According to OrangeTee, new residential home sales for the month of December was down 45.3%.
The main reason was due to seasonal factors and the absence of major launches.
However, volumes for the month are still higher on a yearly basis, up 17.4% compared to 2017’s full year volume.
Symphony Suites was the top seller for December, moving 50 units at a median price of S$1,027 psf.
Parc Riviera came in second with 44 units transacted at a median price of S$1,223 psf.
Private residential developer sales
Looking forward, OrangeTee foresees primary sales volume to increase in January as New Futura and Nim Collection are expected to launch.
Developers sold an estimated 10,682 units (excluding ECs) in 2017, which is 34% higher than in 2016.
This is the highest volume since 2013 although it is short of the 14,948 units sold then.
However, given that the launch pipeline is expected to expand in 2018, developer sales could potentially increase.
Cooling measures remain in place
As cooling measures remain in place and the government not likely removing it in the near future, developers will need to price their units reasonably.
The increasing price of land bidded by hungry developers will probably see unit sizes tending towards the smaller end to keep them affordable for home buyers.
Top sellers for December
Symphony Suites, Parc Riviera, Parc Botannia, Queens Peak and Gem Residences were the top sellers for the month of December.
Top seller’s map
Launches in 2017
Looking back at 2017, major launches include The Clement Canopy, Grandeur Park Residences, Park Place Residences at PLQ, Artra, Seaside Residences, Martin Modern, Le Quest, Kandis Residences and Parc Botannia.