Residential developers should expect ‘uneven’ sales performance this year

Data also shows that suburban projects have stronger performance versus central areas.

Singapore’s strong take-up rate this year could drive residential developers to launch more new projects, but sales performance could be “uneven”, warned a Morgan Stanley research note.

Also, data from the Urban Redevelopment Authority and Morgan Stanley's latest edition of ASEAN Property Pulse indicated that suburban projects, including The Orie, Emerald of Katong, and Norwood Grand, have seen stronger sales compared to centrally located developments such as Union Square Residences and Collective at One Sophia.

The overall residential property market saw strong demand in late February, with the Parktown Residences achieving an 87% take-up rate during its launch.

Developer UOL reported that a unit was sold every two minutes.

The project’s success, along with City Development’s The Orie in the previous month, is expected to encourage more residential launches this year.

However, UOL cautioned that sales performance could vary, particularly for projects closer to the central business district, where investor interest appears to be weaker compared to owner-occupier demand in suburban areas.

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