Developers launched 933 units and sold 975 units in February. The volume of sold units in February is 57.8% higher month-on-month and 114.3% higher year-on-year.
After the Lunar New Year lull and shaking off concerns over Covid-19, buyers were out in force in February. The M, with its attractive pricing and prized location in Bugis overshadowed the virus. Buyers were willing to brave the sun and spent many hours queueing just to get a unit. More than 70% were sold during the launch weekend. The last time such high sales figure was achieved for a project in the Core Central Region (CCR) was back “at the peak of the market”, notably in mid-November 2013. That was when 468 units (71%) of the 660-unit DUO Residences was sold over three days at a simultaneous launch in Kuala Lumpur and Singapore by M+S, a joint venture between Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional. Incidentally, the integrated development is also located in Bugis, near The M.
It isn’t just the private market performing well. The executive condominium (EC) segment also shone. Parc Canberra sold more than 60% of its units, making it one of the best selling EC after Hundred Palms.
With the Covid-19 situation remaining fluid, concerns still linger whether the market can maintain its sales momentum. Looking back at 2003, where we had SARS, while fear also gripped the nation, the property market appeared not to be affected. When we compared the number of units launched and sold six months before and after the first SARS case, there was little noticeable effect.
The number of units launched is 6.5% lower but the number of units sold is 12.3% higher.
Source: URA, Huttons Research
The top five private residential projects for February 2020 are:
March is likely to be a quiet month with very few launches. In April, there will be more previews planned. Projects expected to preview in April include Kopar at Newton, 15 Holland Hill, Cairnhill 16, Forett @ Bukit Timah and The Landmark.