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Singapore private home sales increase 9% in October

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Singapore private home sales increase 9% in October
Singapore private home sales increase 9% in October

In October 2021, new private home sales in Singapore (excluding ECs) increased to 909 units, up from 834 units in September. 

New private home sales in Singapore, excluding executive condominiums (ECs), increased 9% month-on-month to 909 units in October, after registering two consecutive monthly declines.

On an annual basis, new home sales jumped 39%, showed Urban Redevelopment Authority (URA) data.

Year-to-October, developer sales now stands at 10,918 units, exceeding the full 2020 volume of 9,982 units and up 36% from the 8,033 units shifted over the same period last year, said Tricia Song, Head of Research for Southeast Asia at CBRE.

Including ECs, developer sales declined 19.4% to 1,045 units in October from 1,296 units in September.

Developers launched 661 new private homes last month, three times higher than the 210 units launched in September and 39% more than the 423 units launched over the same period last year, reported The Straits Times (ST).

Song noted that last month’s developer sales were relatively evenly distributed across the three market segments.

The Outside Central Region (OCR) accounted for 38.2% of total sales, while the Core Central Region (CCR) and Rest of Central Region (RCR) both made up 30.9% of sales.

The strong performance of Jervois Mansion – which emerged as last month’s best-selling project – “contributed to a pick-up in CCR sales in October after more muted performances seen in the past few months”.

“As the available stock of unsold units in the mass-market projects decreases, the market share of new CCR sales in the primary market should increase moving forward,” said Song.

Parc Greenwich was the second best-selling project in October, followed by Normanton Park, Dairy Farm Residences and The Jovell.

Related article: Top 10 Best-selling Projects in Q3 2021 and Why

Meanwhile, a penthouse at ultra-luxury development Les Maisons Nassim was sold for $75 million or $6,210 per sq ft (psf) in October, making it the most expensive new non-landed private home to be sold on a psf basis since 2011, when two units at The Marq were transacted for $20.54 million or $6,650 psf and $19.20 million or $6,215 psf, respectively.

Looking ahead, CBRE expects new home sales for November and December “to remain buoyant on the back of anticipated new projects”.

Projects expected to be launched in November include the 219-unit Commodore at Canberra Drive and the 696-unit CanningHill Piers, which is Liang Court redevelopment’s residential component.

“As more countries continue to get added into Singapore’s Vaccinated Travel Lane (VTL) programme, developer sales, especially in the CCR could be boosted due to the return of foreign demand,” said Song.

“Furthermore, as Singapore transitions into endemic living, COVID-19 curbs would no longer pose a headwind for developer sales. As such, the momentum in the residential market is expected to remain positive.”

CBRE expects new developer sales for next year to hover between 11,000 and 12,000 units.

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: [email protected]

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