According to the latest flash estimates from real estate portal SRX Property, the private resale property market saw its biggest recovery in terms of sales volume since the start of the July 2018 cooling measures. Also showing resilience, resale prices are now just 0.6 per cent lower than when it peaked just before the measures were announced.
The flash estimates showed that the number of resale non-landed private homes sold in March 2019 was 830 units, a 59.3 per cent increase from February where only 521 units were moved. It should be noted, however, that sales volume during the Chinese New Year period is usually lower, and for 2019, Chinese New Year was in February.
The March resale volume is also at its highest point since cooling measures were introduced last July. However, the figure is still about 41 per cent lower than a year ago.
Before the measures were introduced, the average monthly resale volume was 1,364 units between March and July 2018. Since then, the average has fallen to 653 units per month.
SRX’s data also showed resale prices of condominiums and private apartments edged up 0.1 per cent in March from the previous month, for a second straight month-on-month increase, after dipping in December and January.
Resale prices are now just 0.6 per cent lower than their peak last July just before the cooling measures were announced. The price rise in March 2019 came from the 1.3 per cent increase in the outside central region (OCR), where prices rose a third consecutive month. In contrast, resale prices in the prime districts or core central region (CCR) dropped by 2.1 per cent, while resale prices in the rest of central region (RCR) remained stable.
New home sales (excluding ECs) surged 47.2 per cent (y-o-y) and 131.6 per cent (m-o-m) to 1,054 units
According to URA’s developers’ sales survey, new home sales saw a tremendous rebound in March 2019, amassing a total of 1,054 units (excluding executive condominiums), which is more than twice the 455 units sold in February.
As a result, new home sales for the first quarter of 2019 hit a total of 1,946 units sold, which is an impressive 23.1 per cent higher than the 1,581 units transacted in the first quarter of 2018.
Of the 1,812 private homes launched in March, 170 were in the Core Central Region (CCR), 576 in the Rest of Central Region (RCR), and 1,066 in the Outside Central Region (OCR).
In particular, it would seem that the ultra-luxury segment saw a significant pick-up, as there were 25 new private homes sold that were above $5 million. This was the highest number recorded for a single month since December 2013. The 25 units include 20 from Boulevard 88 and five from Marina One Residences. Of these, 15 were bought by foreigners and 10 were bought by Singaporeans. Further, a 528 sq m unit on the 28th floor at Boulevard 88 emerged as the highest-priced unit sold in March 2019 at $28 million or $4,927 per sq ft (psf).
In the other segments, four projects were launched each in the Rest of Central Region and Outside of Central Region. The key highlights in the Outside of Central Region were mega projects Treasure at Tampines (2,203 units) which sold 289 units and The Florence Residences (1,410 units) which sold 77 units, making up two of the top five selling projects for the month of March.