New private home sales recover in Singapore, highlighting a positive trend in Singapore private home sales.
November Sees 19% Increase in Sales
SINGAPORE – The private home market resumed its upward energy in November with sales up almost 19 percent month on month following a 225 percent surge in the quantity of new homes dispatched.
Last month’s uptick in sales to 767 units from 645 in October came following an impermanent pullback in October’s sales after the Urban Redevelopment Authority (URA) braced down on the re-issue of options to purchase.
Buyers Remain Active Despite New OTP Curbs
“November’s solid sales indicate that not all segments of the market were influenced by the new curbs on the re-issuing of OTPs. There are numerous genuine buyers who can afford a private home without applying for an OTP extension,” said Ms. Christine Sun, OrangeTee and Tie’s head of research and consultancy.
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She said vaccine optimism has bolstered investor certainty over Singapore’s monetary recovery and raised hopes that the worldwide Covid-19 pandemic may soon be leveled out.
Existing projects continued to sell at a steady movement, Ms. Wong Siew Ying, head of research and substance, PropNex, noted. “Around 70% (or 540 units) of November’s sales were from projects effectively available.”
Market Resilience Expected to Continue Into December
The private home market’s resilience could well spill over into December, analysts say. With pandemic-drove travel restrictions throwing a spanner into most outbound special plans, December is probably going to be anything however a break period for property sales said PropNex CEO Ismail Gafoor. She said vaccine optimism has bolstered investor certainty over Singapore’s financial recovery and raised hopes that the worldwide Covid-19 pandemic may soon be leveled out.
Existing projects continued to sell at a steady movement, Ms. Wong Siew Ying, head of research and substance, PropNex, noted. “Around 70% (or 540 units) of November’s sales were from projects effectively available.”
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New private home sales recover In November
The private home market’s resilience could well spill over into December, analysts say. PropNex CEO Ismail Gafoor said pandemic-driven travel restrictions have disrupted most outbound vacation plans, so December is unlikely to be a quiet period for property sales. She added that vaccine optimism boosts investor confidence in Singapore’s economic recovery and raises hopes of soon controlling the global Covid-19 pandemic.
Existing projects continued to sell at a steady movement, Ms. Wong Siew Ying, head of research and substance, PropNex, noted. “Around 70% (or 540 units) of November’s sales were from projects effectively available.”
The private home market’s resilience could well spill over into December, analysts say. PropNex CEO Ismail Gafoor said pandemic-driven travel restrictions have disrupted most outbound vacation plans, making it unlikely that December will be a lull period for property sales. He added that vaccine optimism is boosting investor confidence in Singapore’s economic recovery and raising hopes of soon controlling the global COVID-19 pandemic.
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Existing projects continued to sell at a steady movement, Ms. Wong Siew Ying, head of research and substance, PropNex, noted. “Around 70% (or 540 units) of November’s sales were from projects effectively available.”
The private home market’s resilience could well spill over into December, analysts say. PropNex CEO Ismail Gafoor said pandemic-driven travel restrictions have disrupted most outbound vacation plans, so December is unlikely to be a quiet period for property sales.
Strong Launches in December to Push Sales Past 1,000 Units
“With two new projects out in December – Ki Residences and Clavon Launch which have respectively sold 143 and 442 units during their dispatch – we anticipate that new home sales should cross the 1,000-unit mark this month,” he said.
Small marvel that developers are gearing up for all the more new launches instead of commonly winding down for the holidays. Some 13 new projects expected to hit the market in the coming months include Normanton Park with 1862 units, The Reef at King’s Dock with 429 units, and Midtown Modern with 558 units. Developers plan to launch two ECs — Parc Central Residences and Provence Residence — according to Nicholas Mak, Head of Research and Consultancy at ERA Realty.
Year-on-Year Figures Show Sales Still Lagging
However, November’s sales still fell 34 percent compared to the 1,165 units sold in the same month last year, even though developers launched 1,375 new units — a 45 percent year-on-year increase.
The figures from the URA on Tuesday (Dec 15) bar chief condominium (EC) units, which are a public-private housing crossover.
Including ECs, developers sold 815 new private homes last month, representing an increase of nearly 19 percent from October but a 31.3 percent drop from a year earlier, according to URA data. No new EC units were launched during the month.
Two new projects in the city fringe or Rest of the focal locale – the 120-unit The Linq @  Beauty World and 396-unit The Landmark – beat the best-sellers’ list in November. The Linq @  Beauty World sold 118 units at a middle cost of $2,171 per square foot (psf), while The Landmark shifted 109 units at a middle cost of $2,135 psf.
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On the whole, the two projects represented almost 30% (227 units) of completely new home sales during the month, PropNex said.
More than 30% of sales were in the suburbs or outside the focal district (OCR). Additionally,11 percent were in the prime or center focal area (CCR).
The best-selling projects were The Linq @  Beauty World, The Landmark, The Garden Residences, and Treasure at Tampines.
Read More About Treasure At Tampines Condo.
