Singapore’s new private home sale has surge 57.3 percent in February. There has been a surged more than 114 percent from a year ago defying looming global recession and the coronavirus outbreak. Home sales in February have been the second strongest sales record in eight years. Due to competitively priced new projects, developers have increased 975 private homes by 57.3 percent. This is an increase from the 620 units being sold the previous month.
The latest figure is also higher than the 455 units sold last year in February. The data doesn’t disclose sales of executive condominium (EC) units. In several reports, we have seen a strong demand for Parc Canberra in Sembawang. The Parc Canberra in Sembawang remains the only new EC launch so far this year. Developers saw home seeker purchase 1,314 units last month, which is 105.3 percent from the 640 units sold in January. It is also 187.5 percent more than the 457 units sold in February last year.
More on February Home Sales Increases by 57.3 percent in Singapore
“While we remain optimistic about home sales, much would depend on the economic recession caused by the coronavirus outbreak. And whether there are large-scale job losses, widespread disengagements. That will certainly dampen housing demand,” says Head of research for Singapore, Colliers International, Mrs. Tricia Song.
Nowadays, low-interest rates are also helping to support housing demand. In the USA, the Federal Reserve has slashed interest rates to near zero. It also restarted its quantitative easing program as part of an emergency stimulus. The Urban Redevelopment Authority data reported has shown the actual number of units launched. The report also states that new launch was increased by 56 percent to 933 units in February. And from 598 units the previous month, February top sellers, like The M Condo, also sold 380 of the 522 unit in Bugis. This attracted several home buyers near the Bugis MRT station, Suntec City, and Bugis Junction.
Other top selling developments include Treasure at Tampines, moving 97 units. The others include Parc Esta near Eunos MRT, with another 53 units sold, Jadescape near Shunfu MRT, moving 46 units and lastly, Parc Botannia, moving 40 units.