Mr Desmond Sim, Head of Research, Singapore & Southeast Asia.
In January 2019, a total of 498 units were launched, while 433 units were sold. This signalled a very different mood from January last year, when sentiments were more positive and resulted in a take-up (527 units) that is almost double that of units launched (253 units).
There were three new launches (Fourth Avenue Residences, Fyve Derbyshire and RV Altitude) which were all from the Core Central Region. The top performer was Fourth Avenue Residences which had a decent take-up rate of 44% (74 units sold out of 164 units launched). The other two projects had 30% take-up rates with half of available units launched. Notably, based on caveats lodged, Fourth Avenue Residences sold 71.6% of units for below S$2 million. These are units with a relatively small median area of 710.4 sq ft, priced at a median price per sq ft of S$2,412.
Existing projects continued to sell well with Affinity at Serangoon moving 54 units and Parc Esta 32 units.
In the EC segment, just one unit was sold from Northwave, with the next highly anticipated EC project at Sumang Walk likely to launch by Q2 2019.
With slower growth and heightened risks looming both on the global and home fronts, sentiments are likely to remain tepid and cautious. However, CBRE expects sales to pick up in the next few months with the launch of several mass-market projects.
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