RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Private home sales up 86.5% to 716 units in March

The Tapestry was the best selling project and contributed 46% of total sales.

The number of homes sold by developers in March jumped 86.5% from 384 units in February to 716 units in March 2018, the Urban Redevelopment Authority (URA) revealed. On a yearly basis, however, this dropped by 59.77% from 1,780 units last year. This figure excludes executive condominiums (EC).

Including ECs, developers sold 788 units, 65.5% higher than 476 units in February but 66.5% lower from 2,358 units last year.

PropNex Realty CEO Ismail Gafoor commented, “After the slower months of January and February due to festive periods, the performance in March illustrates how the momentum of the property market has since picked up, with strong demand and increased confidence from buyers. Many are making their moves and picking up balance units from existing projects and new launches in anticipation of the further property price increase in 2018.”

The highest selling project for the month was The Tapestry by City Developments, which contributed 46% of units sold. The other top projects were Grandeur Park Residences (40 units), Signature at Yishun (39 units), Kingsford Waterbay (32 units), and Parc Botannia (30 units).

Moreover, all the top five performing projects were from the Outside Central Region (OCR) and 75% of total units sold in March (537 units) were from the region as well. 

“Looking forward, the launches for Rivercove Residences EC, The Verandah Residences and Park Place Residences plus the sales of balance unsold units of existing developments will contribute to more than 1,000 units sold in the month of April 2018,” Gafoor added.

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