Private new home sales hit 1,329 units in September, rising 5.6% m-o-m

/ EdgeProp Singapore
October 15, 2020 4:41 PM SGT
SINGAPORE (EDGEPROP) - The number of non-landed private new homes sold in Singapore hit 1,329 units in September, a rise of 5.6% m-o-m, and 4.6% y-o-y.
Private Residential Developer sales - EDGEPROP SINGAPORE
The sales number, which excludes executive condominiums (ECs), is also the highest monthly sales achieved since July 2018, when 1,724 units were transacted.
Altogether, developers have sold a total of 7,532 new non-landed private homes in the first nine months of 2020, surpassing the 7,469 units sold in the corresponding period of 2019.
Penrose sold 389 units or 69% of its total of 566 units in September, making it the best-selling new launch in 2020 (Photo: Hong Leong)
September’s record sales came mainly on the back of a successful new launch, Penrose, says Tricia Song, head of research for Singapore at Colliers International. The project - which is now the best-selling new launch for the year - sold 389 units, or 69% of its total of 566 units, in September, surpassing The M, which sold 380 units in February this year, she says.
Top selling Projects - EDGEPROP SINGAPORE
Colliers’ Song attributes the popularity of Penrose, which is on a 99-year leasehold, to its proximity to Aljunied MRT Station, and “the sweet spot price points of around $1 million for two-bedroom units and $1.5 million for three-bedroom units”.
Aside from Penrose, there were two other new project launches in September - Verdale and Myra. All three developments are all located in the city fringe, and they contributed 32.3% of total sales in September.
Verdale - a 99-year leasehold development of 258 units - off Jalan Jurong Kechil, sold 44 units, or 17% of total units, at a median price of $1,699 psf. The development faces competition within its vicinity, from Forett at Bukit Timah - the best-selling project in August; Daintree Residences; and View at Kismis.
Meanwhile, Myra, a freehold, 85-unit development near Potong Pasir MRT Station, sold 15 units at a median price of $2,081 psf. This is at a “slight premium” over the neighbouring 99-year leasehold Woodleigh Residences, which sold 55 units in September at a median price of $1,926 psf, notes Song.
In September, the Rest of Central Region (RCR) made up the bulk of sales, at 64.6%, or 859 units. This was propped up by the new launches for the month.
The Outside of Central Region (OCR) contributed 29%, or 386 units, while new private homes sold in the Core Central Region (CCR) recorded 84 transactions, or 6.3%.
The best-selling projects in September were Penrose, Treasure at Tampines, JadeScape, The Garden Residences, The Woodleigh Residences, The Florence Residences, Verdale and Daintree Residence.
Interestingly, the proportion of Singaporean home buyers hit an 11-year high in September. Based on caveats lodged with URA Realis, Singaporeans accounted for the bulk of non-landed new home purchases, recording 1,070 transactions, or 87.4%
OrangeTee & Tie expects 2,000 to 2,500 new homes to be sold in 4Q this year, bringing the total new sales to between 8,500 and 9,500 units for the whole of 2020.