SINGAPORE: Sales of new private homes rose 23 per cent in November from the previous month, boosted by demand for projects launched during the last two years.
Developers sold 1,147 homes, excluding executive condominiums, in November, compared with 931 homes in October, according to data compiled by the Urban Redevelopment Authority (URA).
Year-on-year, however, sales were 4.5 per cent lower than the 1,201 units sold in November last year.
Five new projects were launched in November, with developers releasing 740 homes for sale, compared with 892 units in October and 1,342 homes in November 2018.
While some new launches proved popular, sales from older developments helped bump up the numbers.
Buyers snapped up 235 units at the newly launched Sengkang Grand Residences, the top-selling project of the month, at a median price of S$1,741 psf.
But out of the top five best-sellers, three were existing developments that continue to draw buyers.
Parc Esta, which launched in November 2018, sold 102 homes a median psf of S$1,685.
Jadescape, which launched in September last year, moved 60 units at a median psf of S$1,679, while Parc Botannia, which was launched two years ago, moved 59 units at S$1,341.
Sales have crossed the 1,000-unit mark for the fifth month this year compared to three months in 2018, said PropNex Realty CEO Mr Ismail Gafoor.
"The attractiveness of the newly launched projects such as Sengkang Grand Residences and One Holland Village Residences, provided the added boost in drawing buyers and investors for the month of November," he said.
"Existing projects that were previously launched ... have continuously retained its desirability due to its attractive pricing."
OrangeTee head of research and consultancy Christine Sun noted that developers had a "final burst" of launch activity before the year-end holidays.
Besides Sengkang Grand Residences and One Holland Village, the new projects launched include Dairy Farm Residences, The Iveria and Pullman Residences, Newton.
Ms Sun noted that developer home sales are expected to end on a stronger note this year.
Mr Ismail also said that the sales volume for 2019 to date has reached 9,547 units, excluding ECs, exceeding the 8,795 homes sold in the whole of last year.
Both said that the total number of units sold in 2019 could reach 10,000 and that sales momentum is likely to keep its pace next year.
Ms Sun added: "The US and China had reached a phase-one trade agreement in principle, which may help de-escalate trade tensions and boost market confidence. We anticipate that the next wave of inbound capital may continue to enter Singapore’s property market next year with more Chinese capital flowing south."