Including executive condo (EC) units, developers offered 904 units, a 31.3% fall from 1,315 units sold in February.
Regardless of this, this month’s figures are still greater compared to 620 units sold in January. Additionally, it brings personal house sales (excluding ECs) into 2,256 units in Q1 2020, 22.7% greater compared to 1,838 units in Q1 2019.
“March’s 2020 earnings marked the cheapest monthly March earnings in five years because March 2015 when developers sold just 613 units. Therefore, buyers kept back to their buying choices, amidst increased economic instability,” remarked Wong Xian Yang, associate director for research at Cushman & Wakefield.
Further, Christine Sun, head of consultancy & research in OrangeTee & Tie, noted that there was a lack of major leaps.
The bestselling private residential jobs in March were OLA (EC), which offered 170 units in a median cost of $1,139 psf; Jadescape, that transferred 76 units in a median cost of $1,719 psf; Treasure at Tampines, that transferred 69 units in a median cost of $1,355 psf; and Parc Esta which transacted 63 units in a median cost of $1,657 psf.
Amongst areas, just the Core Central Region (CCR) saw reduced earnings last month. New earnings in the remainder of Central Region (RCR) climbed 7.2% MoM into 282 units, although earnings from the Outdoor Central Area (OCR) rose 10.6% to 333 units in March.
Sun also added the amount of non-permanent residents purchasing non-landed new houses dipped to 25 units within precisely the exact same interval, under the 51 units which were averagely sold within the previous 12 months.
“A temporary pullback in property sales might be anticipated next month as reveal apartments have become closed and home viewings postponed within the circuit breaker steps,” she added.
Moving ahead, Wong said that developer sales are predicted to vary between 6,900 into 7,900 units for the entire of 2020, about 20% to 30% reduced in comparison to 2019’s tally of 9,912 units when the circuit breaker period won’t extend.
“However, Singapore’s long-term principles remain unchanged: inherent local requirement for private residential properties stays powerful and Singapore’s perceived status as a secure haven could garner greater interest from overseas buyers during those uncertain times. Anecdotally, overseas Chinese buyers are on the watch for Singapore properties and are awaiting a while to join the current market,” Wong explained.