RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Sales of executive condominiums up 18% in January

Guess which projects had the highest sales volumes.

According to DBS, despite the lack of new launches (-26% y-o-y) in Jan 2017, primary sales rose 18% y-o-y led by both private homes (+18%) and Executive Condominiums (ECs; +18%).

While there were no exceptionally large sales by any project (partially due to the absence of new property launches), the sales volume for each project was moderate, with 13 to 41 units sold among the top 10 selling projects. The Terrace and Sol Acres (both ECs) recorded the top two highest sales volumes while Parc Riviera (launched in Nov 2016), The Santorini and The Trilinq were the highest among private projects on the list, implying clearance of residential inventory.

Here's more from DBS:

Jan 2017 secondary transactions were stable. Secondary transactions in Jan 2017 were flat y-o-y. Similar to previous months, these came from the re-launches of OUE Twin Peaks (16 units), D’Leedon (4 units) and the fairly recent launch of Gramercy Park (4 units) in the central region. Total sales (primary + secondary) grew 9% y-o-y (private: +8%; EC: +15%).

Take-up rates on new launches in 1H17 would be a good gauge; all eyes on Budget 17. As there are a number of new launches expected in the first half of this year (shown in Figure 8; kick-started by Clement Canopy last weekend), sales volume and take-up rates of these new launches would be a good gauge to see if the improvement in sales volume is sustainable.

Employment is still something to keep an eye on. While the unemployment rate deteriorated marginally by 0.1ppt to 2.2% in fourth quarter 2016, total employment increased marginally in the quarter compared to a contraction in third quarter 2016, showing a glimmer of hope. All eyes on Budget 17 (20 Feb) for potential policies to stabilise the property market.  

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