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Latest Property Real Estate News - Published on 15/04/2020
Commendable sales achieved, in the absence of major new project launches for the month of March.
FOR IMMEDIATE RELEASE 15 April 2020 – Developers sold a total of 660 units of Private New Homes (Excluding ECs) for the month of March. A 32% month-on-month (m-o-m) drop as compared to the 976 units sold in the previous month.
Chief Executive Officer of PropNex Realty, Mr Ismail Gafoor mentioned that, “Even though in the absence of major new project launches, sales for the month of March were commendable. Notably, the top 3 non-EC projects were Jadescape, Treasure At Tampines and Parc Esta. Each development moved more than 60 units each.”
Mr.Ismail further stated that, “Despite the current Covid-19 pandemic, rightly priced projects that were previously launched have been a pull-factor in attracting buyers and investors. A trend that we expect to continue in the aftermath of circuit breaker measures.”
The top 5 best-selling new launches for the month of March were Ola, Jadescape, Treasure At Tampines, Parc Esta And Parc Canberra. OLA was the best-selling development, with a total of 169 units sold at a median price of $$1,139 psf. While, the second best-selling project was Jadescape, which sold a total of 75 units at a median price of $$1,719 psf.
Moving forward, Mr.Ismail highlighted that, “For the month of April, we can anticipate a decrease in sales. With the bulk of sales coming from Kopar at Newton, which was launched before the circuit breaker measures kicked in. With the evolving Covid-19 pandemic, we are expecting the volume of new project launches in 2020 to be lower in comparison to 2019. A projected range of 7,000 to 8,000 private new home sales this year.”