Home sales rose 21% to 522 units sold in January

The property market opened the year on a high note.

Singapore’s residential property market opened the year on an encouraging note as home sales rose 21% MoM to 522 sold units in January, according to Orange Tee Research.

Buyers snapped up deals for previously launched projects. Even as no new home projects were unveiled this month, homebuyers aggressively snapped up deals for previously launched projects buoying the figures to the highest January sales volume in four years. 

Symphony Suites retained the spot as the best-selling project for the second consecutive month after selling almost all units but 4 at a median price of $1,085 per square feet. Gem Residences similarly posted a similarly high sold out status at 90.1% after selling 521 out of 578 units. 

“The robust demand bodes well for the year ahead as substantial supply is expected to come into the market at possibly higher costs due to rising land prices,” the report noted. 

Despite the higher buyer’s stamp duty (BSD) rates for residential properties announced in Minister Heng Swee Keat’s budget address, the property market remains on good enough footing to withstand higher rates.

“This change is not expected to have a significant impact on the property market outlook, as the new BSD calculation does not result in a significant price difference,” said Orange Tee.

However, developers must remain prepared as the market’s momentum may soon be cut short with home sales expected to dip by February due to a glaring lack of major new housing launches and falling unsold stock of existing launches.