New private home sales fall 61.5% in February with Chinese New Year lull

New private home sales fall 61.5% in February with Chinese New Year lull

SINGAPORE: Sales of new private homes fell 61.5 per cent in February compared to the same month a year ago, according to data released by the Urban Redevelopment Authority (URA) on Thursday (Mar 15).

Excluding executive condominiums (ECs), developers sold 377 units last month, compared with 979 units in February 2017. Including ECs, 469 private homes were sold, down from 1,308 units a year ago.

Not including ECs, sales fell 28.1 per cent in February from the revised 524 units sold in January.

A total of 186 new homes were launched by developers last month, with no new EC units launched.

According to real estate agency ERA, there were no major launches in February and "most buyers were not in the home buying mood" because of Chinese New Year falling in the middle of the month.

Despite the low-key performance in February, it is "not indicative of a market slow down", said national director of research and consultancy at real estate firm JLL, Ong Teck Hui.

Mr Ong said that launches and sales of new private homes are expected to rise in March.

"Both launches and sales of new private homes are expected to pick up from March, as developers resume project sales and more buyers return to the market after the festive lull," he said.

The top-selling private residential project in February was Queens Peak at Dundee Road with 47 units sold.

Source: CNA/aa

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