About Home Sales in October Fell 68.4% from the Previous Month to 312 Units | In October, developers fetched three hundred and twelve new homes, not including executive condominiums (ECs), which represent a sixty eight point four per cent decrease compared to the previous month before. Therefore, as per now this seems to be the smallest number of units sold in a one month since April 2020, when two hundred and seventy seven units were also fetched. And so, on a year-to-year basis, new home sales fell by sixty five point eight per cent.
The decrease is due to little or no new project launches. In the tenth month of 2022, developers launched one hundred and two new homes excluding ECs – the smallest number registered since September 2017. During the month, 480 (75%) units were sold at a median price of $1,345 psf. Other launches were few, such as the boutique condominium Enchante and landed Pollen Collection located at Nim Road and Evelyn Road consecutively.
More on Home Sales in October Fell 68.4% from the Previous Month to 312 Units
Huttons’ Lee also attributes the reduced number of new home sales in October was propelled by what is called “critically low unsold stock” in the market. “The approximated projects and unsold units counted at two thousand and thirty-one as of end-October 2022. This restrained the selection for purchasers and capped the monthly sales,” he noted.
A total of one hundred and seventy one new homes were sold in the (CCR), popularly known as Core Central Region in October, accounting for 54.8% of the total number of new homes sold island-wide. The three projects that saw the most sales were Pullman Residences Newton where 13 units were sold), Perfect Ten (37 units sold), and Hyll on Holland (12 units sold). Prices for these homes ranged from almost $2,800 psf to more than $3,000 psf, according to Leonard Tay, head of research at Knight Frank.
The remainder of the Central Region saw 81 new homes sold, including the following projects One Pearl Bank where (15 units sold), Riviere (16 units sold), and The Landmark (12 units sold). However, the Outside Central Region witnessed 60 new homes sold.