431 private homes sold in December

Around 13,000 to 14,000 units are expected to be sold in 2018.

Developers sold 431 private homes in December, a 45.3% decrease from last month's sales and a 17.4% YoY increase from last year's sales of 367 units.

According to Cushman & Wakefield, the fall in sales can be attributed to seasonal factors as buying activities tend to slow due to festive celebrations and school holidays in December. Developers usually hold back launches and prepare to launch in 2018 after the Chinese New Year.

Based on data from monthly developer’s sales from October to December and Q1 to Q3, developers sold a total of 10,682 units in 2017, 34% higher as compared to 2016’s sales of 7,972 units.

Christine Li, head of Singapore Research, Cushman & Wakefield, said, "We believe 2017 sales tally could potentially be higher, if not for several developers holding back launches in anticipation of an expected upturn in prices in 2018."

The firm also expects high sales volume as the launch pipeline expands due to the en bloc market, government land sales (GLS) sites, and relaunches from existing projects. Around 13,000 to 14,000 units are expected to be sold in 2018.

Unsold inventories in older existing projects are also dwindling as buying demand remains strong and new launch supply remains limited. The majority of the top 20 sellers in December are already mostly sold out, with over 80% of units sold.