New home sales surged 41.4% in January: URA
The take-up was led by projects in the RCR.
The number of new homes sold jumped 41.4% YoY to 618 from 437 in January 2019, according to the Urban Redevelopment Authority’s developers' sales survey. On a MoM basis, it rose 14.9% from 538 units sold in nDecember 2019.
Including executive condominiums (EC), developers sold 638 units last month, registering a 15.8% MoM increase.
January’s sales take-up was led by projects in the Rest of Central Region (RCR), which accounted for 41.9% of the total sales (excluding EC), followed by Outside Central Region (OCR) at 36.6%. The proportion of sales in the Core Central Region (CCR) occupied 21.5%, which is said to be at its highest level since January 2019 (29.8%).
According to Orange Tee & Tie’s head of research & consultancy Christine Sun, the higher luxury sales proportion could be attributed to more high-end projects launched in January. Some of those she cited are the 376-unit The Avenir, 638-unit Leedon Green and 69-unit Van Holland, which collectively sold 74 units last month.
Sun also noted that demand remained resilient amongst earlier launches such as Jadescape, Treasure at Tampines, Parc Esta, Parc Botannia and Parc Clematis.
“Last month, many countries raced to contain the spread of the COVID-19 or CoronaVirus Disease. There seems to be no major impact on the property market as of now since it is not one of the sectors directly affected by the coronavirus, unlike transport, retail, tourism and MICE (meetings, incentives, conferences and exhibitions),” Sun said.
She also assured that the impact would only be temporary and may not cause a long-term adverse impact on the property market as countries have become more prepared given their experiences from SARS.