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Source: Edgeproperty
Developer sales picked up by 41.7% in May 2016, from 745 private homes in April to 1,056 private homes in May 2016. The increase in sales was a result of two new launches in May 2016, Gem Residences and Stars of Kovan.
Investors were the main driver of sales at these projects, with one- and two-bedroom units at Gem Residences being the most popular amongst buyers, according to ERA's key executive officer Eugene Lim.
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Developer sales picked up by 41.7% in May 2016, from 745 private homes in April to 1,056 private homes in May 2016. The increase in sales was a result of two new launches in May 2016, Gem Residences and Stars of Kovan.
While May’s sales may be the highest in 10 months, to put it in perspective, it is in fact the lowest 1H peak in the last three years. Developers sales have been observed to peak around April and May in 1H before the June holiday lull, notes Tay Huey Ying, head of research and consultancy at JLL.
Gem Residences was best-selling project last month, with 312 units sold, at a median price of $1,431 psf. The project had a take-up rate of 54%.Investors were the main driver of sales at these projects, with one- and two-bedroom units at Gem Residences being the most popular amongst buyers, according to ERA's key executive officer Eugene Lim.
Mixed development Stars of Kovan trails behind with 76 units sold at a median price of $1,414 psf. The project had a take-up rate of 42%.
Looking ahead to the next two months, this monthly sales figure is expected to moderate as there are no foreseeable new major launches, says Desmond Sim, head of CBRE research, Singapore and South East Asia. “This is a result of the noticeable cutback on residential sites in the GLS programme.”
Sales of Executive Condominium (EC) on the other hand dropped by 39% with 332 units moved in May, compared to the 546 units sold in April. This is a result of the lack of new launches this May. Despite the drop in units sold, the EC units have certainly fared better than last year, where less units were sold in months without new launches, indicating that buyers have more positive reception to the EC market this year.
The two top best-selling EC projects last month were Bellewaters and The Vales. Bellewaters sold for 40 units while The Vales sold 38 units, which both sold at median prices of sub $800 psf.
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