Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Cushman & Wakefield's Comments On Ura May 2022 Developer Sales

Xian Yang Wong • 15/06/2022

On the back of more launches in May, developers sold 1,356 new private homes (excluding ECs) last month – the highest monthly volumes since November 2021 when 1,547 new units were sold.

Specially, new sale volumes registered in May more than doubled that in the preceding month as major projects including the 407-unit Piccadilly Grand and the 298-unit Liv @ MB were launched. Sales from these two projects accounted for more than 40% of total new sales last month.

Both projects achieved brisk sales during their launch, reflecting resilient buying demand for new launches despite the new set of cooling measures. Developer of Piccadilly Grand managed to sell 318 units or 78% of total units during its launch month at a median price of $2,175 psf. Homebuyers were attracted to the convenience of this project, which is an integrated development, directly connected to the retail podium Piccadilly Galleria and directly linked to Farrer Park MRT station. Another launch, namely Liv @ MB was also well-received by buyers with 236 units or around 79% of its units being sold during the first month of launch at a median price of $2,405 psf. The project is located within comfortable walking distance to the future Katong Park MRT station as well as other amenities in the area.

Notably, median new sale prices across different market segments have continued to rise in 2022YTD. The increase in prices could be attributed to resilient buying demand and the launches of projects with strong locational attributes which can command higher prices. Given heightened construction costs and low unsold inventories, developers have held firm to their asking prices.

We remain sanguine on the private residential outlook despite burgeoning recession risks as interest rates continue to rise. Underlying demand in the private residential market remains resilient given low unemployment rates and the private residential market’s strong track record and its perception as a good inflation hedge. Furthermore, upgrader demand is expected to persist given the continued rise in HDB resale prices. Also, rising interest rates may have a smaller impact on new launches as compared to the resale market, due to the progressive payment schedule for buildings under construction. As mortgage payments would slowly ramp up according to construction milestones.

Median Price of New Sales

CCR ($psf)

RCR ($psf)

OCR ($psf)

2021

2,658

1,966

1,615

Jan – May 2022

2,761

2,197

1,702

Source: URA, Cushman & Wakefield Research

New Launches in May 2022

Project Name

Street Name

Locality

Total No. of Units

No. of Units Sold in May

% Sold Out

% Median Price ($psf)

Atlassia

Joo Chiat Place

RCR

31

17

55%

2,082

Baywind Residences

Lorong N Telok Kurau

OCR

24

6

25%

2,012

Atlassia

Joo Chiat Place

RCR

31

17

55%

2,082

Liv @ MB

Arthur Road

RCR

298

236

79%

2,405

Piccadilly Grand

Northumberland Road

RCR

407

318

78%

2,175

Source: URA, Cushman & Wakefield Research 

Top 5 Best-sellers in May 2022

Project Name

Street Name

Locality

Total No. of Units

No. of Units Sold in May

% Sold Out

% Median Price ($psf)

Piccadilly Grand

Northumberland Road

RCR

407

318

78%

2,175

Liv @ MB

Arthur Road

RCR

298

236

79%

2,405

Normanton Park

Normanton Park

RCR

1862

40

98%

1,889

The Florence Residences

Hougang Avenue 2

OCR

1410

40

98%

1,786

Avenue South Residence

Silat Avenue

RCR

1074

36

96%

2,384

Source: URA, Cushman & Wakefield Research

Related Insights

Singapore
Insights • Insights

Commentary On Q2 2022 URA Real Estate Statistics

New sales volumes picked up in Q2 2022 with 2,397 units transacted, 31.3% q-o-q higher than that in the preceding quarter given robust sales performances at major new launches.
Xian Yang Wong • 29/07/2022
istockphoto-2022-cardimage-Policy--Watch-SG
Insights • Investment

Cushman & Wakefield's Comments On Ura May 2022 Developer Sales

On the back of more launches in May, developers sold 1,356 new private homes (excluding ECs) last month – the highest monthly volumes since November 2021 when 1,547 new units were sold.
Xian Yang Wong • 15/06/2022
istockphoto-2022-cardimage-Policy--Watch-SG
Insights • Investment

Policy Watch Singapore: Budget 2022

Over the last two years, the Singapore Government dedicated a total of close to S$100 billion to combat the impact of Covid-19. 
Xian Yang Wong • 21/02/2022
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS