SINGAPORE PROPERTY MARKET: NEW PRIVATE HOME SALES (MAY 2022)
High take-up rate for new private homes in May 2022. Prices of new homes appear to be on the rise.
New private home sales more than doubled in May and also hit a 6-month high as monthly figures have been hovering around 600 units since cooling measures were introduced in December last year.
Developers in Singapore sold 1,356 new homes last month, up 105.5% from April’s 660 units. The spike in sales was mainly attributed to the strong take-up rate (nearly 80%) of 2 major launches – Piccadilly Grand and LIV@MB.
To meet the increasing housing demand and address the current low inventory levels, the Urban Redevelopment Authority (URA) has announced that it will increase residential land supply on the Confirmed List for the 2H22 Government Land Sales (GLS) programme to 3,505 units, a 26% sequential increase.
Analysts are anticipating a higher than forecasted (3%) price acceleration, in view of the strong demand and take-up rate of new homes. Furthermore, May 2022 saw an increase in the number of bigger ticket units (a total of 216 units) priced above $3m being transacted.
Analysts are also projecting strong interest in the following upcoming new launches:
· AMO Residence: 372 units; UOL / Singapore Land / Kheng Leong Co.
· Sceneca Residence: 268 units; MCC Land
· Lentor Modern: 605 units; Guocoland
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