Ms. Tricia Song, Head of Research for Singapore, Colliers International:

Developers’ sales were off to a slow start in January 2019, with 433 new private homes excluding executive condos (ECs) changing hands during the month. This was down by 28% from the 602 units (excl. ECs) transacted in December. On a year-on-year (YOY) basis, new home sales fell by 17.8% compared with the 527 units (excl. ECs) sold in January 2018.

The lower sales in January were generally not unexpected given the fewer launches and as prospective home buyers return from their year-end holiday break. The festive period over the Lunar New Year in early-February could also have led to slower market activity last month.

Additionally, we think January’s sales were weaker compared with a year ago owing to the different market condition. In January 2018, more buyers – particularly those on the fence – might have been persuaded to enter the market as home prices started to climb. Meanwhile, transactions in December 2018 were higher than that of January 2019, possibly due to the momentum from the slew of new launches in November.

Developers placed 498 new units on the market in January. They included three new launches namely Fyve, RV Altitude, and Fourth Avenue Residences which was the best-selling project last month, shifting 74 units at a median price of SGD2,412 psf. Other private residential projects that did well in January were: Affinity at Serangoon which sold 54 units at a median price of SGD1,496 psf, and Parc Esta which moved 32 units at a median price of SGD1,745 psf.

Three new launches in January 2019

Project Name

Street Name

Property Type

Locality

Total Number of Units in Project

Units Launched in the Month

Units Sold in the Month

Median Price ($psf) in the Month

Units sold as % of launched

Fourth Avenue Residences

Fourth Avenue

Non-Landed

CCR

476

168

74

          2,412

44%

Fyve Derbyshire

Derbyshire Road

Non-Landed

CCR

71

36

11

          2,382

31%

RV Altitude

River Valley Road

Non-Landed

CCR

140

63

19

          2,858

30%

Source: Colliers International, URA


Top Selling Projects in January 2019

Project Name

Street Name

Property Type

Locality

Units Sold in the Month

Median Price ($psf) in the Month

% sold to date of total

Fourth Avenue Residences

Fourth Avenue

Non-Landed

CCR

74

             2,412

16%

Affinity At Serangoon

Serangoon North Avenue 1

Non-Landed

OCR

54

             1,496

34%

Parc Esta

Sims Avenue

Non-Landed

RCR

32

             1,745

30%

Stirling Residences

Stirling Road

Non-Landed

RCR

22

             1,761

41%

Parc Botannia

Fernvale Street

Non-Landed

OCR

21

             1,384

65%

RV Altitude

River Valley Road

Non-Landed

CCR

19

             2,858

14%

Riverfront Residences

Hougang Avenue 7

Non-Landed

OCR

18

             1,321

58%

The Tre Ver

Potong Pasir Avenue 1

Non-Landed

RCR

18

             1,615

36%

Whistler Grand

West Coast Vale

Non-Landed

OCR

18

             1,368

35%

Mayfair Gardens

Rifle Range Road

Non-Landed

RCR

17

             1,939

58%

Source: Colliers International, URA

In terms of pricing, all the new launches in January probably set benchmark pricings in their respective localities.  For example, at SGD2,412 psf, Fourth Avenue Residences set a benchmark pricing for the Bukit Timah enclave for a 99-year leasehold project.  For the other existing launches, however, developers have kept their selling prices stable, especially for those which have yet crossed the 60-70% sell-through mark. 


We expect developers’ sales to remain tepid in February due to the lack of new launches and the Lunar New Year festivities. However, new home sales could pick up pace thereafter as more new projects are put on the market. In particular, the announcement of the Cross Island Line stations on 25 January could benefit some of the existing launches, such as Affinity at Serangoon and Gardens Residences which are 350 metres and 530 metres away from the future Serangoon North MRT respectively. We expect takeup at these projects to pick up momentum going forward, though developers are unlikely to raise prices just yet given the still-weak sentiment.    

Some potential new launches this year include the 1,410-unit Florence Residences, the 2,203-unit Treasure at Tampines, 356-unit Uptown@Farrer, 250-unit The Gazania and 92-unit Nyon at 12 Amber.  Of these, The Florence Residences could also ride on the hype around the Cross Island Line as it is around 600 metres away from the Hougang MRT station which will be one of the interchanges for the Cross Island Line.