New home sales more than double in September

This was linked to two new mass market projects – Lentor Modern and Sky Eden@Bedok. 

New home sales soared in September after it more than doubled from August’s sales volume, the Urban Redevelopment Authority (URA) reported. 

The URA reported that a total of 987 new private homes excluding executive condos were sold during the month. This is up 125% from 438 units sold in August. 

This is also considered as the highest monthly home sales since May 2022 when developers sold 1,355 units. 

“The surge in new home sales in September came off the back of two new launches Lentor Modern and Sky Eden@Bedok, shorn of the sales from these two projects, the take-up of private homes in the primary market was actually fairly tepid, given the dwindling stock of unsold units in existing launches,” Wong Siew Ying, Head of Research & Content, PropNex Realty, said.

Read more: New home sales unhindered by rising mortgage rates

Lentor Modern and Sky Eden@Bedok sold 633 new homes combined. The projects accounted for 64% of the monthly sales in September. 

PropNex Realty, meanwhile, expects that home sales excluding executive condos will muted in October, whilst the executive condos segment will likely see an increase in activity. 

“We have already witnessed a strong interest in Copen Grand EC based on the number of  visitors to the show flat, with would-be buyers likely attracted to its location near the Jurong  Lake District and within the upcoming green and smart Tengah estate,” Ying said.

“In addition, EC buyers can also opt for the deferred payment scheme and may be eligible for CPF housing grant of up to $30,000. Those who are upgrading from HDB flats to a new EC also need not pay the additional buyer’s stamp duty upfront. We think these factors will increase the appeal of EC units among would-be buyers.”