Huttons’ comments on September 2021 developer’s sales
Developers launched 210 units and sold 834 units in September. Sales in September 2021 was 31.4% lower than August 2021 and 37.2% lower than a year ago. The number of units launched for sale was 210 in September, 74.9% lower than August 2021 and 84.3% lower than a year ago.
You may like : Sceneca Residences , Tanah Merah Mixed Development Condo for Sale in 2023
This is the second month where sales declined by double digits. The number of units launched for sale in September was the second lowest in 2021 and even lower than April and May 2020 when Singapore went into a circuit breaker. The lowest number of units launched was recorded in February 2021 at 167 and developers sold 645 units. In comparison, developers sold 836 units against a launch of 210 units in September. This shows that demand is still healthy in the market.
Know More : Mega Development Launch in 2023 – Grand Dunman
The lower sales volume is due to the lower volume of units launched for sale. There was no major launch in September compared to July and August where Pasir Ris 8 and The Watergardens at Canberra were launched for sale.
Even though there was no launch in the CCR in September 2021, the proportion of sales was 20.1%. One possible reason could be the change in the calculation of school distance in 2022. Several projects such as Fourth Avenue Residences and Leedon Green benefited from the change in school-home distance calculation for 2022 P1 registration. These two projects are the top two selling projects in CCR in September.
You may also like : Lentor Hill Residences ; 2nd Development in Lentor
Another possible reason for the higher sales in the CCR could be buyers seeking attractively priced CCR projects ahead of repricing in 2022. Savvy investors realised that by paying a bit more, they get a better deal in the CCR.
As a result, the proportion of purchases priced at $2 million and above rose to a high of 35.5% in Sept on the back of more transactions in the CCR.
Watch out for this Launch – One and Only of its Kind ; Reserve Residences
Figure 1: Transactions $2 million and above in 2021
Read About : Overseas Opportunity ; Quayside JBCC
29.5% of the transactions in September are priced below $1.5 million, 35% are between $1.5 million to $2 million and 35.5% above $2 million. The average price paid for a unit in September was $1.77 million. 82% of purchases are by Singaporeans with PRs and foreigners making up 12.9% and 5.1%, respectively.
Read Also Across and Above The Terrain at Terra Hill
Table 1: Purchases by Residential Status and Price Range in September
Take a look at – The Botany @ Dairy Farm, Most Affordable Condo in 2023
Five of the top 10 best-selling projects in September are in the Outside Central Region (OCR). The OCR accounted for 42.7% of the total sales in September. The RCR accounted for 37.2%.
The top ten private residential projects for September 2021 are:
Amber Sea is scheduled to launch for sale on Oct 30 while Belgravia Ace, Cairnhill 16, CanningHill Piers, Mori, Perfect 10 and The Commodore are in the pipeline for launch in November and December 2021. Amber Sea is probably the last freehold new launch in Amber & Meyer precinct till end 2022.
Developers are estimated to have sold 10,100 units in the first nine months of 2021. This is 1.2% higher than 9,982 units sold in the whole of 2020. The market should end the year on a high of around 12,000 new sales.
