In Singapore, new private homes sales surged in the month of October based on the high demand of the projects that have been newly launched.
According to the Tuesday’s Urban Redevelopment Authority report, there were 1,252 homes sold in October, in comparison to the 509 units sold in September.
This marks the highest new home sales recorded in a month since the 1,655 units sold in July 2015.
“The bargain hunters were drawn back to the showflats by a combination of reasonable prices in a market that is highly price sensitive and the launch of more new units,” said Ismail Gafoor, chief executive PropNex Realty.
The rise in sales was largely attributed to the launch of 2 new projects in the month namely Forest Woods by City Developments and The Alps Residences by MCC Lands, which accounted for 55.7% of the sales.
Forest Woods had the highest sales of 364 units at an average price of $1412 psf while The Alps sold 334 units at an average price of $1,078 psf.
“Value buys in form of palatable quantum and competitive pricing are motivating buyers since small units seem to be in higher demand,” said CBRE Research head for South East Asia and Singapore, Mr. Desmond Sim.
“Based on location, the core central region recorded sales of 58 new homes, the city fringe with 151 units sold and the suburbs recorded 1,043 units sold,” added URA.
The new executive condominiums recorded sales of 288 units in October. This was more than the 260 sold in September. This brought new homes total sales for October to 1,540.
In October, 1,467 new units were launched by developers, a rise from September’s 479 units. Both months did not record any new EC launches.