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Huttons’ comments on Mar 2022 developer’s sales

Posted by alvintay on April 20, 2022
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EDM-MArch

Developers launched 309 units and sold 654 units in March. Sales in March 2022 are 20.7% higher than February 2022 and 49.5% lower than a year ago. Sales numbers rebounded from the low in February as the festive season ends. There was easing of safe management measures in March and that led to an increase in viewing capacity for showflats, resulting in more sales.

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The Core Central Region (CCR) sold 153 units while the RCR moved 320 units and the OCR 181 units. Sales in the CCR jumped 39% from the previous month, pushing up the proportion of sales $2 million and above to 44.9% in March. Despite the introduction of new cooling measures in Dec 2021, buyers are flocking to the CCR.

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Figure 1: Transactions $2 million and above

March Data 1
Source: URA, Huttons Research as of 18 Apr 2022

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The top ten private residential projects for March 2022 are:

March Data 2
Source: URA, Huttons Research as of 18 Apr 2022

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The number of purchasers by foreigners made up 27 in March, similar to February. Geopolitical tensions have placed safe havens such as Singapore in the spotlight with foreign money flowing into properties.
 
22% of the transactions in March are priced below $1.5 million, 33.2% are between $1.5 million to $2 million and 39.2% above $2 million. 82.8% of purchases are by Singaporeans with PRs and foreigners making up 13.2% and 4%, respectively.

Table 1: Purchases by Residential Status and Price Range in March

March Data 3

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48 EC units were sold in March 2022 as buyers looked for attractive upgrading options. As of 14 Apr 2022, an estimated 7 EC units are unsold.
In April and May 2022, there will be three major launches – North Gaia (EC), Piccadilly Grand and LIV @ MB. The first EC launch in Yishun since 2015 attracted more than three thousand in the first weekend of viewing. Significant demand has built up for EC in Yishun as the last launch was in 2015. Furthermore, there is very few unsold EC units in the market. Sales could be as high as 50% on the back of pent-up demand. Piccadilly Grand will be the only launch in District 8 and enjoy doorstep access to Farrer Park MRT station. LIV @ MB is located a mere 4 minutes’ walk to the upcoming Katong Park MRT station and a 12 minutes’ drive to Marina Bay Financial District. These launches will push sales higher in the next two months.

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