Singapore Home Sales Surge as Developers Market New Projects

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Singapore Home Sales Surge as Developers Market New Projects
> Luxury apartment sales register significant jump in March
> S$28 million unit sets highest price per square foot since ‘13

By Pooja Thakur Mahrotri
April 15, 2019, 11:45 AM GMT+7 Updated on April 15, 2019, 2:06 PM GMT+7

Private-home sales in Singapore soared in March as developers marketed more projects after a typically slower February that included the Chinese Lunar New Year holiday.

Developers sold 1,054 units last month, more than double the 455 in February, the Urban Redevelopment Authority said in a statement Monday. Residential home prices decreased for a second straight quarter in the three months ended March 31 after the government added cooling measures in July, helping to buoy demand.

Sentiment is proving most positive in the super-luxury segment with a significant pick up in sales, property broker OrangeTee & Tie Pte said. In March, 25 new homes were sold above the S$5 million ($3.7 million) mark, the most since December 2013. Ten of those apartments were bought by Singaporeans while 15 were purchased by foreigners, URA data show. (In Singapore, foreigners can’t purchase so-called landed property, except on Sentosa Island.)

S$28 Million Penthouse

The highest-priced unit was a penthouse apartment at Boulevard 88, a luxury development near the famous Orchard Road shopping precinct, that went for S$28 million, or S$4,927 per square foot. That’s the highest price per square foot for a new unit since June 2013, according to OrangeTee.

“Having being on the sidelines since the introduction of the property-cooling measures eight months ago, buyers and investors have started to feel more confident,” said Ismail Gafoor, the chief executive officer of PropNex Realty. “Developers are continuing to price sensitively.”

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