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Cushman & Wakefield's Comments on URA February 2022 Developer Sales

Xian Yang Wong • 15/03/2022
Given seasonal factors such as Chinese New Year festivities, an absence of major new launches, and low levels of unsold inventory, new home sales dropped by 22.5% m-o-m to 527 units sold in February 2022 as compared to 680 private home units transacted in the previous month. On a year-on-year basis, February sales volumes were 18.3% lower than the 645 new private homes sold during the same period in 2021.
 

URA Comments February 2022

As at end Q4 2021, the unsold inventory was at record low of only 14,333 units. Given low levels of unsold inventory and dwindling options in existing new launches, some homebuyers could have opted to hold back on their purchases and wait for new launches where they would have more options to choose from. 

URA Comments February 2022 - 2

There was only one new project launch last month, namely the 32-unit Royal Hallmark, which managed to sell 10 units at a median price of S$1,905 psf. 

Nonetheless, units continue to move at existing popular projects and are almost sold out. The top selling projects during February 2022 include Normanton Park (85 units sold), Avenue South Residences (32 units sold) and Dairy Farm Residences (32 units sold). As of Feb 2022, all three projects are at least 89% sold out. 

While the latest slew of cooling measures has cooled the market, underlying demand for private residential properties remains relatively healthy driven by recovering economic conditions and rising HDB resale prices which would support HDB upgrader demand. 

As such, volumes are poised to pick up in Q2 2022 onwards on the back of new launches entering the market. Upcoming new launches includes The Arden, Liv @ MB, Piccadilly Grand, Lentor Modern, new launch along Ang Mo Kio Ave 1 and Slim Barracks Rise (two parcels) as well as mixed development at Tanah Merah Kechil Link (next to the MRT station) and Jalan Anak Bukit amongst others.

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