SINGAPORE – The private home market resumed its upward momentum in November with sales up nearly 19 per cent month on month following a 225 per cent surge in the number of new homes launched.
Last month’s uptick in sales to 767 units from 645 in October came following a short-lived sales pull-back in October after the Urban Redevelopment Authority (URA) clamped down on the re-issue of options to purchase.
“November’s healthy sales indicate that not all segments of the market were affected by the new curbs on the re-issuing of OTPs. There are many genuine buyers who can afford a private home without applying for an OTP extension,” said Ms Christine Sun, OrangeTee & Tie’s head of research and consultancy.
She added that vaccine optimism has bolstered investor confidence over Singapore’s economic recovery and raised hopes that the global Covid-19 pandemic may soon be under control.
Year on year, November sales are still down 34 per cent from 1,165 units sold in the same month last year, even as the number of new units launched last month jumped 45 per cent year on year to 1,375 units.
The figures from the URA on Tuesday (Dec 15) exclude executive condominium (EC) units, which are a public-private housing hybrid.
If ECs are included, 815 new private homes were sold last month, up nearly 19 per cent from October and down 31.3 per cent from a year earlier, URA data showed. There were no EC units launched last month.
Two new projects in the city-fringe or rest of central region – the 120-unit The Linq @ Beauty World and 396-unit The Landmark – were launched last month, resulting in the RCR accounting for 58.3 per cent of the total new home sales (excluding ECs).
More than 30 per cent of sales were in the suburbs or outside central region (OCR) and 11 per cent were in the prime or core central region (CCR).
The best-selling projects were The Linq @ Beauty World, The Landmark, The Garden Residences and Treasure at Tampines.
Well-heeled buyers’ appetite for pricier homes remained strong last month, with the number of new homes sold above $2,000 per square foot jumping to 393 units last month from 53 units in March this year.
“30 new private homes were sold above $3 million last month, the highest number recorded since January this year. Of this number, nine ultra-luxury homes above $5 million were transacted, two of which were low-floor units at Boulevard 88 that changed hands for more than $10 million,” Ms Sun noted.
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