REAL ESTATE DATATREND
Developer Monthly Sales Analysis
Keener Sense of Real Estate
For March 2020
15 April 2020
Volume falls in March amid an absence of major launches
| Singapore | Residential |
New home sales slipped last month amid an absence of major launches and the global Covid-19
crisis. According to the developers’ sales survey by the Urban Redevelopment Authority, new home sales
dipped 32.4 per cent month-on-month (m-o-m) from 976 units in February to 660 units in March. Despite
the fall, March’s home sales are still higher than the 620 units sold in January. Including executive
condominium (EC) units, developers sold 904 units, a 31.3 per cent decrease when compared to the
1,315 units sold in February this year.
Due to an absence of major launches, the number of launched units excluding EC dipped 38.0
per cent from 933 units in February to 578 units in March. There was only one mega-development (above
500 units) launched last month which was OLA, an EC project. A mid-sized project, the 378-unit Kopar
at Newton, released only 8 units for sale last month. 3 smaller projects - Tedge, 77@East Coast and 19
Nassim - were also launched.
Among the three market segments, only the Core Central Region (CCR) saw lower sales last
month. New sales in Rest of Central Region (RCR) rose 7.2 per cent from 263 units in February to 282
units in March while sales in the Outside Central Region (OCR) increased 10.6 per cent from 301 units to
333 units over the same period. New home sales in RCR and OCR remained resilient last month as many
deals were probably near completion prior to the worsening of the Covid-19 outbreak and before stricter
safe distancing measures kicked-in at the end of March. Some investors may have also bought
properties to diversify their investment portfolios after the stock market rout in March.
Last month, many projects across the island registered an increase in transactions when
compared to the preceding month. Some of these projects include Jadescape, Parc Esta, The Florence
Residences, Riverfront Residences, Stirling Residences, The Tapestry, Mayfair Modern, The Woodleigh
Residences and Daintree Residence.
For the high-end segment, the number of luxury home sales plummeted from a high of 412 units
in February to 45 units last month. The steep fall in sales volume may not indicate that buying sentiment
had weakened last month. The stellar sales inked in February was due to the launch of The M, which
sold 380 units. Last month, no mega projects were launched in CCR.
Fewer homes were also bought by foreigners last month as stricter border controls were
implemented across many countries and potential buyers were not able to visit Singapore to view the
properties here. The number of non-permanent residents buying non-landed new homes dipped to 25
units last month, below the 51 units that were averagely sold over the past 12 months. Consequently,
the proportion of Singaporeans buying non-landed new homes rose to a fresh high of 86.3 per cent in
March 2020 since April 2009 (87.7 per cent).
The current circuit breaker measures have impacted most economic activities in Singapore. Many
sectors will not be able to escape the pandemic unscathed. A temporary pullback in property sales could
be expected next month as show flats are now closed and house viewings postponed as part of the
circuit breaker measures. Once the situation stabilises and safe distancing measures ease, new home
sales will likely pick up when show flats reopen and house viewings resume. The growing economic
uncertainties around the world may also propel more investors to seek shelter for safe-haven assets
here, of which private residential properties will remain attractive to investors in the long term.
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| Singapore | Residential |
Note: New launch refers to units sold in projects that were launched in that month.
Existing launch refers to units sold in projects that had been launched in prior months.
Sales Volume Launches
Month
(Excl. EC) (Incl. EC) (Excl. EC) (Incl. EC)
Sep-19 1,270 1298 1,714 1,714
Oct-19 932 959 909 909
Nov-19 1,165 1186 947 947
Dec-19 538 551 370 370
Jan-20 620 640 598 598
Feb-20 976 1,315 933 1,429
Mar-20 660 904 578 1,126
m-o-m % Change -32.4% -31.3% -38.0% -21.2%
y-o-y % Change -37.4% -14.9% -68.1% -37.9%
Source: URA, OrangeTee & Tie Research & Consultancy
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| Singapore | Residential |
Cumulative Sold out
Total No. Cumulative Units Sold in the Median Price Take up
Source: URA, OrangeTee & Tie Research & Consultancy
Project Name Locality Units Sold to- status*
of Units Launched to-date month ($psf) Rate^ (%)
date (%)
OLA OCR 548 548 170 170 $1,139 31.0% 31.0%
Jadescape RCR 1,206 800 740 76 $1,719 92.5% 61.4%
Treasure At Tampines OCR 2,203 1,100 1,081 69 $1,355 98.3% 49.1%
Parc Esta RCR 1,399 1,175 1,164 63 $1,657 99.1% 83.2%
Parc Canberra OCR 496 496 355 43 $1,102 71.6% 71.6%
The Florence Residences OCR 1,410 750 609 37 $1,492 81.2% 43.2%
Riverfront Residences OCR 1,472 1,380 1,256 29 $1,365 91.0% 85.3%
Piermont Grand OCR 820 820 510 28 $1,108 62.2% 62.2%
Parc Clematis OCR 1,468 665 615 26 $1,592 92.5% 41.9%
Stirling Residences RCR 1,259 980 953 23 $1,917 97.2% 75.7%
^Take up rate is calculated by taking the division of cumulative units sold to date over cumulative units launched to date
*Sold out status is calculated by taking the division of cumulative units sold to date over total no. of units in project
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