New launches to lift Feb-March home sales
NEW property launches in the coming weeks are expected to give a fillip to developers' private housing sales this month and next, following a lacklustre January that saw 565 units sold in the primary market.
Although last month's figure is more than double the 259 private homes developers moved in December, it is just 28 per cent of the 2,028 units that they sold in January last year.
Market watchers note that last month, developers chose to hold back launches amid the lull leading up to Chinese New Year festivities this year, on the back of generally weak sentiment ever since the total debt servicing ratio was introduced in June last year.
Urban Redevelopment Authority figures show that last month, developers launched 549 private homes, more than four times December's 118 units, but still a sliver of the 1,814 units released in January last year.
The top-selling project last month was The Hillford in Jalan Jurong Kechil in the Upper Bukit Timah area.
This month, property consultants' forecasts of developer sales range from 600 to over 1,000 units.
Already, UOL Group is said to have moved around 210 units at Riverbank@Fernvale, where sales began on Friday. The average price is said to be slightly above $1,000 per sq ft.
Next door, Frasers Centrepoint, Far East Organization and Sekisui House are expected to begin sales this Friday at RiverTrees Residences.
The average price is tipped to be around $1,050 psf to $1,060 psf for the project, which boasts a longer frontage of Sungei Punggol reservoir, and is much closer to an LRT station. Both projects are on 99-year-leasehold sites.