Huttons’ comments on April 2021 developer’s sales
Developer launched 1,038 units for sale and sold 1,262 units. Sales in April 2021 was 2.6% lower than March 2021 but 355.6% higher than April last year. The huge spike year-on-year was due to the circuit breaker in April 2020 where all showflats were closed.
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This is the seventh time since the lifting of circuit breaker measures in June 2020 that monthly sales have crossed 1,000 units. It is also the strongest April sales since 2017. The Rest of Central Region (RCR) took central stage in April, accounting for 41.2% of sales. One-North Eden sold more than 85% of its units during launch weekend due to its location in a huge growth area and pent-up demand. 34.2% are in the Core Central Region (CCR), driven by the successful launch of Irwell Hill Residences where more than 50% are sold on launch weekend.
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The top ten private residential projects for April 2021 are:
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40.4% of the transactions in April are priced below $1.5 million, 36% are between $1.5 million to $2 million and 23.6% above $2 million. 81.5% of purchases are by Singaporeans with PRs and foreigners making up 13.5% and 5%, respectively. Slightly more purchases in April (36% vs 32.9% in March) are in the range of $1.5 million to $2 million. We believed there was a shift from the financial markets which has clocked substantial gains on the back of economic recovery to stable asset class such as properties.
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Table 1: Purchases by Residential Status and Price Range
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Impact of Phase Two (Heightened Alert)
After eight successful launches (excluding ECs) in the first 4.5 months of 2021, the market is taking a breather and there will be no launches in 2H May and the whole month of June. The lowered capacity to 1 person per 16 sq m and 2 per group in showflats from 16 Mayto 13 June 2021 will lengthen the decision making process for buyers and further lower the transaction volume in May and June from April’s 1,262 units. Virtual tours of the showflats may help to mitigate this.
But we are unlikely to revisit the low of 277 units sold during the circuit breaker in April 2020 as preliminary figures showed around 400 sold in the first two weeks of May. The measures during Phase Two (Heightened Alert) in a way cools the market without a change in policies.
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A comparison between Circuit Breaker and Current Restrictions
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In July, there may be up to five launches – Klimt Cairnhill, Pasir Ris 8, Perfect Ten, The Watergardens at Canberra and Parc Greenwich (EC). Assuming that all goes well and activities return to Phase Three, sales activities will be back to its normal trajectory of 800 to 1,000 units per month.
Launches in 2H 2021
