Singapore Residential "Rational pricing, speedy destocking" Lee

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Singapore Residential "Rational pricing, speedy destocking" Lee

Global Research

18 May 2026ab

Singapore Residential Equities

SingaporeRational pricing, speedy destocking

Real Estate

Terence Lee, CFA

Hudson Place Residences at One-North sells at "lower ASP" of S$2,458 psf Analyst

This weekend's private property launch saw surprisingly lower ASP's against comparable terence.lee@ubs.com

projects. This would contrast against the fresh benchmark prices achieved by the prior +65-6495 3570

launches of Pinery Residences and Vela Bay at S$2,546 psf and S$2,886 psf respectively. Michael Lim

We believe there are site and project specific reasons for the lower price last weekend, Analyst

that may not apply to upcoming private property launches. We also believe high project michael-h.lim@ubs.com

takeup rates will continue to be supportive towards property buyers' demand, in turn +65-6495 5902

supporting our +2%/3% p.a. volume/price forecasts. We continue to have Buy ratings

on PropNex and property developers UOL and CDL.

Pragmatic pricing strategy, enabled by lower land cost

Over the weekend, Hudson Place Residences at One-North was launched by a

consortium led by Qingjian Realty. It announced sales of over 61% of its 327 units at

average ASP of S$2,458 psf. The same consortium had also launched neighbouring

358-unit Bloomsbury Residences in April 2025, which is said to have sold 85% of units

at ASP's of S$2,525 psf as of late. We think this phenomenon speaks to the developers'

conservative pricing strategy to prioritise a higher takeup rate over a higher ASP. We

think two key reasons underpin this.

Pricing against the competition. Bearing in mind, Bloomsbury Residences had

only achieved 25% takeup of its 358 units during its weekend of launch back in

Apr'25.