New private home sales rebound 146% in November to 1,198 units sold
Parc Esta, Whistler Grand and Kent Ridge Residences were amongst the top-selling launches.
Developers in Singapore sold 1,198 private homes in November which is a whopping 146% MoM increase from October’s 487 units sold, according to the latest data released by the Urban Redevelopment Authority (URA). YoY, new private home sales soared 52%.
Including executive condominiums (ECs), new private home sales jumped 135.7% MoM to 1,202 units in November from the 510 units in October.
The number of new homes launched surged from 202 units in October to 1,341 in November. The month’s top-selling projects included Parc Esta (450 units), Whistler Grand (300 units), Kent Ridge Residences (250 units), 3 Cuscaden (96 units) and Arena Residences (70 units).
Also read: Private property supply jumped 58.7% in Q3
Buyers also continued to find value in existing projects such as Park Colonial, Riverfront Residences and Stirling Residences which had median prices of $1,739 psf, $1,324 psf and $1,723 respectively, ERA Realty Network executive officer Eugene Lim commented.
“The gap between the number of units being launched and sold within the same month have narrowed since the beginning of this year,” Christine Sun, Orange Tee & Tie head of research and consultancy, said in a statement. “This trend may indicate that developers are generally adopting a more cautious stance in pacing the number of launched units in sync with what the market can absorb every month to avoid an oversupply of units in the market.”