Private home sales fall 8.7% year-on-year in November

Private home sales fall 8.7% year-on-year in November

Parc Botannia
An artist's impression of the condominium. (Photo: Parc Botannia)

SINGAPORE: Sales of new private homes fell 8.7 per cent in November compared to the same period a year ago, according to data released by the Urban Redevelopment Authority (URA) on Friday (Dec 15). 

Excluding executive condominiums (ECs), developers sold 785 units last month, compared with 860 units in November 2016. 

On a month-on-month basis, however, sales rose 3.3 per cent from the 760 units sold in October. 

The increase can be attributed to the "strong sense of urgency" among buyers, said CEO of PropNex Realty Ismail Gafoor. "They sense that developers are likely to increase prices of existing projects in tandem to new project prices in 2018,” he added.

PropNex also noted that November's numbers are "commendable", given that there was only one new launch, Parc Botannia, which accounted for 32.2 per cent of units sold last month.

Including ECs, 933 units were sold in November, a drop from the 971 sold the previous month. 

Looking ahead, sales in December and January will likely taper due to the school holidays and the lack of major projects for launch, said Mr Gafoor.

Source: CNA/gs