New home sales surged 41.4% in January: URA

Penrose Internal Facing With Pool View
The increase in new housing transactions occurred mainly in the Rest of Central Region projects, around the Penrose site.The figures for new abodes sold hiked 41.4% Year on Year (YoY) to 618 units from the 437 back in January 2019, according to the Urban Redevelopment Authority (URA) developers’ sales survey. On a Month on Month basis, thenumbers went up 14.9% from the 538 units transacted in December 2019.

Including executive condominiums (EC), property developers sold 638 units in January 2020, recording a 15.8% MoM rise. This is thanks to to competitive rates of like the One North Eden prices.

January’s sales jump was led by new launches in the RCR, which accounted for 41.9% of the total transactions (excluding EC), second only by those in the Outside Central Region (OCR) at 36.6%. The proportion of transactions in the Core Central Region (CCR) is 21.5%, which is recognized to be at its highest level after January 2019 (29.8%).

According to Head of research & consultancy at Orange Tee & Tie, Miss Christine Sun, the larger luxury sales proportion could be because of more high-end projects launching in January 2020. She named the 638-unit Leedon Green, the 376-unit The Avenir, and the 69-unit Van Holland, of which they collectively sold 74 units in January, as a few of such projects.

Miss Sun also noted that the housing demand maintained resilience amongst previous launches such as Treasure at Tampines, The Chuan Park launch, Parc Esta, Clavon and Parc Botannia.

“During the last month, many countries raced to restrict the spread of the COVID-19 virus. There seems to be no major effect on the real estate market as of now since it is not 1 of the segments directly affected by COVID-19, unlike retail, tourism, transport and MICE (meetings, incentives, conferences and exhibitions),” said Miss Sun.

She also assured that the effect would only be short-term and may not cause a longer-term adverse effect on the real estate market as nations are more ready for virus spreads given their prior experiences with SARS.


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