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Singapore Property | New Home Sales Increases by 32.2% in January – In January we saw the sale of new private homes increase by 32.2%. About 1,609 units of new private home were sold in January compared to the 1,217 units sold in December 2020. On annual basis, new home sales excluding executive condominiums jumped 159.6% at this same period last year. This outcome has made January have the highest sales since 2013. 

The Huttons Asia Director (Research), Lee Sze Teck, said the number of units unveiled in January is also the highest figure since the URA began the series in 2007. He also said developers are beginning to push forward positive sentiment to have more units sold. 

New Home Sales Increases by 32.2% in January
Artist’s Impression of The Reef at King’s Dock

The project with the most sales in January was Normanton Park which sold 1,862 units. Other projects such as Parc Central Residences EC and The Reef at King’s Dock sold 417 units and 221 units respectively. Also, among the top five selling projects are Treasure at Tampines and Ki Residences at Brookvale.  

More on New Home Sales Increases by 32.2% in January

Lee was also amused by the sale made by Normanton Park and stated how another record was broken. 

“This also creates a positive atmosphere and begins a new phase for the property market. The positive atmosphere was caused by ample liquidity, affordable quantum, and low-interest-rate environment recovery of the property market. Perceived shortage in supply, large base of HDB upgraders, and pent-up demand for this project; also contributed to the overwhelming response to it,” he said.

The Senior Vice-president of Research and Analytics at OrangeTee & Tie, Christine Sun, revealed that the purchase of a unit was widely done by Singaporeans. She added that non-landed new homes excluding Executive Condominiums were bought by 83.4% of Singaporeans.   

In January, the private home sales of Outside Central Region and Core Central Region were 26% and 5.2% respectively; while The Rest of Central Region made up 68.9% of the total sales. Experts expect a decline in February due to the lack of new launches. The possible new projects like Klimt Cairnhill, Perfect Ten at Bukit Timah Road, The Atelier, Midtown Modern, One Bernam as well as Peak Residence will launch soon. 

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