Singapore’s new private home sales fall 60.5% in February amid fewer launches

New private home

SINGAPORE: Sales of new private homes fell by about 60.5 percent in February following January’s strong numbers, as developers kept down on launches over the Chinese New Year time frame.

Developers sold 645 units last month contrasted with 1,632 units in January, excluding leader condominiums, according to information released by the Urban Redevelopment Authority (URA) on Monday (Mar 15).

new private home
new private home

Just 167 units were dispatched last month contrasted with around 2,600 in January.

The Rest of the Central Region (RCR) drove new home sales with 325 units sold, trailed by the Outside Central Region (OCR) with 262 units and Core Central Region (CCR) with 58 units.

February’s sales were also 33.9 percent down contrasted with the same month last year when 976 new private homes were sold.

“The property market turned more cautious last month as developers kept down launches and the speed of sales slowed over the Chinese New Year time frame,” said OrangeTee and Tie senior VP of research and analytics Christine Sun.

She added that individuals might be careful about potential property curbs.

“The two consumers and developers accepted regard of the public authority’s recommendation to exercise more prominent reasonability considering the current macroeconomic uncertainties,” said Ms. Sun.

“Developers and home buyers were advised to be careful about the rapture in the property market and were cautioned that the public authority may step in if the market overheats.”

Related Topic: 5-bedroom Singapore penthouse sold for S$14.83m

Peruse: Industry players should not ‘stoke abundant sentiments’ in the property market – Indranee Rajah

Another reason for the quieted sales is that a large number of the super projects have progressively pared down their unsold stock, said PropNex CEO Ismail Gafoor.

“We don’t think that February’s sharp decline in new home sales is in any way an indication that the essential market is losing steam,” he said. “Yet rather, it illustrates the way that the presence of fresh launches has assumed an instrumental part in stimulating interest and boosting sales in the past months.”

Designer’s sales in February are comparable to a year prior, said Huttons Asia research chief Lee Sze Teck.

“Interest for homes is still sound on the lookout,” he said, adding that sales in March are relied upon to be higher with the dispatch of new developments The Atelier and Midtown Modern.

February’s best-selling projects included The Reef at King’s Dock, Normanton Park, and Treasure at Tampines, said, analysts.

While 45 new homes sold for more than S$3 million last month, the extent of sales valued underneath S$1.5 million plunged to 48.5 percent last month from 63.4 percent in January, said, Ms. Sun.

“Some potential buyers could be putting their purchases on hold as they might be waiting at costs to fall if new cooling measures were to be carried out,” she added.

Share:

More Posts