Singapore Residential Property Sector Experiences Uneven Recovery in 2021

Singapore Residential Property Sector Experiences Uneven Recovery in 2021

Residential News » Singapore Edition | By WPJ Staff | April 29, 2021 8:05 AM ET

International property consultant Edmund Tie is reporting this week that amid signs Singapore's economy has turned the corner and is on track to a projected growth of between 4% and 6% for the year, investment and residential sales outpaced other sectors to enjoy a robust recovery in Q1 2021.

Edmund Tie states that low interest rate environment, ample liquidity and the wealth effect of rising financial markets, total private home sales volume in Q1 2021 reached 8,100 units, up 16.9% from 6,929 units sold in Q4 2020. New sales led the surge, recording a 34.2% increase over the preceding quarter with 3,493 units transacted, while the resale market posted a relatively modest quarter-on-quarter uptick of 6.5% in comparison.

Edmund Tie's Mr. Lam says, "Demand in the primary residential market has remained strong due to a brisk flow of new launches. Projects with good locational and site attributes have proven to be highly popular among buyers."

As at end March 2021, The Reef at King's Dock and Midtown Modern - both launched in Q1 2021 - enjoyed take-up rates of 86% and 82% respectively.

Mr. Lam added, "Timely government intervention during the worst of the pandemic last year and beyond helped keep many businesses afloat and jobs intact, which in turn supported demand for homes.

"With the mainstream economic recovery now underway and the expectation of more launches ahead, we expect residential demand and prices to improve for the rest of the year."

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