Press Release

February 17, 2020

Optimism For Private New Home Sales Remain In An Uncertain Time

FOR IMMEDIATE RELEASE 17 February 2020 – A total of 618 units of Private New Homes (Excluding ECs) were sold for the first month of the year.

Chief Executive Officer of PropNex Realty, Mr Ismail Gafoor mentioned that, “Despite lingering uncertainties and Chinese New Year celebrations, private new home sales remain optimistic. As the month of January saw a total of 618 units (excluding ECs) being transacted. A 41.4% (y-o-y) increase in the number of units sold. The year kickstarted with 3 new project launches. Namely, Leedon Green, The Avenir and Van Holland. All of these project fall under the CCR segment. Comparing on a month-on-month basis, the overall volume of CCR transactions increased by 60.2%. Furthermore, even though the economic climate is tumultuous, the number of foreign buyers entering the private property market in the CCR segment have remained stable. Based on the data retrieved from URA Realis, there was an increase of 32.3% (m-o-m) of the private new home sales purchased by foreigners.”

The top 5 best-selling new launches for the month of January were Jadescape, Treasure At Tampines, Parc Esta, Parc Botannia, Parc Clematis. Jadescape (launched in Sep-2018) was the top selling development, with a total of 56 units sold at a median price of $1,690 psf. While, the second best-selling project was Treasure At Tampines, which sold a total of 50 units at a median price of $1,371 psf.

With regards to prediction for this year, Mr. Ismail mentioned that “Historically, most crisis or downturns do not last long and are short-lived. When the storm calms, the tide of the market re-emerges with pent up demand from buyers and investors. With the government potentially announcing measures during the financial budget to assist affected sectors and the resilient nature of the real estate market, we are likely expect new home sales volume to reach 9,000-10,000 units this year. ”