Private home sales hit 5-month high in April

Sales rocketed 55% to 745 units.

Developers are finally seeing a tiny bright spot in an otherwise tensed ambiance in Singapore's property market. New private home sales rebounded 55% in April after a slump in March, its highest in five months. According to PropNex, this was mainly due to only 1 major new launch in March and April’s re-launches at some projects promising attractive discounts.

Here's more from PropNex:

In all, developers launched a total of 586 units with 745 units sold in the month (excluding ECs)—which signalled that underlying demand is still present despite the current weak buying sentiments. Including ECs, developers found buyers for 793 homes, which also reflected a 48% improvement from the previous month’s figure of 535 units.

Only two new projects were launched in April, which again indicated the current market conditions—especially after the TDSR was imposed. Now that the TDSR has been in play for ten months, the dust has somewhat settled and buying volume is likely to improve in tandem with the anticipated launches of attractive and well-located residential projects.

“We expect new sales volume to improve in the coming months—on the back of more new launches and fairly positive market interest. Lakeville by MCL Land; launched in first weekend of April, was a success with most units sold in the first phase of units released.

The Sorrento by Allgreen Properties enjoyed good response and Sky Habitat was re-launched at lower prices. These projects were well received, which boosted sales figures in April,” commented PropNex CEO Mr Mohd Ismail.

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