{"id":47567,"date":"2022-01-17T18:10:11","date_gmt":"2022-01-17T10:10:11","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=47567"},"modified":"2022-06-13T17:57:32","modified_gmt":"2022-06-13T09:57:32","slug":"new-private-home-sales-decline-58-month-on-month-after-december-16-cooling-measure","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/new-private-home-sales-decline-58-month-on-month-after-december-16-cooling-measure\/","title":{"rendered":"New private home sales declined 58% month-on-month after December 16 cooling measure"},"content":{"rendered":"
<\/div>

With the introduction of cooling measures<\/a> and social distancing restrictions on year-end festivities, December 2021’s developer sales (excluding Executive Condominiums, or ECs) declined 58% month-on-month to 650 units.<\/p>\n

On a year-on-year basis, developer sales were also down 46.6%, which is about half of December 2020’s volume (1,217 units). At that time, sales were then boosted by key launches like Clavon<\/a> and Ki Residences<\/a>.<\/p>\n

According to Ms Tricia Song (\u5b8b\u660e\u851a), Head of Research, Southeast Asia, CBRE, it is estimated that 62% of new homes in December 2021 were transacted before the 16 December 2021 cooling measures announcement, while 38% took place after.<\/p>\n

“Developer sales for the whole of 2021 now stand at 13,118 units, surpassing 2020\u2019s full volume of 9,982 units, rounding off a bumper year. This would be the highest figure observed since 2013, where 14,948 new homes were sold,” she shared.<\/p>\n

Top 10 Selling Projects in December 2021\u00a0(including ECs)<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Project Name<\/strong><\/td>\nStreet Name<\/strong><\/td>\nLocality<\/strong><\/td>\nUnits Sold<\/strong><\/td>\nMedian Price ($psf) in the Month<\/strong><\/td>\n% of Project Sold to date<\/strong><\/td>\n<\/tr>\n
NORMANTON PARK<\/strong><\/a><\/td>\nNORMANTON PARK<\/strong><\/td>\nRCR<\/td>\n73<\/td>\n$1,831<\/td>\n80%<\/td>\n<\/tr>\n
MORI<\/strong><\/a><\/td>\nGUILLEMARD ROAD<\/strong><\/td>\nRCR<\/td>\n71<\/td>\n$1,869<\/td>\n52%<\/td>\n<\/tr>\n
DAIRY FARM RESIDENCES<\/strong><\/a><\/td>\nDAIRY FARM LANE<\/strong><\/td>\nOCR<\/td>\n42<\/td>\n$1,674<\/td>\n83%<\/td>\n<\/tr>\n
THE FLORENCE RESIDENCES<\/strong><\/a><\/td>\nHOUGANG AVENUE 2<\/strong><\/td>\nOCR<\/td>\n31<\/td>\n$1,705<\/td>\n89%<\/td>\n<\/tr>\n
LEEDON GREEN<\/strong><\/a><\/td>\nLEEDON HEIGHTS<\/strong><\/td>\nCCR<\/td>\n29<\/td>\n$2,727<\/td>\n50%<\/td>\n<\/tr>\n
PROVENCE RESIDENCE (EC)<\/strong><\/a><\/td>\nCANBERRA CRESCENT<\/strong><\/td>\nOCR<\/td>\n25<\/td>\n$1,214<\/td>\n88%<\/td>\n<\/tr>\n
PARC GREENWICH (EC)<\/strong><\/a><\/td>\nFERNVALE LANE<\/strong><\/td>\nOCR<\/td>\n22<\/td>\n$1,293<\/td>\n88%<\/td>\n<\/tr>\n
ONE PEARL BANK<\/strong><\/a><\/td>\nPEARL BANK<\/strong><\/td>\nRCR<\/td>\n19<\/td>\n$2,614<\/td>\n69%<\/td>\n<\/tr>\n
SENGKANG GRAND RESIDENCES<\/strong><\/a><\/td>\nCOMPASSVALE BOW<\/strong><\/td>\nOCR<\/td>\n17<\/td>\n$1,764<\/td>\n94%<\/td>\n<\/tr>\n
MIDWOOD<\/strong><\/a><\/td>\nHILLVIEW RISE<\/strong><\/td>\nOCR<\/td>\n17<\/td>\n$1,823<\/td>\n87%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: CBRE Research, URA<\/p>\n

In December 2021, a large portion of developer sales (87.1%) came from existing projects, due to the relatively small number of units launched from new projects.<\/p>\n

Normanton Park was the best performing project in the month of December 2021, with 44 units sold between 1-15 December 2021, while 29 units were sold between 16-31 December.<\/p>\n

In total, 73 units were sold at a median price of S$1,831 psf. Correspondingly, the mega project has now sold 80% of its total 1,862 units.<\/p>\n

December also saw the launch of three new developments – Perfect Ten, Mori and Zyanya.<\/p>\n

