Chart of the Day: ECs snap up 45% of developer home sales in April

Some projects like Verandah and Rivercove Residences have sold 80% of units within one day.

Executive condominiums (ECs) snapped up 45% of total home sales by developers in April, according to PropNex Realty, as the pickup in the property market continues to breed aggresive market takeup. 

Rivercove Residents, an EC development in OCR, was the best performing proejct in April after selling 512 units at a median price of $970 psf, contributing 86% to total EC sales.

“Recent launches in April and May at Verandah Residences, Rivercove Residences EC, Twin VEW witnessed close to or even more than 80% units sold within a single day," said PropNex Realty CEO Ismail Gafoor.

"This demonstrate the ongoing strong appetite from home buyers, upgraders and foreign investors who are snapping up smaller units of 1 to 2 bedrooms within the first few hours of the launch."

Also read: Private home prices up 3.9% in Q1 as foreigners scramble for good deals

Developers have been fast-tracking their projects launches in the coming weeks with major launches including The Garden Residences, Affinity at Serangoon, Margaret Ville, South Beach Residences and The Jovell. "This is rather unusual as most developers would typically avoid the June holidays to launch any major projects; as seen from a dearth of major launches in the month of June from 2015 to 2017," according to Orange Tee & Tie head of research and consultancy Christine Sun.

As a result, Sun forecasted a greater number of sales transaction by June.