PENT-UP DEMAND
Senior Vice President of Research and Analytics at Tie and Christine Sun said that next month’s surge in secret house sales may be attributed to pent-up demand due to the lack of significant fresh launches during the Chinese New Year time in February.
There were four exclusive private project launch last quarter, including Vigor House and Koon Seng House.
The number of launched devices increased significantly in March from the 45 launched units in February to 877. The quarter of next month also saw the highest volume of products that were on the market since November 2023, which had 970.
Lentor Mansion, in certain, proved popular with customers, selling 409 of its 533 products to become the best-selling initiative in 2024 in terms of number of units sold and in percentage terms, said Huttons Asia senior director of statistics analysis Lee Sze Teck.
“It made up 57 per cent of developers ’ sales in March 2024. 76 people are involved in the project. 7 per cent as of end-March 2024 with a median price of S$ 2,269 psf, ” he said.
“Based on limitations, about 75 per cent of the products sold in Lentor Mansion were priced below S$ 2 million. This is a nice spot price for numerous first-time consumers and HDB buyers. ”
Lentor Mansion is the first sale under new guidelines for the harmonisation of strata and gross floor areas, where units are sold based on livable space, according to Singapore Realtors Inc. ( SRI ) head of research and data analytics Mohan Sandrasegeran.
According to him, the impressive sales figures during its launch, which indicate a good understanding of this novel strategy, show that this change appears to have been well-received by customers, which is consistent with what he said. Preliminary figures indicate that it is the best-selling launch so far this year.
Meanwhile Lentoria, another project launched in the Lentor area, sold 60 out of 267 units at a median price of S$ 2,129 psf and making it the next best-performing project.
This further supports the perception that there are a variety of projects in the Lentor Hills house that cater to different buyers’ and investors ‘ needs and preferences, according to Mr. Sandrasegeran, adding that this additional supports the trend.
Additionally, Ms. Sun noted that Lentor Mansion’s impressive selling are in line with those of earlier developments in the area, such as Lentor Modern and Lentor Hills Apartments.
Buyers now take into account more than just place and price, according to ERA Singapore’s chief executive officer Eugene Lim. They also examine how the project’s layout and designs fit their lifestyles and past planning objectives. ”
According to PropNex head of research and content Wong Siew Ying, Singaporeans accounted for nearly 92 % of new home buyers in March, up from 83 % in February. She likewise cited the number of OCR debuts as a potential move issue.