Singapore’s new home sales dip to 834 units in September, down 31.4% m-o-m

By Charlene Chin
/ EdgeProp Singapore |
(Credit: Samuel Isaac Chua/ The Edge Singapore)
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SINGAPORE (EDGEPROP) - New home sales in Singapore dipped for a second straight month, with developers selling 834 private homes in September, down 31.4% m-o-m from the 1,216 units transacted in August.
Including Executive Condominiums (ECs), new home sales dropped slightly by 2% m-o-m to 1,296 units in September.
Compared to a year ago, new sales (excluding ECs) fell by 37.2% y-o-y.
propnex new home sales - EDGEPROP SINGAPORE
Consultants attributed the fall in sales to the onslaught of tighter Covid-19 restrictions, causing developers to hold their property launches.
By location, new home sales in the Outside Central Region (OCR) recorded more than 40% of total sales in September with 356 units. The volume of new homes sold in the OCR in the month fell by half from August, due to a diminishing supply in the area, notes PropNex.
In September, sales in the OCR were from previously launched projects like Parc Clematis (60 units) and Dairy Farm Residence (37 units).
In the Rest of Central Region (RCR), 310 new homes were transacted in September. Sales in the region were boosted by transactions at Normanton Park, which sold 78 units at a median price of $1,832 psf.
Compared to August, the RCR sold 9.6% less units in September.
Meanwhile, sales in the Core Central Region (CCR) picked up in September with 168 units sold, an increase of 10.5% m-o-m. The best-selling project in the CCR was Leedon Green, with 37 units sold at a median price of $2,729 psf.
“For the month of September, owing to the lack of new launches, buyers such as HDB upgraders, continued to pick up homes from past projects due to their attractive pricing in comparison to recent launches which have higher benchmark prices,” says Ismail Gafoor, CEO of PropNex Realty. (Browse newly launched condos in Singapore right now)
There has also been a record number of new condominiums that have been sold for at least $2 million in the OCR this year. In the first nine months of 2021, 583 non-landed homes (excluding ECs) in the OCR were transacted for more than S$2 million.
top 10 best selling projects - EDGEPROP SINGAPORE
This compares to 312 non-landed homes transacting for at least $2 million in the full-year 2020, and 102 transactions for homes of the same price range during pre-pandemic 2019, notes Christine Sun, senior vice-president of Research & Analytics, OrangeTee & Tie.
“As Singapore embarks on the endemic road map and more restrictions are expected to be lifted in the coming months, market sentiment is likely to remain positive,” Sun adds.
“Sales in the RCR and CCR segment should continue to pick up in the coming months, supported by the upcoming launches at Canninghill Piers, Perfect Ten and Jervois Mansions. Homes in the central region tend to be more popular amongst investors and foreign buyers — as border restrictions and safe management restrictions slowly ease up, sales momentum in these market segments should pick up slightly towards the end of the year,” notes Ismail.
Check out the latest listings near Parc Clematis, Dairy Farm Residence, Normanton Park, Leedon Green

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