With the lifting of constraints on in-house property seeing last Friday (19 June), developers and representatives were optimistic of a rally in earnings. Sure enough, the very first weekend saw buyers create a beeline for reopened condo showflats.
Joint partners Parc Central Residences by Hoi Hup Sunway have been awarded Parc Central Residences EC situated in a treasured site at Tampines Avenue 10.
The weekend earnings boosted the entire number of new launching units sold from the last week (15 to 21 June 2020) to 252. This is a substantial 155% increase from 99 trades in the preceding week.
“Overall, these are wholesome numbers considering there have not been many new releases this year to increase the sales quantity,” noted Aaron Wan, Group District Director of Propnex.
Attributing the boost in earnings over the weekend to pent up demand, property agents 99. Co talked to additionally pointed out that even those who’d purchased were educated buyers who’d engaged in virtual viewings throughout the circuit breaker.
Buyer schooling throughout the downtime also assisted. “Ongoing educational online seminars gave buyers the chance to assess the facts and statistics. With virtual and this viewings, many buyers turning at the showflat [within the reopening weekend] had already made a decision to purchase.”
RCR and OCR condos large winners on reopening weekend
For brand new condominium sales from the past week, one special statistic stood out: 94% of units sold were for properties in the remainder of Central Region (RCR) and Outdoor Central Area (OCR) regions.
“For new earnings, those that are moving will be the mass-market and mid-tier condos,” said Aaron. He attributed the absence of action in the CCR marketplace to the lack of foreign investors because of travel limitations, in addition to a certain level of immunity by investors to enter the market for CCR condos in this stage in time.
Our compilation of previous week’s top 10 best selling brand new launching condos below reveals the dominance of RCR and OCR condos: Five are situated in the RCR, and the remaining five are jobs in the OCR.
Top of this list is The Florence Residences at Kovan; developer Logan Property transferred 38 units of this OCR project within the last week, of which 20 units were offered Friday, Saturday and Sunday (19 to 21 June).
The job had marketed 77 units through the circuit breaker interval.
At the RCR, Parc Esta edged closer to some 90% take-up speed with a solid showing last week, selling 23 units. There was also a remarkable revival for Daintree Residence; the District 21 condominium just managed to maneuver 7 units throughout the whole circuit breaker, but last weekend saw buyers wind up 14 units.
Also notable is how the top 10 best selling condos in this last week were 99-year leasehold properties.
“Willing buyers” from the resale market to reboot requirement
Resale volume required a beating during the circuit breaker, for reasons individuals explained within this report. However, in the first weekend of Stage 2, many representatives we talked to told us that their program was packed with paychecks appointments.
“There was lots of backlog and instances placed on hold throughout the circuit breaker because resale buyers need to know, for example, who their neighbors are and also the state of the house, which require physical screening,” said Aaron.
Purchasing power also seems to remain powerful. Tracy Teo, Executive Group Division Director of ERA Realty, noted there is a substantial set of”willing buyers” that aren’t really influenced by the financial situation.
“Ordinarily, buyers I have come across are confident of the Singapore market,” she informed 99. co..
Choice resale units can also be tight, therefore buyers have additional impetus. Throughout the circuit breaker, Richard demonstrated it had been common practice for an enthusiastic client to make an offer which is”subject to a physical screening”, which could occur shortly after restrictions were lifted.
Therefore, like new launching condominium sales, we will probably see an uptick in resale trasactions after caveats are lodged in a couple weeks time. “Most buyers of resale attributes are homeseekers driven by a need rather than a desire, or so the marketplace will remain moving,” said Aaron.