Private home sales fell 39.5% year-on-year in October

Private home sales fell 39.5% year-on-year in October

SINGAPORE: Sales of new private home units fell 39.5 per cent in October from the same period a year ago, according to data released by the Urban Redevelopment Authority (URA) on Wednesday (Nov 15).

Developers sold 758 private home units - excluding executive condominiums (ECs) - compared with 1,253 units in October last year. 

However, on a month-on-month basis, sales rose 15.4 per cent from the 657 units sold in September. 

The month-on-month figures are largely attributed to the positive market sentiment, said CEO of PropNex Realty Ismail Gafoor. 

"More investors and home upgraders are picking up units that are rightly priced. There is stronger sense of urgency amongst buyers as they are sensing that developers are likely to increase prices of existing projects in tandem to new project launches in 2018," he said, adding that the number of transactions will likely finish strong in the next two months.

Including ECs, 969 units were sold in October, an increase from the 906 sold the previous month. 

A total of 242 units were launched last month, and the top-selling development - in terms of the most units transacted in absolute numbers for the month - was Sophia Hills at Mount Sophia. 

Source: CNA/gs