New home sales up 9% MoM in October

This happened despite the lack of major project launches.

The latest numbers from the Urban Redevelopment Authority showed a 9% month-on-month increase in new home sales for the month of October.

According to OrangeTee, this was despite the lack of major project launches and safe distancing measures currently in place.

On a year-on-year basis, sales were higher by 30%, excluding sales of executive condominium units (EC). Including EC units, however, a decline of 19.4% was recorded. 

Outside Central Region (OCR) led the equal distribution across the three market segments at 38.2%. This was followed by the Rest of the Central Region (RCR) and Core Central Region, with both logging in at 30.9%.

OrangeTee’s report also found that the best selling projects for the month were Jervois Mansion, Parc Greenwich, Normanton Park, Dairy Farm Residences, The Jovell, The Florence Residences and Parc Clematis.

OrangeTee also predicted that this market sentiment will remain buoyant as more Singaporeans are still buying private homes. Demand has resulted in unsold units crashing to 4,725 units in October, compared to the 7,233 units in January. Region-wise, OCR had the biggest dip at 49.7%, followed by RCR at 48.6%.

The supply of new homes is expected to continue its dip as successful en bloc deals dipped significantly over the past two years.

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