March Home Sales Slowed

Developers continued to launch 578 new homes for sale in March, albeit at a slower pace. The four new projects launched were 19 Nassim and Kopar at Newton in the Core Central Region (CCR), as well as 77 @ East Coast and Tedge in the Outside Central Region (OCR). 

New homes sold from the new launches and ongoing projects totalled 660 units. The top 3 performers were Jadescape which saw 76 units sold at a median price of S$1,719 psf, Treasure At Tampines with 69 units sold and Parc Esta which sold 63 units.

Compared to February 2020, the units launched in March were 38% lower while the units sold were 32% lower. Unsurprisingly, this was when the impact of the coronavirus outbreak spread further. More travel restrictions were put in place. The Singapore government also began to advocate “Work From Home” and safe distancing measures were implemented from around 27 March. 

The one-month Circuit Breaker started from 7 April. We can expect April’s sales volume to be much lower as no physical viewing is allowed and prices to remain in negative territory. Although some developers and agents have adopted virtual technology to promote sales, overall market sentiments are cautious and prospective buyers are apprehensive as to whether it is the right time to enter the market.      

Freehold luxury development Boulevard 88 in prime district 10 continues to draw buyers and achieved the highest price quantum of S$10,357,200 for a 4-bedroom unit. The same unit also produced the highest price per square foot at S$3,744 in the month of March.