Property market

Buying momentum picked up last month. Developers sold 613 private homes in March, higher than the 400 units launched. It also represented a 57% spike month-on-month and 28% year-on-year. Kingsford Waterbay led the rebound with 155 units sold at a median price of $1,111 psf, followed by Sims Urban Oasis with 107 units sold at S$1,401 psf.

The 49% take-up rate at Kingsford Waterbay was healthy against a backdrop of rising interest rates, stringent lending measures and a slew of mega launches. It was another testament of selective demand dictated by price tags and location attributes. Kingsford Waterbay enjoyed a river frontage location but faced strong competition from other newly launched projects located near MRT stations such as Botanique at Bartley and North Park Residences.

For the whole of 1Q15, developers sold 1,379 units, down 21% compared to the same period last year. However, the decline is attributed to the number of units launched which fell 38% from 1,964 units in 1Q14 to 1,210 units in 1Q15. Subsale volume, a proxy of speculative activities, contracted by nearly half from 129 caveats in 1Q14 to just 74 caveats in 1Q15 as stubbornly high prices and myriad stamp duties continued to deter speculators. Resale volume was up 16% year-on-year as sellers moderated their expectations in view of rising interest rates and challenging leasing market.

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