Sales of new private homes eased 13% from Apr as buyers turned cautious and developers held back on big launches. But the May figure of 1,575 units is still the third-highest in a year. There were 1,575 units sold last month, down from April's blistering 1,805.
If EC sales are included, last month's number swells to 1,825 units. The fall in sales from Apr has reduced the possibility of another round of cooling measures, experts added, although there are signs in the latest figures that demand is holding up quite well. Sales in projects launched before last month were still strong. 8 Courtyards in Yishun and Hedges Park Condo in Upper Changi found buyers for about 210 units in total in May.
But the no.of launches fell across the board last month as developers held back releasing new properties while a large amount of stock remained unsold. SLP International's Nicholas Mak noted that the no.of launched but unsold units has been creeping up but mentioned that this is not a cause for alarm as yet, adding that if sales keep up the pace seen so far this year, the supply can be absorbed.
In fact, previously launched units in suburban areas are being mopped up. Sales at The Waterline and The Lakefront Residences last month have recorded a take-up rate of more than 100%. Suburban home sales have also supported the market, commanding 60% of new home sales. However in the city centre, there have been 'significant falls' in both sales and launches.
The 94 launched units in the city centre are the lowest (monthly) number since Mar 2009 and highlight the existing supply pressure in this market as previously launched units remain unsold. Yet a unit at The Marq set a price record of $5,842 psf while 10 apartments in projects such as Tomlinson Heights and The Laurels were sold for more than $3,000 psf. Experts expect this month's sales are likely to stay above 1,000 but are unlikely to surpass last month's level. CBRE's Li Hiaw Ho added that up to 8,000 new homes may be sold in the first half of the year. Last month's top-selling projects included Terrasse in Hougang, with 184 units moved at a median price of $994 psf, and Foresque Residences off Upper Bukit Timah, which found buyers for 141 units at a median of $1,108 psf.
- The Straits Times, P6
- Also quoted in The Business Times, P1. "Buyers vote to wait, new home sales slow after GE"
Owners cut price for Whitley estate
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