Private homes sales up 23.2% to 1,147 units in November

Mixed residential developments were the most popular among home buyers.

Private home sales in Singapore jumped 23.2% MoM in November to 1,147 units from 931 units in October, according to an Urban Redevelopment Authority (URA) report.

This is despite the fact that condo launches declined by 17% MoM to 740 units over the same period.

On a YoY basis, new home sales declined by 4.5% from the 1,201 units posted in November 2018, as sentiment recovered four months after the cooling measures in July 2018.

The top three best-selling projects for the month came from mixed residential developments, led by Sengkang Grand Residences, which sold 235 units at a median price of $1,741 psf. Parc Esta followed as it sold 102 units at around $1,685 psf, and One Holland Village Residences, which transacted 87 units at $2,604 psf.

Excluding executive condos, new home sales totalled 9,547 for 11M 2019, up 10.2% YoY from 8,662 units.

“This is the fifth time in 2019 that monthly developer sales has crossed the 1,000 mark, which demonstrates a resilient market and strong underlying demand for properties,” Huttons Asia analyst Sze Teck Lee noted. 

OT Group’s head of research Christine Sun sights that with more than 7,000 new homes being sold in the first three quarters of this year, the total number of new home sales is likely to fall within the earlier projection of between 9,000 and 10,000 units for the whole of 2019.

Collier International’s Trisha Song on the other hand, forecasts that sales could hit the 10,000 unit count. “December could see slower sales due to the festivities and holidays. We expect developer sales could touch 10,000, surpassing 2018’s 8,795, but still lower than 2017’s 10,566 units,” noted Song.