Huttons' comments on Mar 2020 developer sales
Below are Huttons' comments on Mar 2020 developer sales.
Developers launched 578 units and sold 660 units in March. The volume of sold units in March is 32.3% lower month-on-month and 37.4% lower year-on-year.
This is the sixth consecutive month that monthly sales volume has exceeded launch volume. If we compare 1Q 2019 to 1Q 2020, 2020 is a very good year for the market with sales estimated to be ~20% higher than the same period in 2019. Property is proving to be an enduring asset class for many in times of uncertainty and the desire for wealth preservation amidst the stock market rout.
Source: URA, Huttons Research
The top five private residential projects for March 2020 are:
April sales is definitely taking a hit because of the circuit breaker. However if initial first week sales are an indication of demand in the property, it gives cause for optimism. An estimated 150 caveats for private residential properties were lodged in the first five days of April. If business continue as usual and we extrapolate the sales, we might see 900 transactions in April which is much higher than March.