Developer sales in April plunge 58.1% m-o-m to 301 units sold

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The sale of new private residential units (excluding Executive Condos or ECs) sold by developers plunged 58.1% m-o-m in April, from 718 units sold in March to just 301 units last month, according to URA data released on May 15.This also marks a 66.1% y-o-y decline compared to the same period last year, when developers moved 887 units. Mohan Sandrasegeran, head of research and data analytics at SRI says that decline in developer sales last month was due to the lack of major new project launches in April. Last month saw only three new launches, namely the 13-unit 32 Gilstead in Novena, 59-unit The Hillshore in Pasir Panjang, and the 142-unit The Hill @ one-north in Queenstown.Wong Siew Ying, head of research and content at PropNex Realty, agrees and adds that the new projects are small- to mid-sized developments, which do not offer a wide selection of units to prospective buyers compared with the bigger projects that were launched in the previous month.With limited units put out in April, buyers dipped into previously-launched projects for new homes, such as The Botany at Dairy Farm, which was the top-seller in April, she adds.Nevertheless, the take-up rate for all three new launches last month was encouraging, says Lee Sze Teck, senior director of data analytics at Huttons Asia. For example, 32 Gilstead sold four out of 14 units launched at a median price of $3,443 psf, while 42 units out of 142 units released for sale were sold at The Hill @ One-North at a median price of $2,614 psf. The Hillshore sold three out of its 59 units at a median price of $2,599 psf.Leonard Tay, head of research at Knight Frank Singapore, observes that the tepid sales numbers reflect homebuyers’ increasingly selective attitude, which no longer shows urgency or a “fear of missing out” that was a feature of the market from 2H2020 to 1H2022. Buyers continue to take their time to identify value opportunities when acquiring suitable properties for owner-occupation that suit their lifestyle preferences, he says.Sandrasegeran notes that the robust sales trajectory at The Botany at Dairy Farm comes at an opportune time since the Government Land Sales site next to it at Dairy Farm Walk is slated for launch in June. Based on URA’s figures, a total of 329 new EC units remain unsold as at end-April.The Chuan Park is a 916-unit project in Lorong Chuan, with two strata commercial units. It is a redevelopment of the former 444-unit Chuan Park that was sold en bloc to a joint venture between Chinese developers Kingsford Development and MCC Singapore at $890 million in July 2022. This development is under URA’s Master Plan 2019 with a plot ratio of 2.1 and has the potential to be redeveloped into a new 900-unit condominium. Meanwhile, Emerald of Katong is an 847-unit condo on Jalan Tembusu in Tanjong Katong, developed by Sim Lian Group.