Sales of new private homes see sharp drop of almost 60%

SINGAPORE: The Urban Redevelopment Authority (URA) has released figures revealing a significant downturn in the sale of new private homes, with numbers plummeting by a staggering 58% last month. According to the data provided by URA, only 301 units were sold in April, marking a stark contrast to the previous month’s figures.

When factoring in executive condominiums, the total number of units sold in April reached 352. However, this still represented a drastic 58% decrease compared to March’s numbers, painting a grim picture for the real estate market.

The URA data further highlights the subdued market sentiment, with developers launching a mere 278 new units last month. Despite the limited supply, one project stood out in terms of sales performance. The Botany at Dairy Farm, located on Dairy Farm Path, emerged as the best-selling project, with a total of 50 units sold in April.

The median price per square foot for The Botany at Dairy Farm was reported at $2,004, indicating a steady demand for premium properties despite the overall downturn in sales.

The decline in new home sales comes amidst ongoing economic uncertainties and measures aimed at cooling the property market. Industry experts speculate that factors such as rising interest rates and tighter lending restrictions may have contributed to the subdued demand witnessed in April.