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A bumper year for the private residential property market 2021


After a relatively slower September and October 2021, activities in the private residential primary market picked up the pace in November with more units launched and sold.

New launches and active sales

Real estate developers launched five new residential projects in Singapore last month, including two bigger projects such as the 696-unit Canninghill Piers and the 219-unit Commodore in the RCR (Rest Central Region) and OCR (Outside Central Region) respectively. Both of these developments are 99-year leasehold properties. The take-up rate of the units in Canninghill Piers and The Commodore was very impressive, with 83% and 75% of the units in the respective projects sold last month. The other three projects are smaller, with fewer than 40 units each. Cairnhill 16 is the only condominium in the CCR (Core Central Region) launched in November. No new Executive Condominium (EC) project was released last month.

Table 1 | Residential projects launched in November 2021

Residential projects launched in November 2021

In total, developers released 1,283 private housing units for sale in November, 94.1% more than the 661 units released in October 2021.

Figure 1 | Number of new homes launched by developers

Number of new homes launched

More launches lead to more sales

Naturally, when developers released more residential units for sale, more units will be sold in that given month. Last month, 1,547 private housing units and 63 EC units were sold by developers. The sale of private housing units in November was 69.8% higher than the sales in the previous month

Figure 2 | Number of new homes sold by developers

Number of new homes sold

However, only 63 EC units were sold in November, less than half of the 136 EC units sold in October. One reason was that the stock of launched and unsold EC units available fell to only 178 units island-wide last month. As the choices of EC units dwindled, some homebuyers would choose to wait for the new EC launches.

Pop the champagne

Based on the latest figures, real estate developers could release between 10,500 and 11,000 private homes and sell about 13,300 to 13,700 units this year. The number of private housing units launched this year would be about the same volume as last year, when developers released 10,883 units for sale.

However, the primary market sales volume this year would be the highest since 2013, when developers sold 14,948 units then. Developers could have sold even more housing units in 2013 if not for the government intervention. The property market bull run in 2013 was cut short by when the government surprised the market with a round of property curbs in July that year.

Real estate developers (and their agents) are having a bumper year in 2021 with record sales in both the primary and secondary property market. An estimated 19,500 to 21,000 private resale housing units are estimated to exchange hands this year. This would be the highest resale property transaction volume since 2010.

The primary market sales volume next year may not be able to match the sales in 2021 as there are fewer large condominium projects lined up for launch in 2022. Furthermore, the property market would also have to face the effects of possible rising interest rates and policy risk. Hence, developers would make the most of the buying momentum while the market sentiments are still strong.

Source: By ERA Research

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