News: New home sales hit a 14-month high in September

Oct 16, 2019

Developers sold 1,270 private homes in September, driven by several new launches, including Avenue South Residence, which sold 361 units.    

With developers revving up launches following the Hungry Ghost month, new private home sales in Singapore soared to its highest level in September since July 2018.

Urban Redevelopment Authority (URA) data showed that developers sold 1,270 private homes in September, or up 13.1 percent from the 1,123 units moved in the previous month.

The figure, which excludes executive condominiums, is also 1.4 times the 932 units sold in September last year. In fact, it is the biggest number of new homes moved in the month of September over the last seven years. The previous record was set in September 2012, when 2,621 new homes were sold.

Riding on the hype on the future Greater Southern Waterfront development announced during the National Day Rally, Avenue South Residence emerged as the top seller for the month, with 361 units sold at a median price of $1,941 per sq ft (psf).

Revealed: The 5 Most In-Demand New Launch Condos In Q3 2019

However, the other new launches for September – Meyer Mansion, The Antares, Uptown@Farrer and Cuscaden Reserve – did not fare so well as they moved five to 31 units during their first month, said Tricia Song, head of research for Singapore at Colliers International.

OrangeTee & Tie’s head of research and consultancy Christine Sun noted that September’s sales were mainly driven by Singaporeans and Singapore permanent residents (PRs).

Citing URA Realis data, Sun revealed that the number of Singaporean purchases jumped 29.3 percent to 1,078 units in September from the previous month’s 834 units. Acquisitions by PRs also rose 33 percent month-on-month to 120 units.

“The strong local support indicates that many Singaporeans remain confident about the long-term prospects of private properties here,” she said.

“Many investors have also reassessed their risk appetite given the weakening world economic outlook and increased volatility of the equities markets, possibly turning to safer investment assets like real estate properties in Singapore.”

With new home sales now at 7,760 units, Sun expects developers to “move between 9,000 and 10,000 new homes by the end of this year”.

 

Home buyers looking for Singapore Properties may like to visit our ListingsProject Reviews and Guides.  Also read more about the hottest areas to live in with PropertyGuru’s AreaInsider

Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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