City Developments Limited (CDL) and its parent Hong Leong Group emerged as Singapore’s top seller of residential units, selling 1,370 new homes so far this year, reported the media. This is in spite of the slow residential property market as well as the implementation of the TDSR that has spooke many buyers from buying a residential unit. Qingjian also managed to sell many units in Bellewoods EC Woodlands.
Far East Organization, which has often occupied the top spot, came in second.
The units sold – which came mostly from developments like the Jewel @ Buangkok (pictured), Coco Palms, and The Venue Shoppes & Residences – brought in over $1.4 billion, revealed Hong Leong Group.
Bellewoods EC Residential Units
A spokesperson for the group noted while “the Singapore residential property market has slowed because of the series of property cooling measures” the group’s properties sold well due to their good location.
In fact, the group’s total unit sales doubled that sold by Far East Organization, which moved 517 new homes with a sales value of over $628 million.
Its sales primarily came from projects such as the RiverTrees Residences as well as the Q Bay Residences. Other developers including Qingjian also managed to sell many units in Bellewoods EC.
Bellewoods EC Woodlands
R’ST Research director Ong Kah Seng noted this year’s developer sales have been discouraging.
Notably, the Urban Redevelopment Authority monthly developer sales data for non-landed and landed units during the first 10 months of 2014 showed that developers moved 6,705 private residential units.
Ong expects property developers to sell less than 8,000 units for the whole of 2014 including EC such as Bellewoods EC, significantly down from the 14,948 and 22,197 units sold in 2013 and 2012, respectively.
“With savvy investors continuing to hold a strategic and cautious outlook for private residential properties in Singapore, we can expect developers to continually cut prices going into the first half of 2015,” he said.”