SINGAPORE: Data from the Urban Redevelopment Authority (URA) on Monday (Dec 16) showed that private home sales rose to their highest level in over a decade.
In November, 2,557 new units were sold. This figure even excludes Executive Condominiums. This is greater than the previous six months combined and more than three times the 784 units sold in November 2023.
Moreover, it is the highest number of units sold in a single month in more than ten years, since March 2013, when 2,793 units were sold, said OrangeTee Group chief researcher and strategist Christine Sun.
In comparison, only 738 units had been sold in October, which means a 246.5 per cent month-on-month increase.
Breaking down by area, 98 units sold are located in the Core Central Region (CCR), while 890 are in the Outside Central Region (OCR). Meanwhile, 569 are found in the Rest of the Central Region (RCR).
According to The Business Times, the surge in sales of private homes last month is due to consecutive project launches, robust demand, and rising consumer sentiment.
In November, there were six private home launches, which BT characterized as unprecedented. Four of the projects were even launched on the same weekend.
One such launch located in the eastern part of Singapore, Emerald of Katong, sold 99 per cent of the 846 units it offered at a median price of S$2,627 per square foot.
“Many buyers were eager to take advantage of attractive deals as several prominent projects were launched simultaneously,” CNA quoted Christine Sun, the senior vice president of research and analytics at the OrangeTee Group, as saying.
With the addition of Executive Condominiums, there were a total of 2,891 units sold in November out of 3,375 units that were launched. In the same month last year, 970 units were launched, while 800 were sold.
Between January and November, 6,344 new private homes in all were sold, already beating the total of 6,421 units sold for the entirety of 2023. According to PropNex research head Wong Siew Ying, 2023’s numbers were the lowest in 15 years.
As further proof of strong housing demand, developers have sold 3,295 condominiums and private apartments in October and November, which is higher than the 3,049 units sold from January to September of this year.
However, some industry experts noted that November’s sales may be a one-time occurrence.
“November’s robust sales have to be in context and they do not automatically imply that an unfettered resurgence is upon the private housing market.
Buyers, by and large, remain discerning and continue to take a long-term view of their property (purchases),” BT quotes Ms Wong as saying.
The featured photo of Emerald of Katong may be found here. /TISG
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