SINGAPORE: New home sales plummet in February 2024, painting a grim picture for the property market, Singapore Business Review reports.

According to data from the Urban Redevelopment Authority (URA), sales of new private homes plummeted by 47% compared to January, with only 149 units finding buyers.

This figure marks the lowest monthly sales since December 2023 and the bleakest February sales since the recession-hit year of 2008.

But the gloom doesn’t end there. The total sales of new homes, including executive condominiums (ECs), experienced a significant decline of 68.9%, falling from 588 units in January to a mere 183 units in February 2024.

A year-on-year comparison reveals a stark reality of the drop in sales. Last month’s sales, excluding ECs, saw a 65.6% downturn compared to the 433 units recorded in February 2023.

In February, excluding ECs, most developer transactions were concentrated in city fringe areas and suburbs, with 38.9% in each the Outside Central Region (OCR) and the Rest of the Central Region (RCR).

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In the Core Central Region (CCR), transactions accounted for only 22.1%, marking the third consecutive month of decline because of the lack of new luxury launches. 

The three top-selling projects were The Botany at Dairy Farm, Pinetree Hill, and Grand Dunman.

Adding to the woes, URA Realis data revealed a peculiar trend – no new condominiums were sold for more than S$10 million in February 2024. However, eight condos fetched prices between S$5 million and S$10 million. /TISG

Read also: Significant surge in private home sales in January; more than double in December