New private home sales in S'pore fall 31% in September as developers hold back launches

SINGAPORE – New private home sales posted a double-digit drop for a second straight month as many developers held off on new launches following a sharp rise in Covid-19 community cases and tight visitor restrictions.

The number of units moved fell 31 per cent to 834 units in September from 1,216 in August, while sales dropped 37 per cent from 1,329 units moved a year ago, according to Urban Redevelopment Authority (URA) data released on Friday.

A mere 210 new homes were put on the market last month, down 75 per cent from 836 in September and a 84 per cent plunge from 1,340 a year ago. Over half of the units placed on the market were from one sole new project in the city fringe area – Bartley Vue, which launched 115 units.

There were no major new launches in the suburbs, or outside central region (OCR), other than Parc Greenwich EC, which moved 335 of its 496 units at a median price of $1,229 per square foot.

Five of the top selling condominiums last month were existing projects in the suburbs, with another five in the city fringe and prime district, suggesting growing interest in homes in the central area, PropNex Realty chief executive Ismail Gafoor said.

“Sales in the (city fringe and prime district) should continue to pick up, supported by upcoming launches at Canninghill Piers, Perfect Ten and Jervois Mansions. Homes in the central region tend to be more popular with investors and foreign buyers. As border restrictions and safe management restrictions slowly ease up, sales should pick up slightly towards year end,” he said.

Meanwhile, sales of new private homes in the suburbs that went for at least $2 million hit new highs in the first nine months this year, Ms Christine Sun, senior vice-president of research and analytics at real estate firm OrangeTee & Tie, noted.

Citing URA Realis caveat data, 583 non-landed homes were transacted at more than $2 million each, she said. These were from 24 condos in the suburbs, with Parc Clematis recording the lion’s share of such sales at 161 units.

Including executive condominiums (ECs), new home sales fell 2 per cent to 1,296 units last month from 1,323 in August. Compared with a year ago, sales slipped 6.4 per cent.

Ms Sun observed though that the EC market is starting to set new price highs.

A 160 square metre EC at OLA along Anchorvale Crescent sold at $2.102 million or $1,221 psf this month, smashing the previous record of $2.076 million inked in July this year at the same project.

Seven new ECs were sold at above $2 million this year, compared with just one sold at that level at OLA last year, and another in [email protected] Tampines at $2.05 million in 2013.

The number of ECs sold for at least $1.5 million also notched a new high. In the first nine months this year, 281 new ECs from projects including Piermont Grand, Parc Central Residences, Provence Residence, Parc Greenwich, and OLA changed hands for at least $1.5 million each, Ms Sun said.

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