Developers sold about 2,500 new private residential units in 2Q2019, up by 30% q-o-q. This occurred on the back of fewer new units launched for sale compared to 1Q2019, according to a Huttons Asia report.

On average, about 613 new units were sold each month in 1Q2019, against 836 units per month in 2Q2019. “Buying interest seemed to have returned after the lull in February. The average monthly sales have also been trending higher since February,” says Lee Sze Teck, head of research at Huttons Asia.

“The pick-up in demand shows the underlying strength of the market and a return of confidence in property as a good store of value against uncertainty and inflation in the mid- to long-term,” he adds.

Last quarter saw 17 new project launches, including Amber Park, MeyerHouse, Parc Komo, Riviere, Sky Everton, The Gazania, The Hyde, and The Lilium. The 262-unit Sky Everton was the bestselling project in June, and is more than 50% sold since its launch on June 22.

The top five bestselling projects in 2Q2019 were Treasure at Tampines, Amber Park, Parc Botannia, The Florence Residences, and The Tre Ver. According to URA data as of July 15, Treasure at Tampines sold 171 units in the quarter and recorded a median price of $1,325 psf, while Amber Park sold 156 units at a median price of $2,476 psf.

Some of these new projects were launched at benchmark prices for their respective district, and more new projects in the city fringe achieved average prices of more than $2,000 psf. The city centre, or Core Central Region, saw more sales concluded at prices above $3,500 psf. However, Lee says, the higher price point is due to cost pressures developers are facing rather than profiteering.

In addition, there was a more than 50% q-o-q increase in the number of foreign buyers snapping up properties last quarter. Some of the projects which were popular among foreign buyers include Boulevard 88, Marina One Residences, Park Colonial, and The Tre Ver. “The stability of the country and Singapore dollar probably convinced them to invest their money here vis-a-vis other countries in the region,” says Lee.