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The Singaporean property market has gone from a Q1 decline to seeing over 30% rise in sales in Q2. Image: Canva.
  • The property price index rose 3.5% for the quarter
  • The recovery from a Q1 slump is attributed to the festive season and cooling measures
  • Q3 is very roughly estimated to see c. 3,000 units launched

Residential sales in Singapore have risen 31.3% quarter on quarter for Q2 2022.

The sale of 2,397 units for the quarter is a reversal from the almost 40% (39.5%) decline in Q1 this year.  Similarly, secondary sales (resale market) have improved, up 25.5% QoQ to 4,414 units, following a two-quarter slump.

The resale recovery was mostly attributed to ongoing supply issues, including limited new sales and ongoing construction delays.

At a glance

The second quarter has seen improvements across the board:

  • The number of units launched for the second quarter of 2022 tripled, Savills noted Q1 2022 saw 613 units launched, with Q2 seeing 1,956 units launched.
  • The Urban Redevelopment Authority (URA) property price index of all private residential properties rose 3.5% for Q2 2022. In Q1, that rise was 0.7%.
    • Non-landed homes saw a price index rise of 3.6%,
    • Landed homes saw a rise of 2.9%.

Q2 2022

Some of the best-selling projects for the quarter saw almost 80% of units purchased.  Savills said the top two best-selling were Picadilly Grand and Liv @ MB, with the former seeing a take-up rate of 79.6% or 324 of 407 units sold; it was also noted 315 units (77%) were purchased on the launch weekend.

The price range was between S$1,871 per square foot to S$2,593 psf. Liv @ MB saw 77.5% or 231 of its 298 units sold by Q2 2022, with a higher price range of S$2,079 psf to $S2,854 psf.

“The dearth of new launches and the significant time gaps between each launch is allowing the market to unearth new pockets of demand”

Savills Singapore Executive Director of Research, Alan Cheong

The Savills Residential Sales Briefing Q2 2022 attributed the sales decline in Q1 2022 to two factors:

  • Lunar New Year festive period, and
  • Immediate aftereffects from the recalibration of the December 2021 cooling measures.

While the market has seen the pace pick up with the aforementioned tripling of unit launches since Q1 2022 to 1,956 units, units launched are still below 2021 figures – the report said 2,356 units were launched in Q2 2021.

Price growth continued for the seventh consecutive quarter, the real estate company said for its basket of high-end non-landed private residential projects, prices rose 1.0% for the quarter to S$2,528psf (c. A$2,635).

Looking forward

The report noted at the end of the quarter, over 48,000 private residential units (excluding executive condominiums) were in the pipeline. This is higher than last quarter which had 47,415.

Unsold stock is also low, and has been declining steadily for 12 consecutive quarters. The peak was in Q2 2019 with 36,839 units. The latest data showed that 15,805 units were unsold, the first quarter where unsold stock registered a quarterly increase (12.2%).

Over a dozen launches are expected in Q3, with a non-exhaustive list from Savills showing at least 2,859 units to enter the market – subject to changes in launch dates.

For full details, please see Savills’ Singapore Residential Sales Briefing Q2 2022.



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