Singapore Property | Private home sales up by 18.9% in November 2020 – This increase excludes executive condominiums and includes new projects launched by developers. Usually, Private home sales see a decline around this time of the year. For example, new home sales declined 34.2% from the 1,165 units sold in November 2019.
Leonard Tay, Head of Research at Knight Frank discloses that the rise in private home sales was not as high as the units sold in July, August, and September. Also, noting that there was a rise in pent demand after the lockdown.
“While the demand for pent-up increased significantly in October and November. It appears that homebuyers aren’t trying to change regardless of the directive made by the Urban Redevelopment Authority (URA). This directive restricts the re-issuance of the Option to Purchase (OTP),” he said.
More on Private Home Sales Up by 18.9% in November 2020
It was reported that the majority of the transactions were carried out in the Rest of Central Region (RCR). This region sold as many as 447 units with the rest regions like Outside Central Region and Core Central region selling 236 and 84 units respectively.
The best-selling development in November was The Linq @ Beauty World; other top-selling development is The Landmark, Treasure at Tampines, The Garden Residences and Urban Treasures. A new project such as Clavon and Ki Residences also sold 143 and 442 units respectively since their launch in December.
While there was an increase in the sale of new project developments last month, old developments have also continued to acquire sales at a steady pace said the Head of Research and Content at PropNex, Wong Siew Ying.
Going forward researchers are optimistic that the market will remain good and should stay that way as long as the COVID-19 spread is under control. This they believe will impact and improve Singapore’s economy.
If you are interested to read on more upcoming launches, you may visit Provence Residence, an upcoming Executive Condominium, One Bernam, an upcoming mixed development, Mill at 32, new condo at Geylang or Normanton Park, a mega condominium project.