Mori, which launched in District 14 in the Rest of Central Region (RCR), was the second-best performing project in the month, moving 71 of its 137 (52%) total units at a median price of S$1,869 psf.<\/p>\n

Sixty-eight units were sold before the measures were in place, while three units were sold thereafter. The project did well on its quantum of an average of S$1.34 mil per unit for its freehold status.<\/p>\n

“The effects of the cooling measures may have been the most pronounced in the Perfect Ten project,” Song commented, “that was launched on 18 December 2021, a few days after the cooling measures were in effect.<\/p>\n

“In the high-end segment, highly anticipated Core Central Region (CCR) project, Perfect Ten at prime Bukit Timah Road saw subdued interest, despite the developer offering a one-time discount of 5% to buyers, in view of the cooling measures. The project moved 11 units at a median price of S$3,222 psf.”<\/p>\n

\"Zyanya\"<\/a>
Zyanya is a 34-unit boutique development in Geylang. (Artist’s impression: NNB 8 Development)<\/figcaption><\/figure>\n

Zyanya<\/a>, a 34-unit boutique project in Geylang, sold two units at a median price of S$1,899 psf.<\/p>\n

Song shared that by market segment, December\u2019s developer sales were skewed towards the RCR due to the decent showing at Mori and the sustained performance of Normanton Park.<\/p>\n

292 units (44.9%) of the month\u2019s sales came from the RCR, followed by the Outside Central Region (OCR) which sold 224 units (34.5%) and CCR which sold 134 units (20.6%). This compares to 58.8% in the RCR, 29.7% in the OCR and 11.5% in the CCR in November 2021.<\/p>\n

“Looking ahead, new sales in January 2022 are expected to be more muted, as the market is likely to see a lull in launches and sales activity leading into the Lunar New Year holidays (February 1 and 2, 2022). As such, developers might choose to adopt a \u201cwait-and-see\u201d approach before taking any major actions on the back of the recent cooling measures.”<\/p>\n

\"Belgravia<\/a>
Belgravia Ace is a freehold strata-landed project in Ang Mo Kio. (Artist’s impression: Fairview Developments)<\/figcaption><\/figure>\n

Launches in January 2022 could include strata-landed project, Belgravia Ace<\/a> which is expected to see strong interest due to the limited supply of landed projects.<\/p>\n

For the non-landed segment, Q1 2022 could see the launch of several small mass-market projects originally acquired through the private market, such as Kovan Jewel (34 units) and The Arden<\/a> (105 units).<\/p>\n

“Given the cooling measures, demand in the housing market would likely moderate in the first half of 2022, as buyers take a pause to re-evaluate their potential buying decisions.<\/p>\n

“In view of the limited new launch pipeline in 2022, CBRE Research expects new home sales to trend down from 2021\u2019s 13,000+ units to a normalised 9,000 \u2013 10,000 units, while prices could be flat to up 3% in 2022, below MTI\u2019s 2022 GDP forecast of 3 \u2013 5%.<\/p>\n

“Due to the larger impact of the cooling measures on investors and foreigners, volumes and prices in the CCR market should be more affected. Nonetheless, prices are unlikely to collapse due to the strong economic fundamentals, low unsold inventory (17,140 units as of Q3 2021) and delays in construction driving up occupancy and rents.”<\/p>\n

URA will be releasing the full set of real estate statistics for Q4 2021 in an update on 28 January 2022 or earlier. It originally shared flash estimates<\/a> on 3 January.<\/p>\n

–<\/p>\n

What are your thoughts based on these findings? Let us know in the comments section below or on our Facebook post<\/a>.<\/h2>\n

If you found this article helpful, check out Monthly record of million-dollar flat transactions broken again in December 2021<\/a>\u00a0and Property trends Singapore 2022: 5 market trend predictions<\/a>.<\/p>\n

Looking for a property? Find the home of your dreams today on Singapore\u2019s fastest-growing\u00a0property portal<\/a>\u00a099.co<\/a>! If you would like to estimate the potential value of your property, check out\u00a099.co\u2019s Property Value Tool<\/a>\u00a0for free. Also, don\u2019t forget to join our Facebook\u00a0community page<\/a>! Meanwhile, if you have an interesting property-related story to share with us, drop us a message\u00a0here<\/a>\u00a0\u2014 and we\u2019ll review it and get back to you.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the introduction of cooling measures and social distancing restrictions on year-end festivities, December 2021’s developer sales (excluding Executive Condominiums, or ECs) declined 58% month-on-month to 650 units. On a year-on-year basis, developer sales were also down 46.6%, which is about half of December 2020’s volume (1,217 units). At that time, sales were then boosted…<\/p>\n","protected":false},"author":109,"featured_media":37388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,53602,53593,53738,57131],"tags":[53787,56939,56940,53763,56941],"persona":[],"class_list":{"2":"type-post","17":"entry","18":"has-post-thumbnail"},"acf":[],"yoast_head":"\nNew private home sales declined 58% month-on-month after December 16 cooling measure - 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