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North Gaia Boost New Sales in April | Ohmyhome Insights

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Every month, The Urban Redevelopment Authority (URA) releases a comprehensive database of developer sales for private new homes. Ohmyhome analyses this huge chunk of data and picks out the most relevant points and trends for readers.  

 Source: Ohmyhome Research, URA //*Core Central Region (CCR), Rest of Central Region (RCR), Outside Central Region (OCR)

Developers sold a total of 653 units (excluding ECs) in April, as compared to the 654 units transacted in March. This translated to a marginal 0.2% (m-o-m) decline in new home sales. There were no new condo launches for the month of April, other than a landed property: Spring Waters Villas. As most of the units launched were from past projects with the remaining balance.. 

However, Executive Condominium (EC) sales saw a spike in sales, due to the newly launched project – North Gaia. The number of EC units sold rose from 48 units in March to 186 units in April. The last EC project launch was in 3Q2021.

166 units sold in North Gaia for the month of April 

Source: Ohmyhome Research, URA

North Gaia topped the best-selling project list, with a total of 166 units sold at a median price of $1,301 psf. This was a commendable sales performance for the first EC launch of the year, amid the backdrop of the property cooling measures. 

Source: Ohmyhome Research, URA Realis

Primarily, 3-bedroom types had the highest number of units transacted, translating to 83.7% of the overall units sold. 

Furthermore, despite North Gaia’s median unit prices crossing the $1,300 psf mark, bigger room types saw a higher take up rate. Based on the numbers retrieved from URA Realis, 9 out of the 14 five-bedroom units were transacted. It is likely bigger size families took the opportunity to secure these units which are more suitable for them. 

The second best-selling project in April was Normanton Park. The development continues to be in demand and secure the interest of buyers and investors. As the project transacted a total of 52 units at a median price of $1,861 psf. Over 96% of units have been transacted so far and it is nearing the sold out status.

Modest rebound in growth of new home sales by foreigners 

Source: Ohmyhome Research, URA Realis

Although the hefty ABSD rates may have dampened the mood for foreigners, the lifting of the border control measures and quarantine free travel has likely stimulated a boost of confidence in some of them.

Based on the numbers retrieved from URA Realis, private new home units purchased by foreigners rose from 25 units in March to 58 units in April. 

We also observed an increase in the number of foreigners purchasing units at the Rest of Central Region (RCR) as well. With the number of units sold increasing from 9 units in March to 26 units in April.

However, it might be early to speculate whether foreigner’s demand is resuming once again, or it was a one-off event. Recent uncertain market conditions, due to the turbulent nature of the stock markets and the volatile characteristics of the cryptocurrency market, have likely led to foreigners exploring their options in the Singapore property market.

As Singapore is synonymous with stability and prudent governance, it will continue to remain a safe haven for property purchase and investment by foreigners.

Outlook

Source: Ohmyhome Research, URA

The impact of the property cooling measures has led to the new home sales to be almost reduced by half in the first 4 months of 2022, as compared to the same time period in 2021.

A total of 2,478 units were sold in the first 4 months of 2022, as compared to the 4,763 units sold in the first 4 months in 2021. A difference of 48.0% in the number of units sold between 2022 and 2021.

Notwithstanding the underlying issues such as rising interest and inflation rates as well as geo-political unrest, may have been influential in the buying decisions of private property purchasers.

With more new launches coming on stream, we can expect sales to pick up for projects in desirable locations with attractive pricing. As these developments will continue to garner interest from buyers and investors.

We can expect Piccadilly Grand to boost sales for the month of May. As the development saw over 77% of its units during the launch weekend. This is possibly the best first weekend sale for a project in 2022 so far, post cooling measures.

The project’s exceptional locational attributes and the recent announcement of the rejuvenation of the Farrer Park estate garnered interest from motivated buyers towards the project. 

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