Pent-up demand, new launches to drive home sales higher in March

More buyers might be enticed to commit.

Developers may see higher sales at their residential projects in March, as pent-up demand begins to catch up with existing supply.

PropNex CEO Ismail Gafoor noted that demand has been building up because of market anticipation of prices falling since 2014, which might cause sales volume to pick up after the Chinese New Year period as buyers start to source for homes after the festivities.

“A plethora of upcoming new launches such as Kingsford Waterbay, Botanique At Bartley and Northpark Residences may entice buyers to commit,” he noted.

This sentiment is echoed by Colliers Director of Research & Advisory Chia Siew Chuin, who noted that demand may pick up as developers launch more new projects.

“Well-located and competitively-priced projects remain in demand and this should help to steer developers’ strategies. As developers gear up for more launches, primary market sales volume is expected to improve to between 400-600 units in March,” she said.

Meanwhile, Desmond Sim, head of CBRE Research, Singapore & Southeast Asia stated that the spectre of an interest rate hike could push more buyers to purchase properties in the near future.

“With the prospect of interest rates rising further, some buyers sitting on the fence might be swayed to hasten their decision to buy and lock in interest rates,” he noted.