The call for for new private houses recorded a third instantly strong month in February as developers sold 977 units – a hefty leap from the 382 units sold in January.
Even greater putting changed into the fact that ultimate month’s sales have been more than treble the 303 units sold in February previous year.
The strong showing came despite only one new condo project being launched last month. The sales also came before last Friday’s marvel announcement of tweaks in property cooling measures, which analysts believe will elevate buying sentiment.
In all, 550 units were put on the market last month compared with 108 in January.
The Clement Canopy in Clementi become the only project launched for last month, though other projects put out extra more units.
Top Selling Private Residential Q1 2017
Executive condos (ECs) also did well, selling 329 units, a jump of 78.8 per cent from January. Sol Acres was top among the ECs with 82 units sold at a median price of $782 psf.
Analysts said the data reflected significantly better market sentiment than at this time last year.
“There is a greater sense of confidence among both developers and buyers,” said Mr Ong Teck Hui, JLL’s national director of research and consultancy, citing the series of major launches this year. He also said that of the 977 units sold, 770 units sold were from previously launched projects.
“With more positive sentiments, buyers are not just attracted by newly launched projects, but are also drawn to those launched previously, reflecting a more broad-based improvement in demand,” he added.
“The recent easing of the seller’s stamp duty (SSD) and the total debt servicing ratio would be a favourable enhancement on a market that is already on a buying uptrend.”
Mr Desmond Lim, head of CBRE research of Singapore and South East Asia said that he expects sales this month to be about the same as last month’s, even though they will be shored up by the sales of new projects such as Grandeur Park Residences and Park Place Residences, as the sales figures of project launches at the end of the month may not be included.
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