of $1,108psf, Eight Riversuites moved 44 units at $1,109psf. Rivertrees Residences found buyers for 35 units at $1,129psf and The Glades sold 27 units at $1,438psf.

Mr Mohamed Ismail, CEO of PropNex Realty commented: "With tightened loan policies, buyers are more discerning while developers are responding accordingly. The conditions today require developers to be more sensitive to the market where value for money is key.

The lacklustre performance in March is largely due to only 1 major new project launch –The Santorini. It is interesting to note that momentum is picking up for units that were previously launched like the Eight Riversuites and The Glades that were launched several months ago.”

Analysing the figures, Mr Ismail, said, “the lacklustre transaction level (for the past 3 months) is evident that post TDSR, buyers have remained highly price sensitive. However, buying activities may see pick-up momentum in the next 2 months and into the next quarter, as there is already strong indication of interest for new private homes at the Commonweath Towers and Lakeville in Jurong.

Some new launches in the pipeline like that of the former Yi Mei Gardens are likely to draw strong interests too. As such, we are predicting that the transactional volume of new homes in the range of between about 10,000-12,000 private homes excluding ECs, for the whole of 2014.”

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