Private home sales plunged 47.5% in November as festive lull kicks in

Only 412 units were sold last month.

Private home sales plunged 47.5% month-on-month in November, on back of the traditional year-end sales lull.According to Colliers, buyers only picked up 412 units, a considerable drop from the 785 units sold in October.

Excluding executive condominiums, the primary market launch volume increased 27.1% month-on-month to 859 units as developers homed in on the closing window of opportunity to release new units in view of the fast approaching year-end festive and holiday season. 

Here’s more from Colliers:

Only two projects were launched in November 2014 – the 493-unit Sophia Hills and 250-unit Tre Residences located in the Core Central Region (CCR) and Rest of Central Region (RCR), respectively.

As a result of these new project launches, launch volume in the CCR increased 10.3% MoM to 494 units and in the RCR, launch volume increased 17 folds to 273 units.

Over in the Outside Central Region (OCR), developers focused on moving units from previously launched developments, releasing 92 units, down 56.6% MoM.

Overall, the units launched in the CCR, RCR and OCR constituted 57.5%, 31.8% and 10.7% of islandwide new launches (exclude ECs) respectively.