Private home sales see 165% jump year-on-year in August

Private home sales see 165% jump year-on-year in August

Le Quest, located at Bukit Batok Street 41. (Photo: Le Quest/Facebook) 

SINGAPORE: Private home sales saw a 165 per cent year-on-year jump last month, according to the latest figures from the Urban Redevelopment Authority (URA) on Friday (Sep 15). 

A total of 1,241 private home units - excluding executive condominiums (ECs) - were sold in August this year, compared with 468 units sold in the same month in 2016. 

On a month-on-month basis, private home sales went up by 12 per cent, compared with the 1,111 units sold in July.

Including ECs, property developers sold 1,581 units in August, a 24 per cent drop from the 2,091 sold in the previous month. 

The top-selling development was Le Quest in Bukit Batok, which was launched last month. Buyers snapped up 286 of the 300 units put on the market.

Developers launched 774 units in August, compared with 602 units in July - excluding ECs. A total of 531 EC units were launched in July while no ECs were launched last month.

PRIVATE HOME SALES SET TO CROSS 16,000 THIS YEAR: ANALYST

In a media release, real estate firm PropNex said the private new homes segment did relatively well in August, even though there was only one new launch in the month. 

PropNex added that the total units sold in the first eight months of the year - excluding ECs - has surpassed that of 2016. Its CEO Ismail Gafoor said he believes private home sales may cross the 16,000 mark by the end of the year. 

“Buyers are more prepared to pick up existing projects that are rightly priced, fearing that prices might increase by more than 10 per cent come next year, with the recent aggressive land bids from recent land sales,” he said.

Source: CNA/dl