Due to the launch of 60 projects this year, buyers could seek new home sales over resales.
This chart from OrangeTee forecasts that the number of private resale transactions in Singapore could hit 9,000-10,000 units, marking a continued decline since 2017.
As a result, the average price of resales could also remain flat or rise marginally in tandem with new sales by 1-2%. The substantial pipeline supply of private homes and uncertainty surrounding the US-China trade tensions could slow down price growth to between 1-3% this year, said OrangeTee managing director Steven Tan.
New home sales, on the other hand, could remain robust given that 60 projects could be launched in the coming months. “Historically, a ramp up in housing supply and marketing activities usually spurs buying interest,” Tan explained.
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