November 2010 continued October’s bucking of the trend for slower private home sales at the year end with a whopping 2,084 transactions. That marks the highest number of sales per month for 2010, after April’s 2,207.
A large portion of this came from just three relatively new projects: 437 from The Lakefront Residences, 376 units from Waterview and 258 from Spottiswoode Residences. Together, these three projects accounted for 1,071 units, or 51.4% of all the units sold.
“Such a figure is a historical anomaly,” opines PropNex Corporate Communications Manager Mr Adam Tan. “Typically, we see slower sales for the last quarter of the year, but we’ve seen increasingly higher sales volume for 4Q10 so far. Correspondingly, there was a jump in the percentage of units with a median sale price of over $1,000psf, from 54.8% to 65.3% of all units sold. This increase is partly due to higher prices of launched projects.”
While October’s high sales volume was attributed to the launch of two new Executive Condominiums, Mr Tan believes that November’s remarkably large number is due to two factors: demand from those who were waiting on the sidelines immediately after the cooling measures were announced in end-August, who have now decided to enter the market; as well as the relatively reasonable prices per square foot of the projects in question.
“The Lakefront Residences is situated in an area that is slated for development as part of the Jurong Lake makeover,” explains Mr Tan, “and is expected to appreciate in value given the many attractions and business centres that will be sited near there.
“Residents of Waterview, located in the well-developed Tampines estate, can enjoy a variety of amenities in the vicinity such as three malls, two cineplexes, sports facilities and schools, not to mention the Bedok Reservoir Park next to the project.
“And the centrally located Spottiswoode Residences’ median price tag of $1,853psf,” adds Mr Tan, “was also an attractive price tag for investors, given its proximity to town.”
However, such high sales volume is not expected to continue for the next three months as the market settles down and developers take a break over the Christmas and Lunar New Year periods.
“Over 610 units have been sold so far in December,” reveals Mr Tan, “of which 270 were from Privé, an executive condominium in Punggol. If the rest are sold in December, which would not be surprising given the over 1,000 applications for the project’s 680 units, we can expect to see about 1,200 units sold for the month of December 2010.”
For enquiries, please contact:
Adam Tan (Corporate Communications Manager) 9006 8726