Normanton Park sold 52 units by far the best-selling project in April 2022

Developers have launched 397 units to sell in April and closed on 653 sales during April this year. In comparison to the similar month in 2021 this month’s sales were 48.6% lower due to the absence of any new residential private launches.

Amo Residences completion date target to launch in H22022, next to Bishan-Ang Mo Kio Park, allowing residents to access abundant greenery, while the Mayflower MRT station is within a few minutes’ walk from the residences.

The number of developer sale (excluding executive condominiums) in the initial four months of this calendar year up to 278 units. which is a 48% lower than the same period one year earlier.

The top-selling project according to the sales in April of 2022 is Normanton Park, which sold 52 units. The overall project has been able to achieve a median of $1,860 per square foot. The 1,862-unit development launched in January 2021, and has been around 95% sold as of today.

Overall, the most recent sales figures suggest that the market for residential properties has stabilized following the most recent cooling measures were put in place at the end of December in 2021 claims Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.

In the month of June, the sole launch to take place is the six16-unit North Gaia, an executive condominium. The property is located in Yishun Close, the project has sold 166 units, which is 26.9% of the total amount of units available. Its Core Central Region (CCR) has recorded sales of 206 units and those in the Rest of Central Region (RCR) sold 289 units, as well. The Outside Central Region (OCR) had more than 158 units.

As per Lee Sze Teck, senior director (research) at Huttons Asia, the latest sales figures are the very first time within the past 12 months that home sales for the CCR were greater than those within the OCR. “The lower level of un-sold inventory in the OCR resulted in buyers having raised their budgets and moved until the next tier of private housing, which is CCR or the RCR as well as the CCR. This increased the percentage of sales of $2 million and above 54.8% in April,” the report states.

Other projects that sold the highest this month included Riviere which sold 35 units; One Pearl Bank 29, 29 units The Florence Residences, 24 units; and One Pearl Bank. The Florence Residences 24 units.

The relatively robust new home sales in the past two months can be attributed to the desire of buyers to secure mortgage rates prior to more rate hikes, and also the sluggish demand resulting from property cooling measures taken just five months ago, claims Catherine He, head of research at Colliers Singapore.

Based on Wong Siew Ying, head of research and content of PropNex Realty, the anticipated rise in mortgage rates has made some cautious buyers select smaller homes that have lower price points. She believes that buyers could get into the market sooner than later to secure better mortgage rates.

Since Singapore reopened its borders and borders, there’s seen an increase in the number of foreign buyers as per Sun. The month of April saw 52 newly constructed private residences that weren’t landed were bought by foreigners. This translates to an increase of 133.6% increase over the previous month, when it had recorded only 25 transactions that involved foreigners.

Riviere is the single most awaited project for foreign buyers last month, with 11 transactions. It was then The Avenir which sold six units to foreign buyers as well as Midtown Modern which sold four units.

PropNex’s Wong believes that investors will be worried about the possibility of a sustained rate of interest, which could degrade their rental profits.

The next few months are likely to witness higher new home sales with the introduction of major projects like the 407-unit Piccadilly Grand and the 298-unit LIV @ MB. These projects are expected to boost sales and prices within the RCR according to Colliers’.

“Nevertheless the backdrop of macroeconomic uncertainty, increased buyer stamp taxes and the rising rates for mortgages will influence the decision-making of buyers who are considering buying,” she says, saying that home sales could slow by 20-30% from the 13,027 units that were sold in 2021 to approximately 10,000 units over the course of this year.