Despite the coronavirus pandemic and impending global recession, new private property sales in Singapore show no signs of abating, according to latest private home sales data released by the Urban Redevelopment Authority (URA) on 16 March.
Excluding executive condos (ECs), developers sold 975 new units in total, which was 50.7% higher than in January. On a year-to-year basis, this figure is more than twice the figure of February 2019, which saw 455 units sold (excluding ECs), noted Tricia Song, Head of Research for Singapore at Colliers International.
Sales were mostly dominated by new launches, spearheaded by Wing Tai Asia’s The M, which sold a remarkable 380 of its 522 available units. Closely behind The M was Parc Canberra EC, which sold 324 units.
“Despite the raising of the COVID-19 outbreak alert level to Orange since 7 February, buyers reportedly braved the hot sun and social distancing measures to queue up for units at The M, as the project was seen to be at bargain pricing for a residential property in the city centre,” said Song, who also highlighted the project’s good locale, surrounding amenities, and attractiveness among investors and owner-occupier as the other attributes.
Top 5 selling projects in February 2020 (including EC)
|Project name||Locality||Total units||Sold in February||Median price (psf)|
|Treasure at Tampines||OCR||2,203||97||$1,379|
Including the sales of ECs however, there were 1,314 units sold, which was 105.3% higher compared to the 640 units sold in January, noted Christine Sun, Head of Research & Consultancy at Orange Tee & Tee, adding that the 975 units sold (excluding ECs) in February was the second-best showing in eight years.
“Moving forward, the increasing volatility of the financial markets may continue to propel investors to the real estate sector as properties are widely regarded as safe-haven assets that offer more stable returns than other investment types. The softening of the Sing dollar in recent months may attract foreigners to invest in properties here,” she added.