Signs of bottoming out in 2016 for the private residential market in Singapore are showing up with record volume sales registered in 2016. Data from Urban Redevelopment Authority showed a combined sales record of both new launch condo and resale private residential units transacted rose significantly by approximately 15 percent from 14,183 units in 2015 to 16,378 in 2016 in comparison with the primary market which rose by merely 77 units from 7,703 to 7,780 new condo units.
Statistics also indicated that the decrease of private homes prices is tapering off to a softer price decline of3.1 percent as compared to 3.7 percent drop as experienced in the preceding year.
As a result of higher transaction volume of HDB resale flats, the private residential market could have benefitted well from such high transaction volume. The units transacted rose by 7.8 percent to 20,813 units last year as a result of upgraders having the tendency to sell their public housing units prior to moving into their respective private properties.
Looking ahead, there is a high likelihood of sales of new private homes trending upwards for the whole of 2017. Few projects in the pipeline are expected to register good sales with some projects to be in the good sales categories because of pent up demand as the location which these projects are located had not seen any new condominium projects for the past decade or so within the vicinity of the locations. Upcoming projects are Martin Modern in Martin Place by Guocoland, The Clement Canopy along Clementi Avenue 1 by UOL, Grandeur Park Residences along Upper Changi Road by CEL Development and Seaside Residences in Siglap by Fraser Centrepoint.
