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%.
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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.