Andy Chia April 21 2020

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New Launch Residential Sales Down 32.4% in March

Singapore developers sold 660 private homes in March, down 32.4 per cent from February as buyers beware of the threat that coronavirus posed to the global economy.

Many property analysts attributed the fall to lackluster new launch sales of the prime core central region (CCR), where only 45 units were sold, down 89.1 per cent from the previous month of 412.

The best-selling project for the month was OLA , an executive condominimum (EC), which sold 170 units.

The other top performers for private condos were Jadescape (sold 76 units), Treasure at Tampines (moved 69 units) and Parc Esta (63 units sold).

International Monetary Fund (IMF) has predicted the global economy to suffer the worst recession with a sharp contraction of 3 percent in 2020 since the Great Depression.

The property sales for April should fall further given the Singapore circuit breaker period imposed from 7 April to 4 May 2020.

In tandem with the circuit breaker, a new law [the COVID-19 (Temporary Measures) Act 2020] was passed in Parliament on 7 Apr. The aim is to reduce the risk of infection by encouraging everyone to stay home and avoid outdoor activities.

Most developers and property agents have implemented virtual showflats so that you can view the new launch projects as if you were on site physically. However, actual sales have not materialised from this new form of marketing strategy.