Developers’ sales up in March to 369.3%, 718 units are sold
In March, developers sold 718 brand new private homes. Executive condos were excluded. This marked a 369.3% rise from the 153 deals in February.
On an annual basis, the developer sales for March jumped 45.9% over the same period last. The outstanding performance of last month’s new home sales is probably due to pent-up consumer demand.
GuocoLand’s Lentor Mansion was responsible for the majority of private home sales last month. The 533-unit Lentor Mansion was made available to buyers over the weekend between March 15 and 16. Buyers purchased 409 units (76.7%) making it the top-selling new launch based on units sold in the 1st quarter of 2018.
Lentor Mansion has achieved an impressive sales record, especially since it was first to be affected when the government harmonised the gross area of residential developments.
Lentoria, Ardor Residence and Koon Seng House are other projects which were launched during March. The number of new private homes sold last month reached 877. This was the highest level since November 2014 when 970 units were added to the market.
A 3,412 sq. ft. penthouse, sold at $11.8 million ($3,457/sq. ft.), was the most expensive transaction last month.
Luminagrand, a project by the EC industry, was also a major contributor to the EC Market last month. The 512-units project saw 61 new units sold during the 2nd round of voting on March 2. This means that 72.3% are sold by end-March 2020.
The number of unsold ECs dropped from 466 to only 358 in February. Market analysts expect a shortage as no ECs will be launched after 2024.
Lentor Mansion launched last month along with Lentoria, which accounted for 65.3% in total developer’s sales. “Their launch captivated both investors and buyers. It significantly boosted the momentum of the new launch market,” he said.
Lentor Hills estate saw five new projects launched in the past two year, with the launch last month of Lentoria Mansion and Lentor Mansion. Hillock Green Residences is another new project in this area.
The strong interest shows how the market has responded positively to this new area. This is further evidence that demand remains high for properties located in Lentor Hills. This is noteworthy because the area has not been developed much and is currently undergoing transformation.
Buyers are not fazed by recent launches in this area. This shows confidence in that area’s potential.”
According to preliminary housing data, 175 units will be built in 1Q2024 as opposed to 1,092 during 4Q2023.
The sustained momentum of sales in the new homes segment suggests there is still an appetite for new launches. And buyers are actively seeking opportunities to invest in good projects.
Developers will see the successful launch Lentor Mansion in future as an encouragement to keep rolling out launch ready projects. This month’s market watchers may be interested in the sales of four projects: Jansen House (also known as Jansen House), Straits at Joo-Chiat (also known as The Hill @ One-North), and The Hillshore.
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