Huttons’ comments on Feb 2022 developer’s sales
Developers launched 194 units and sold 527 units in February. Sales in February 2022 are 22.5% lower than January 2022 and 18.3% lower than a year ago.
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Hence developers will hold back on major launches during the festive period and that will have an impact on the monthly sale volume. This is the second month where launch volume is lower than 200 units. The units launch for sale in Feb 2022 is the third lowest launch volume in February since URA started providing the data.
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Hence developers will hold back on major launches during the festive period and that will have an impact on the monthly sale volume. This is the second month where launch volume is lower than 200 units. The units launch for sale in Feb 2022 is the third lowest launch volume in February since URA started providing the data.
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One positive takeaway from February sales was that the proportion of transactions $2 million and above in February stayed at the same level before the cooling measures. This means that affordability remained unchanged despite the cooling measures as there remains ample liquidity in the market.
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Figure 1: Transactions $2 million and above
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25.3% of the transactions in February are priced below $1.5 million, 35.6% are between $1.5 million to $2 million and 39.2% above $2 million. 79.1% of purchases are by Singaporeans with PRs and foreigners making up 15.8% and 4.9%, respectively.
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Table 1: Purchases by Residential Status and Price Range in February
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The number of purchases by foreigners in the past 2 months have trended higher compared to Dec 2021 when the cooling measures were imposed. Based on caveats, there were 22 purchases by foreigners in Dec 2021, 28 in January 2022 and 26 in February 2022. The geopolitical uncertainties may have resulted in some liquidity flowing into safe havens like Singapore.
In February 2022, 19.2% of transactions are in the CCR, 50.5% in the RCR and 30.4% in the OCR. Sale volume in the CCR have held steady at around 100 units in Jan and Feb 2022 since the imposition of cooling measures in Dec 2021. Savvy buyers are taking advantage of the lull period to pick up good buys in the CCR.
The top ten private residential projects for February 2022 are:
