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Amid the absence of major project launches and the Lunar New Year festive period, new home sales continued to rise across many previously launched projects last month, a reflection of resilient home buying sentiment. According to the developers’ sales survey by the Urban Redevelopment Authority for February, new home sales rose 4.4 per cent month-on-month (m-o-m) to 455 units in February. Including executive condominium (EC) units, developers sold 457 units last month, registering a 4.6 per cent m-o-m increase. On a year-on-year basis, new home sales excluding ECs was 18.5 per cent higher than February 2018, despite the uncertain economic outlook and property cooling measures this year.
Last month, higher month-on-month sales were seen for various projects like Affinity at Serangoon, Riverfront Residences, The Tre Ver, The Garden Residences, Stirling Residences and Parc Botannia. The pick-up in sales could be attributed to the recent announcement of the Cross-Island MRT Line that might have enhanced the attractiveness and investment potential for some of these projects. Many developers have also raised commissions to incentivise agents to boost their selling efforts amidst growing competition for buyers.
As new home sales typically get a lift when a major project debuts on the market, all eyes will be on the sales launch of Treasure at Tampines. Being touted as one of the key launches for the year, the 2,203-unit private condominium is the biggest private residential development in Singapore. Treasure at Tampines is expected to be one of the most attractively priced projects to be launched in the current market. Its sales performance will be keenly watched by both developers and potential buyers as a solid sales number will likely boost the buying sentiment for the entire residential market, paving the way for better sales this year.
Moving forward, home buyers will likely remain selective and price-sensitive, preferring projects that are well-located, distinctively designed and competitively priced. Sales are expected to rev up as more projects are slated to be launched in the coming months, including Amber Park at Amber Gardens, Sloane Residences at Balmoral Road and Rivière at Jiak Kim Street.