Last month, buyers bought private homes and that caused a stir in the sales, as the prices shot up much more than it was before. 932 homes were sold last month, which was 51% up compared to the 617 units that got sold in August, and about 42% compared to the units that got booked in September of 2017, and the September figures do not include condos. If the condos were to be included, then the developers moved 944 units in September, which is 47.5% more than the 640 units moved in August, and also more than what was sold in September 2017, based on a survey of developers carried out by the Urban Redevelopment Authority. September’s top-selling project was the 99-year old leasehold JadeScape, situated at the Shunfu Ville site around the Marymount MRT station, and 327 units of the property got sold at an average price of $1,669/square feet.
Also, the Selangor Dredging’s freehold Jui Residences located at Serangoon Road, which got launched in September also sold some units at an average of $1,704/square feet.
82 units were sold at the Mayfair Gardens located in Rifle Range Road by Oxley Holdings, at an average of $1,945/square feet. The Jovell project in Flora Drive, at the Loyang area, by Tripartite Developers, moved 41 units at an average price of $1,259/square feet in September. There is a 99-year lease for both projects.
According to Ms Christine Li, the head of research, and Singapore director of Cushman and Wakefield, the September sales were encouraging, in light of the fact that the Hungry Ghost Festival continued into October, and some buyers usually do not want to purchase properties during the period.
NO STEEP PRICE CUTS
According to MR EUGENE LIM, ERA Realty Network’s key executive officer, he believes with a varying selection of new projects underway, there is no expectation that there will be a significant increase in buying demand as there will be an evaluation of the housing needs, options and finances of the buyers. There have not been any significant price discounts that we know of yet. Developers who purchased land at high prices would have to sell them even higher so as to maintain profitability. Thus, this provides short term support for property prices, and also ensuring external shocks are barred. He also expects that developers will move 9,000 to 10,000 private homes this year, as against 10,566 units from last year.
Ms Li had this to say “In fact, 2018’s September sales are the highest September new home sales since 2013,”. For Parc Botannia, a Fernvale new launch condo, sales were brisk after the lull during Hungry Ghost Month.
MR EUGENE LIM, ERA Realty Network’s key executive officer said “With a wide selection of new projects coming up, buying demand is not expected to increase significantly as buyers evaluate their housing needs, options and finances,” he said.
“We have not observed significant price discounts yet. Developers who have bought land at high prices would need to sell even higher in order to remain profitable. This provides support for property prices in the short term, barring any external shocks.”
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