New private home sales jump 18% in February

New private home sales jump 18% in February

Sales of private homes by developers in Singapore rose 18.5 per cent year-on-year in February, despite an uncertain economic outlook and new property cooling measures. Wendy Wong reports.

SINGAPORE: Sales of private homes by developers in Singapore rose 18.5 per cent year-on-year in February, despite an uncertain economic outlook and new property cooling measures.

Developers sold 455 units last month, excluding executive condominiums, compared with the 384 homes sold the same time last year, Urban Redevelopment Authority (URA) data showed on Friday (Mar 15).

February's sales were also 4.4 per cent higher than the 436 units sold in January.

"Amid the absence of major project launches and the Lunar New Year festive period, new home sales continued to rise across many previously launched projects last month, a reflection of resilient home buying sentiment," said Ms Christine Sun, head of research and consultancy at OrangeTee.

READ: New property cooling measures announced: Higher ABSD rates, tighter loan limits

Developers launched 596 units last month, up from 498 homes in January and 201 units in February last year.

Affinity at Serangoon continued to sell well, offloading 88 units, following the announcement of the first phase of the Cross Island Line.

Riverfront Residences in Hougang sold 49 homes, while The Tre Ver at Potong Pasir sold 48 units and Stirling Residences 31 homes.

READ: After a ‘tale of two halves’ in 2018, Singapore’s growth outlook dims amid trade, global demand woes

Moving forward, Ms Sun said she expects homebuyers to remain selective and price-sensitive, preferring projects that are well-located, distinctively designed and competitively priced.

"Sales are expected to rev up as more projects are slated to be launched in the coming months, including Amber Park at Amber Gardens, Sloane Residences at Balmoral Road and Rivière at Jiak Kim Street," she said.

March will also see the launch of Singapore's largest condominium Treasure at Tampines. Touted as one of the key launches for the year, the 2,203-unit private condominium is expected to be one of the most attractively priced projects to be launched in the current market, said Ms Sun.

Source: CNA/aj(gs)

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