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New Private Home Sales Down 48% In Oct

Excluding executive condominiums (ECs), private home sales declined by almost 48 percent to 487 units in October compared to 932 units in the month before. On an annual basis, sales fell by 36 percent from 761 units, according to data released by the Urban Redevelopment Authority (URA) on Thursday (15 Nov).

The sharp drop is attributed to a lack of major launches in October. Excluding ECs, home builders only released 202 new units for sale, a slump of nearly 83 percent from 1,169 units in September.

Only one development was launched in October – the 56-unit 10 Evelyn project in Newton, where two units were taken up. Nonetheless, more homes were released for sale at previous launches like The Tre Ver and The Tapestry.

“Despite the lower number of units launched, demand from buyers remained resilient. Units sold were 2.4 times that of units launched. In the absence of new launches, buyers picked up units from existing projects,” ERA Realty key executive officer Eugene Lim told the Business Times.

Cushman & Wakefield’s research head Christine Li concurs. She pointed out that October’s best-selling project was Affinity at Serangoon, which moved 81 units at a median price of $1,499 psf. One reason for the healthy sales is the attractive pricing as 83 percent of the homes taken up at the project during the month cost under $1.2 million.

“Buyers are still streaming into the market, but there is a preference for projects that are perceived to be value-for-money and affordable.”

Looking ahead, property experts believe that private home sales in November will rebound on the back of several major project launches, such as Parc Esta, Whistler Grand, Belgravia Green, Kent Ridge Hill Residences and The Woodleigh Residences.

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