Chart of the Day: New flat sales still booming despite pandemic

2,119 new flats were sold, comprising 28.7% of total sales in Q3.

This chart from OrangeTee & Tie shows that the proportion of new flat transactions -- units which are less than 10 years old -- continued to balloon despite the pandemic and economic uncertainty.

In Q3, 2,119 new flats were sold. They also constitute a higher proportion of total sales, rising from 25.9% in Q2 to 28.7% in Q3. The proportion was 21.3%, or 1,246 new flats, in Q3 2019.

Prices of new flats rose at a faster rate of 5.4% from Q3 2018 to Q3 2020 when compared to the 3.4% hike for all flat types. Prices of new flats have also jumped 3.7% from Q2 2020 to Q3 2020, higher than the 2.9% clocked for all flat types over the same period.

Sengkang, Punggol and Yishun had the highest number of new flat transactions from Q1 to Q3.

Many owners sold their flats this year despite macroeconomic and job market uncertainties. The rising transactions could be in tandem with more flats reaching the Minimum Occupation Period (MOP) in recent years. Owners continue to sell their flats immediately after MOP to lock-in the returns quickly when their flats are still new, the report said.