As expected, June was a slower month for private home sales.
New sales volume in the Rest of Central Region (RCR) fell by about 66.7 per cent month-on-month (m-o-m) to 167 units, according to the Knight Frank’s Monthly Developers Sales report.
The Outside Central Region (OCR) also saw a substantial decrease m-o-m by about 71.6 per cent to 269 units.
However, new sales volume in the Core Central Region (CCR) increased by approximately 12.2 per cent m-o-m to 46 units
OCR contributed more than half (55.8 per cent) of the total sales volume in June 2014, while RCR made up approximately 34.6 per cent.
Out of the top 10 private residential projects by sales volume in the month, more than half of the projects lie in the OCR.
“The lacklustre sales performance came as a significantly fewer number of new units were being launched in June which is conventionally a slow period due to the school holidays. Weak sales were seen in newly-launched developments where average take-up rate is about 25 per cent,” Alice Tan, Head of Research at Knight Frank Singapore.
There were a total of 418 new private units launched in June 2014, 77 percent lower than the month before. New sales volume also fell sharply by 67.6 per cent to 482 units, from 1,488 units in May 2014.
There were two newly-launched projects in June 2014, and both sold less than half of the units launched. The Crest launched 132 out of the 469 units in the project, and 35 units were sold. Meanwhile, Trilive (pictured) launched 80 out of the 222 units there, and only 19 units were taken up.
There were no landed or strata-landed units launched in June 2014.
New sales volume in the third quarter is expected to improve from the second quarter, to between 2,500 and 3,000 units. “This will be fuelled by the gradual return in interest for a few highly-anticipated mid to large-scale projects such as The Highline Residences and City Gate. Developers are also likely to launch projects with attractive offers to boost sales performance in the coming quarter,” Tan said.
Credits: Property Guru