Thanks to over 1,070 sold units in latest launches.
According to Barclays, URA data showed that February developer sales have plunged 65% m/m to 708 units on 1) January measures (steep increases in Additional Buyers Stamp Duty and lower Loan-to-Value) taking effect; 2) developers launching 85% fewer new projects as they took stock of the new measures; and 3) Chinese New Year festivities (Feb 10).
Barclays believes March should see a strong rebound as the month-to-date takeup of the new launches – D’Nest, Urban Vista, Trilinq, Sennett Residence, has already exceeded 1,070 units.
"Contrary to market expectations, we do not expect more measures in the near term, as selling prices have generally been flattish and the government recognizes that there is pent-up demand," Barclays said.
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