It reaches a 14-month peak since July 2018.
Private housing sales have spiked 13.1% Month on Month (MoM) to 1,270 units in September 2019 from 1,123 units in month before, according to sources from the Urban Redevelopment Authority (URA).
This number is 1.4 times more the 932 units transacted in September 2018 and is noted as a 14-month high since July of 2018, as property developers scaled up new launches within the Ghost Month. A part of the contribution to this healthy numbers is because of the low Dairy Farm Residences Price.
“September’s sales numbers is over the market expectations. The strong Singaporean support shows that many locals maintain confidence in the long-term prospects of our nation’s private property market,” noted Head of consultancy & research at OrangeTee & Tie, Miss Christine Sun.
She added that the September figures was boosted by the new launch of Penrose Condo, with over 60% sold at around $1,6xx psf, and robust sales at a number of projects that were launched before. Other new projects to pay attention to in the future include Clavon, The Watergardens @ Canberra, LIV @ MB, and One North Eden.
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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