, Singapore

Private home sales up 13.1% to 1,270 units in September: URA

It hit its 14-month high since July 2018.

Private home sales have jumped 13.1% MoM to 1,270 units in September from 1,123 units in August, according to data from the Urban Redevelopment Authority (URA).

This figure is 1.4 times the 932 units moved in September 2018 and represents a 14-month high since July 2018 as developers scaled up launches amidst Ghost Month.

“September’s sales performance has exceeded market expectations. The strong local support indicates that many Singaporeans remain confident about the long-term prospects of private properties here,” commented OrangeTee & Tie head of consultancy & research Christine Sun.

Tee added that the monthly figure was boosted by the new launch of Avenue South Residence, with 361 units at $1,941 psf, and robust sales at various projects that were launched earlier. A number of new projects were also launched last month including Meyer Mansion, The Antares, Uptown @ Farrer, and Cuscaden Reserve.

The proportion of new home sales in the Rest of Central Region (RCR) is 58.7%, up from 27.1% in the previous month. Furthermore, URA Realis data stated that the number of Singaporean purchases rose 29.3 % to 1,078 units in September from 834 units in August.

“The higher sales volume in September is likely a result of flight to safety amidst the uncertainty. Almost 60% of September sales were in the RCR. This is down to probably two factors: More RCR launches in September and many buyers opting to trade up to a city fringe location,” said Sze Teck Lee, director for research at Huttons.

Both Lee and Sun added that homes sales may move to 9,000 by the end of 2019.

As for its prices. Colliers International projected that it will continue to stabilise by 2% for the full year.

“Prices will likely be kept in check with the economic slowdown and an ample launch pipeline. There are also 4,583 private homes (excluding ECs) that have been launched but still unsold,” a spokesperson from Colliers said. 

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