New private home sales down 59.8% year-on-year in March

New private home sales down 59.8% year-on-year in March

condo launch file
Potential buyers at the launch of a new condominium in Singapore. (File photo: TODAY)

SINGAPORE: Sales of new private homes fell 59.8 per cent in March compared to the same month a year ago, according to data released by the Urban Redevelopment Authority (URA) on Monday (Apr 16).

Excluding executive condominiums (ECs), developers sold 716 units last month, compared with 1,780 units in March 2017. 

On a month-on-month basis, sales rose 86.5 per cent in March from the revised 384 units sold in February this year, as the market emerged from the traditional Chinese New Year lull.

Including ECs, 788 units were sold in March, a drop from the 2,358 units in the same period a year ago.

A total of 614 new homes were launched by developers last month, with no new EC units launched.

Last month's figures were set against the multi-year high in March 2017, said Colliers International's head of research for Singapore Tricia Song.

"March 2017 was a multi-year high owing to two large launches in March 2017 – Park Place Residences and Grandeur Park Residences which collectively sold 701 units," noted Ms Song.

Going forward, more than 1,000 units are expected to be sold in April, said Propnex Realty CEO Ismail Gafoor, citing the launch of three projects including an EC in Sengkang, plus balance units from existing developments. 

"The second quarter of 2018 will definitely see a better performance as buyers' confidence in the property market continues and developers (are) lining up more launches within that period," he added.

For the full 2018 year, Colliers' Ms Song said that new home sale could rise by 19 per cent year-on-year to 12,600 units (excluding ECs) from the 10,566 in 2017, due to more project launches from Government land sales and collective sales.​​​​​​​

Source: CNA/hs/nc/(gs/hm)