Huttons’ comments on January 2022 developer’s sales
Developers launched 178 units and sold 673 units in January. Sales in January 2022 are 3.5% higher than December 2021 but 58.8% lower than a year ago.
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The only launch above 100 units in January 2022, the 107-unit strata-landed project, Belgravia Ace sold 77 units at an average caveated price of $4.4 million. The project offers owners the benefit of landed living and the convenience of facilities within. Compared to conventional landed semi-detached which can cost around $6 million in current market conditions, Belgravia Ace offers a very attractive price point for buyers. In terms of supply, Belgravia Ace is the only freehold strata-landed project in the market. It is one of the largest strata-landed projects too. The limited supply means that those who missed getting a unit either have to wait for another strata-landed project or buy from the resale market.
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Most of the buyers were first timers and are unaffected by the cooling measures. The ability to cough up more than a million for the downpayment and stamp duties meant that either there was intergenerational wealth transfer or the buyers had ample liquidity.
The launch of Belgravia Ace in January 2022 pushed the proportion of purchases priced at $2 million and above to 50.5%.
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Figure 1: Transactions $2 million and above
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20.8% of the transactions in January are priced below $1.5 million, 28.7% are between $1.5 million to $2 million and 50.5% above $2 million. 85.9% of purchases are by Singaporeans with PRs and foreigners making up 10% and 4.2%, respectively. There was a big jump in purchases between $2 and $5 million by Singaporeans due to the launch of Belgravia Ace.
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Table 1: Purchases by Residential Status and Price Range in January
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In January 2022, 16.2% of transactions are in the CCR, 42.9% in the RCR and 40.9% in the OCR.
The top ten private residential projects for January 2022 are:
Another 52 EC units were sold in January. The number of unsold EC units in January 2022 is the lowest since March 2019. EC buyers are not affected by the cooling measures and the robust HDB resale market is supporting the EC market.
There will be only one launch in February 2022 – the 32-unit freehold Royal Hallmark along Haig Lane. In the vicinity, there is limited supply of larger homes like 4 and 5-bedroom. Buyers are looking and have been buying bigger homes in the wake of the pandemic. Furthermore the project is priced attractively from $1,7xx psf. It should see good interest from buyers.
