New private home sales up 29% year-on-year in September

Original article from Straits Times by Grace Leong published on 16th October 2017.

New Home Sales Up by Straits Times

SINGAPORE – The number of new private homes sold in September rose 29 per cent from a year ago, according to Urban Redevelopment Authority (URA) data released on Monday (Oct 16).

Developers sold 657 units last month, 148 units or 29 per cent more than 509 new private homes moved in September last year.

New private home sales last month though were down 47 per cent from 1,246 units sold in August. Analysts attribute the slower sales to the Hungry Ghost Month effect, when sales typically drop off.

 But the takeup of new homes excluding ECs for the nine months of this year has been robust, jumping 62.9 per cent to 9,582 from 5,883 in the same period last year.

The top-selling private residential project last month was Chinese developer Kingsford’s Kingsford Waterbay in upper Serangoon, which sold 45 units at a median price of S$1,289 per sq ft. In the EC segment, Parc Life at Sembawang Crescent is the top selling project last month, which sold 48 units at a median price of S$795 per sq ft.

Developers launched just 73 private homes – excluding executive condos (EC) – in September down 84.8 per cent from 479 homes launched a year ago.

In the EC segment, 249 new units were transacted last month, when no new EC projects were launched.

Combined, there were 906 private homes and ECs sold last month, 17.8 per cent lower compared with 1,581 in August.

But year-on-year, total sales of new private homesand ECs were up 42.9 per cent from September last year.

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