New home sales surge 90% in September led by Rest of Central Region

RCR sold 221 new units, fueled by the success of 8@BT.

New home sales, excluding executive condominiums (ECs), soared 90% QoQ MoM to 401 units in September, the Urban Redevelopment Authority (URA) reported.

Year-on-year, sales rose 84.8%. 

Sales, including ECs, grew by a more modest 75.3% MoM to 433 units, as EC transactions fell by 11% MoM to 36 units.

The Rest of Central Region led submarkets with 221 new units sold, driven by the success of 8@BT. 

Sales in the region for September were more than three times higher than in August. 

The region also accounted for about 55% of new home sales in September, according to PropNex.

The Outside Central Region also reported higher sales in September, transacting 165 units, or 32% more than in August.

The most popular OCR project was Hillhaven, which sold 46 units at a median price of $2,120 psf.

In contrast, sales in the Core Central Region dropped to 15 units, down from 20 in August.

September marked the lowest monthly new home sales in the CCR since January 2009, when only 13 units were sold.