Where Is The Market Heading? (22nd to 28th Feb 2021)
This is a new segment that we are starting today to give you a clearer perspective of where the property market is heading. Every Monday, we will compile the weekly developer’s sales for the past week and put them in this blog post for your reference. Do take note that we may not be able to cover all developments in the market. And sales generally refer to the issuance of OTP. This data may be reflected in URA at a much later date because some developers offer deferred payment schemes. Sales data in URA are only captured when caveats are lodged.
The other reason why we do this is that the demand for real estate is one of the hardest things to predict. If this demand is so easy to figure out, then the government does not need to introduce so many cooling measures. All of which is to curb consumer demand in an instant. The unpredictability of this demand is also the main reason why so many analysts get it wrong. Do take note that there is enough liquidity in the entire world to buy out all the developer’s units in Singapore tomorrow. The only reason why this is not happening is due to market sentiment and the various barriers of entry to acquire real estate in Singapore.
From the data shown, it is also possible to identify which developments have demand that is more inelastic. If you need to understand what this means, do refer to my article on Geylang shoebox apartments. The best time to buy these types of properties was yesterday. Do take note that this list is for reference purposes only. We are not directly responsible for any decisions you make based on this list. For a better understanding of risk assessment and capital appreciation, do contact us so that we can assist you better. This list is not meant to create FOMO.
1) WEST ZONE – 51 units
Ki Residences – 3 units
Forett @ Bukit Timah – 3 units
Mayfair Modern – 2 units
Midwood – 12 units
View at Kismis – 1 unit
Parc Clematis – 6 units
Daintree Residence – 1 unit
Normanton Park – 14 units
Dairy Farm Residences – 4 units
Mont Botanik Residence – 1 unit
Kent Ridge Hill Residences – 3 units
Verdale – 1 unit
2) CENTRAL ZONE – 11 units
One Pearl Bank – 1 unit
Avenue South Residences – 2 units
Sky Everton – 1 unit
Stirling Residences – 3 units
NEU at Novena – 1 unit
Fourth Avenue Residences – 1 unit
Royal Green – 1 unit
Uptown at Farrer – 1 unit
3) NORTH ZONE – 28 units
4) EAST ZONE – 41 units
Treasure @ Tampines – 20 units
Coastline Residences – 1 unit
The Jovell – 1 unit
The Antares – 2 units
Amber Park – 7 units
Seaside Residences – 2 units
Nyon at Amber – 4 units
Penrose – 2 units
The Line at Tanjong Rhu – 1 unit
Parc Komo – 1 unit
5) EC CLUSTER – 73 units
6) LUX CLUSTER – 28 units
The Reef at King’s Dock – 12 units
Riviere – 2 units
Wallich Residences – 2 units
8 St Thomas – 1 unit
The Avenir – 1 unit
Marina One Residences – 2 units
Meyer House – 3 units
Reflections – 1 unit
Meyer Mansion – 1 unit
Marina Collections – 1 unit
Bishopsgate Residences – 1 unit
Martin Modern – 1 unit
Parc Central Residences Takes The Lead With 62 units Sold.
For the last week of February (22nd to 28th) 2021, developers sold 232 units. Most of these units were located outside the core central region. The significant jump in this week’s sales compared with 116 units the previous week was largely due to Parc Central Residences’ opening up for 2nd timers to purchase. These 2nd timers account for more than 25% of all the developer’s units sold last week.
Units in the luxury market are also moving, with 2 units sold at Wallich Residence and one at Bishopgate Residences. These sales numbers have been consistent with previous weeks ranging from about 15 to 30 units per week.
Strong Demand For Completed Developer’s Units
Also, newly TOP developments have been seeing robust interest. Units were snapped up after buyers were able to view them physically. With the last 2 units sold this week, Seaside Residences now joins Amber 45, Grandeur Park Residences and Forest Woods in this 100% sold club.
For a detailed analysis of this weekly sales, do contact us, and we would be able to share further insights with you. Meanwhile, stay safe, and I hope that this weekly batch of data will help you better understand the market.
Article contributed by Jerry Wong.
Jerry Wong is a realtor with Propnex Realty. He loves coffee, cookies and condos and has been in real estate for ten years. Most importantly, he loves connecting people to properties and gets enormous satisfaction when they acquire their dream home. Or making well-informed decisions that see their assets grow. Book a video call appointment and Jerry will share with you the following.
- How certain factors affect real estate prices. Why some condos can make a million dollars while others can lose that same million.
- Why timing is not the most important thing. Because some people can buy the same condo at the same time, but one end up making $100k to $200k while the other suffers losses of the same amount!
- Understanding your requirements and craft a solution for your real estate needs. Be it in asset progression, tax planning, financial calculations, rentals, sales, etc.
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