New home sales sink to its lowest level in two years

Sales declined by 68.4% MoM in October.

New private home sales dropped by 68.4% MoM to 312 units in October, marking the lowest monthly figure since April 2020, when 277 units were sold.

On a year-on-0year basis, sales declined by 65.8%.

Of the total units sold, excluding executive condominiums (ECs), 171 were from the Core Central Region (CCR), 81 were from the Rest of Centre Rion (RCR), and 102 were from the Outside Central Region (OCR).

Compared to previous months, the sales in each sub-market fell 21% MoM, 91% MoM, and 89% MoM, respectively.

PropNex said the lack of major condo project launches and limited unsold stock in the market weigh on developers' sales in October.

During the month, only two new projects were launched: the 25-unit Enchante on Evelyn Road and landed homes at Pollen Collection on Nim Road.