March private home sales spike due to new launches

Home sales, excluding ECs, soared by 369.3% MoM.

Private home sales increased by 369.3% MoM in March as 718 new private homes, excluding executive condominiums (ECs), were sold, compared to 153 in February.

On a year-on-year (YoY) basis, sales volume grew to about 46% and 62% including ECs.

Including ECs, home sales rose by 344.9% MoM and 62.2% YoY, with 832 units sold.

OrangeTee attributed the increase in sales to more project launches made following the Chinese New Year festivities.

Amongst submarkets, the Outside of Central Region (OCR) accounted for the most sales, with 605 units sold or 84.3% of total sales.

The Rest of Central Region (RCR) and the Core Central Region (CCR) accounted for 9.2% (66 units) and 6.5% (47 units) of March sales, respectively.