February New Home Sales Dropped | Due to the scarcity of new launches and Chinese New Year celebrations, developers experienced a fall in the sale of new privates units. From January’s 1,609 units, a drop of 60% to 639 units in February was palpable.
The Normanton Park units, the solely new project in January changed from 1,862 units to 625 units.
Ismail Gafoor, the CEO of PropNex propounded that, “A plunge in the sales of brand private homes in February was evident as a result of the dearth of brand projects launches in the course of the month. The presence of Lunar New Year festivities” quoted by Business Time. (BT)
Also, “Apart from executive condos, in January, 1, 609 units were sold; 639 brand homes were moved by developers as disclosed on URA Realis data,” He said.
From 976 units moved in February 2020, there was a drop of 34.5% in new homes yearly.
URA is set to release the monthly sales data in March.
The lower sales of new private homes in February were ascribed to the property marketing turning, by Orange and Tie’s Senior Vice-President of Research and Analytics; Christine Sun. He said as quoted by Business Time (TB), “Developers and consumers to some extent act as if they have listened to the government advice to execute greater cautiousness because of the ongoing macroeconomic uncertainties.”
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On the other hand, while sales tend to drop year after year; and month after month, Ismail holds to the view that the drop might not be fair at all when compared.
He said that the rise of the new units’ sales in January is said to have been supported by new launches such as Normanton Park and The Reef at King’s Dock, whereas last year in February, the Middle Road confirmed a huge demand at launch.
In addition, the big projects including Treasure at Tampines, Jadescape, and Parc Clematis had been constantly lagging down their unsold units in February 2021 despite little projects being put on the market.
Generally, the whole idea of lower sales in February exuding a plunge in the primary market doesn’t resonate deeply with Ismail. Instead, he believes that the new projects increase demands during the month of launch. Therefore, with some new projects on hold such as Midtown Modern and The Atelier, people should anticipate an increment in the number of sales in March.
Discover more upcoming launches by visiting Pasir Ris 8, a mixed development in the East, Irwell Hill Residences; a launching soon development or CanningHill Square, another mixed development where Liang Court was.