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Singapore's new private home sales rebound to grow 9% in October

SINGAPORE: Sales of new private homes in Singapore rose nearly 9 per cent in October, rebounding from two months of decline.

Excluding executive condominiums, developers sold 909 private homes last month, up from 834 in September, according to data released by the Urban Redevelopment Authority (URA) on Monday (Nov 15).

Sales also increased by almost 39 per cent compared to October 2020, which saw 654 private homes sold. 

Developers launched a total of 661 units in October, fewer than the month before. No new executive condominium projects were launched.

Including executive condominiums, sales of all new private homes fell 19.4 per cent month on month, from 1,296 to 1,045.

Nonetheless, this total was the highest number of sales in October in five years, indicating resilience in the property market, said OrangeTee & Tie senior vice president Christine Sun.

BEST-SELLING PROJECTS

A majority of the homes sold were in the Outside Central Region, where 347 transactions took place. Another 281 homes each were sold in the Core Central Region and Rest of Central Region.

Buying momentum was boosted by the near-sell out of Jervois Mansion on its opening weekend, said Huttons' senior director Lee Sze Teck.

Parc Greenwich, Normanton Park, Dairy Farm Residences, The Jovell, The Florence Residences and Parc Clematis rounded out the other best-selling projects in October.

Market sentiment continues to stay buoyant with demand outstripping supply across all markets, said OrangeTee & Tie's Ms Sun.

She noted that the supply of new homes is expected to drop next year, with fewer successful en bloc deals in past years and a "moderate" number of land parcels sold under the government land sales programme.

"Given the tight housing supply, many buyers are now purchasing for fear that prices may rise further and home choices could be limited in the future," said Ms Sun.

Purchases by foreigners also increased to nearly 7 per cent in October, and interest could grow as Singapore launches vaccinated travel lanes with more countries, said Ohmyhome analyst Mohan Sandrasegeran.

"We expect Singapore to progressively return to being an optimal destination for property acquisition and investment," he added.

New private home sales in the first 10 months of 2021 have hit 10,918. This surpasses full-year sales in the past three years, said Ms Sun.

Analysts expected the private residential market to end the year on a high of 12,000 to 13,000 sales.

However, the current window of "brisk strong sales" might not last beyond the next 12 months given the expected increase in domestic borrowing rates in the second half of 2022, said Knight Frank Singapore head of research Leonard Tay.

Source: CNA/dv(rw)

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