Huttons’ comments on March 2021 developer’s sales | Huttons Group

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Huttons’ comments on March 2021 developer’s sales

Developer launched 959 units for sale and sold 1,296 units. Sales in March was 100.9% higher than February 2021 and 96.4% higher than the same period a year ago.

This is the highest March sales since 2017. 42.1% or 546 units of March sales are in the Core Central Region (CCR), helped by sales in Midtown Modern, RV Altitude and The M. This is an eight year high. The previous high in the CCR was in Nov 2013 where 668 units were sold.

44% of the transactions in March are priced below $1.5 million, 32.9% are between $1.5 million to $2 million and 23.1% above $2 million. 82.2% of purchases are by Singaporeans with PRs and foreigners making up 13.4% and 4.3%, respectively. There were 10 purchases by Singaporeans for properties priced $5 million and above. In contrast, there are only 2 purchases by foreigners. This is another illustration of the ample liquidity among Singaporeans in recent years.

Table 1: Purchases by Residential Status and Price Range

Source: URA, Huttons Research as of 15 April 2021

Midtown Modern sold almost 2/3 of its units in less than two weeks of launch. This is the best-selling project in the CCR since the circuit breaker. Buyers were attracted to the central location, excellent connectivity, lush landscaping and transformative integrated development.

Sales in District 15 reached a high of 87 units in March, 74% higher than February. The previous high was in May 2019 where an estimated 185 units were sold. Buyers are buying because of the attractive price point, freehold tenure and rarity of seaside living. Top selling projects in D15 include Amber Park (64 units), MeyerHouse (6 units) and Nyon (6 units).

The top ten private residential projects for March 2021 are:

Source: URA, Huttons Research as of 15 April 2021

An estimated 3,574 units are sold in 1Q 2021. This is the highest quarterly sales since 2Q 2013 where 4,538 units were sold. It is even higher than 3Q 2020 when Singapore exited a circuit breaker and saw pent-up demand driving sales to 3,517 units. Buyers flush with cash and seeking stability are investing in stable assets like properties.

There will be three launches in April – Irwell Hill Residences, Grange 1866 and One-North Eden. Irwell Hill Residences has already sold more than 50% on its launch day. One-North Eden is expected to do well as there has not been a new launch in one-north since 2007. Sales volume could possibly hit 1,000 units in April.