Huttons' comments on May developers sales
Developers launched 615 units and sold 486 units in May. The volume of sold units in May is 75.5% higher month-on-month and 48.9% lower year-on-year.
Surprisingly developers launched a similar volume of units for sale in May compared to April’s 640 units despite the closure of sale galleries. The unexpected surge in demand probably was one factor in the release of more units for sale. That being said, prices in May were at similar level to April.
Comparison of Average Transacted Prices in Different Segments of the Market
The projects in the CCR basket for 7-30 Apr and 1-31 May are adjusted to exclude Boulevard 88 which belongs to the ultra-luxury segment and can skew the prices.
Source: URA Realis caveats, Huttons Research
The top five private residential projects for May 2020 are:
Based on caveats, the first week of June saw more than 150 units transacted and possibly 600 units for the whole month by virtual means. As the country moves into the next phase of opening up, property sales may continue to be a hybrid of physical and online viewing of show galleries. We may see a recovery back to the pre-circuit breaker sales of 700+ units a month or more as the traditional buyers return to the show galleries.