Singapore’s private housing development market still unbeaten, it remains a safe -haven place amid the dreaded, pandemic COVID-19 and impending global recession.
Recording the second-strongest February market sales activity for about eight years, property developer pulled 975 private housing, 57.3% among the 620 areas they sold the previous month.
The current figure hits 114 percent greater than what was sold somewhere in February 2019. These number did not cover the executive condominium units.
Data presented by URA on March 16 explains the number of units kickoff increased, originally from 56 percent way up to 933 of February from the previous month which is 598, and 56.5 percent of 596 from the previous year.
” The M, which is coated with an attractive price plus prized location right in Bugis outweighs the dreaded virus, ” said, Lee Sze Teck, the director of Hutton Asia Research.
“Over 70 percent were acquired by the buyers during the weekend’s launch. If we are to recall, the last time that these figures were achieved was for the development of Core Central Region(CCR) somewhere middle of November 2013, where 71 percent or 468 units out of 660 units for DUO Residences were smoothly sold in just a matter of 3 days in a launching at Singapore and Kula Lumpur hosted by the famous M+S, a collaboration between Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings,” he further explained.
The executive condominium segment also dazzled in February. Parc Canberra had hit over 60 percent of all its units thus branding it as the top-selling ECs next to Hundred Palms, proudly, Mr Lee added.
The Orange Tee & Tie’s chair of research and consultancy, Ms Christine Sun, credited the huge sales to a number of investors who branch off their portfolio over property investments following the current stock market repulse.
The number of pick up or purchases made by Singaporeans turns momentous last month, she added.
Per URA Realis data, at least 812 non-landed units, not including the executive condominiums were purchased by the local Singaporean previous months, January yields 413 units purchases and December 2019 hits 351 units. The number of non-local buyers (permanent or non-permanent residents) likely goes up from 116 units in 2019 of December to 149 of February 2020.
The increasing erratic condition of the financial market may be a factor to push investors to housing projects as properties are treated as the best asset that reciprocates higher revenues.
“The Singaporean dollar’s softening during past months might motivate the ex-pats to invest in real estate,” she stressed.
The prestigious US Federal Reserve cut the interest rate into near zero. Right away they reinstate the quantitative easing scheme as a response to an emergency situation, The said remedies intended to boost both the spending and lending, may continue attracting housing needs due to increasing liquidity, Ms Sun further explained.
Including ECs, the benchmark when it comes to public-private housing, developers bumped with buyers for more or less 1,314 units past month, up to 105.3 percent in 640 units disposed of January 2020 and 187.5 percent above the 457 areas or units sold last year, somewhere in February.
Units launched took a big leap, from 139 percent, from 598 to 1,429 in January, 140 percent straight from 596 units last year.