April Fool's!: New sale launches dropped 19% in April despite big jump in unit sales

Here's the dark side to the good news.

Developers may seem like they're popping the champagne on the 55% increase in private residential unit sales, but at the back of all the festivities, they're stressing over the 19% drop in new sale launches. Only 586 private residential units were launched in April, versus March's 724.

OrangeTee reported that according to developer sales data, 745 private residential units excluding Executive Condominiums were sold in April, up from 480 units sold in March, representing a 55% m-o-m increase.

Here's more from OrangeTee:

However, on a y-o-y basis, overall monthly volumes are down 46%. Despite the increased number of units sold, new sale launches fell 19% m-o-m, 586 private residential units were launched in April, down from 724 units launched in March.

Mass market homes continue to dominate sales volume Most of April’s sales were attributed to sales in the Outside Central Region (OCR). OCR sold 487 units, making up 65% of sales in April. Sales in the Rest of Central Region (RCR) and Core Central Region (CCR) reached 237 and 21 units respectively, representing 32% and 3% of the sales.

Buying activity in April was dominated by 3 projects, Lakeville, Sky Habitat and The Sorrento. Lakeville and The Sorrento were the only 2 new projects launched in April. Lakeville located at Jurong West, sold 210 out of 230 units launched, achieving a take-up rate of 91%.

The Sorrento located at West Coast Road, sold 125 out of 131 units launched, reaching a take-up rate of 95%. Sky Habitat was re-launched this April at a lower price and sold 130 units at a median price of $1,377 psf. When first launched in April 2012, it sold 131 units at a median price of $1,583 psf. Hence the price cut of around 13% has been successful in bringing buyers back to the showflat.