Singapore Property | On Thursday, November 15, 2018, the Urban Redevelopment Authority (URA) published a report that shows a 48 percent decline in the sale of private homes, exclusive of executive condos (ECs). The number of housing units dropped from 932 in September to 487 in October. The report also shows a 36 percent sales drop from 761 units.
October saw a sharp decline due to the absence of key launches. Apart from ECs, there were only 202 new launches, a drop of about 83 percent from September’s 1,169 new housing units.
There was only one major development released in October – the Newton-based 10 Evelyn project that consisted of 56 housing units, with two occupied units. However, launches such as The Tapestry and The Tre Ver availed more residences for sale.
Speaking to Business Times, senior executive Eugene Lim of Realty Key said, “Irrespective of the few numbers of homes deployed to the market, there was still a high demand from prospective buyers. Seller managed to sell 2.4 times units than those launched. Due to the limited number of new properties unveiling, buyers opted to purchase units from projects that already existed.”
Christine Li, who serves as the head of research at Cushman & Wakefield, agrees. She said Affinity at Serangoon was the best-selling project in October. It managed to sell 81 housing units at an average price of $1,499 per square floor. Appealing prices attributed to the great sales that saw 83 percent of the housing units moved at the development project in October. The cost per unit was below $1.2 million.
Most buyers that are getting into the market show an inclination towards projects that are considered budget friendly and worth the investment.
Property specialists predict that private residences sales in November will bounce back due to numerous big project launches like Parc Esta, Kent Ridge Hill Residences, Whistler Grand, The Woodleigh Residences, and Belgravia Green.