Steep decline in new home sales in November 2016

While the developers in Singapore held back major launches in the year-end pause, transactions for new private homes in Singapore fell in November 2016.

Developers only sold 860 units last month, a fall of 31.4 per cent compared with 1,253 units in October, the Urban Redevelopment Authority informed on its release on Thursday (15 Dec).

On its release of 3rd Quarter 2016 real estate statistics on 28 Oct 2016, URA has informed that developers sold 1,981 private residential units (excluding ECs) in 3rd quarter 2016, compared to the 2,256 units sold in the previous quarter

Source: Urban Redevelopment Authority

The November figures is a steep drop compared with October’s figure of 1,253 private homes sold, and was below the expectations of market observers, but compared against the same period in 2015, November’s sales were up by 13.3 per cent from 759 sold units.

For the Executive Condominium (EC), developer has launched 862 EC units for sale in 3^rd Quarter 2016 and sold 1,382 EC units over the same period, compared to the 1,260 EC units launched and 1,090 units sold in the previous quarter, as shown on the URA 3rd Quarter release.

But URA’ November numbers only showed that 250 new EC units were sold in November, lower than the 288 new ECs transacted in October.

This made the total sales of new homes, both of private homes and EC, to only 1,110 units for the month.

The top sellers of the month are two newly launched projects:

• The Queens Peak on Dundee Road which sold 271 out of its 736 units launched in November, at a median price of S$1,628 per square foot (psf).
• Parc Riviera in West Coast Vale, which has sold 128 out of the 200 units launched, at a median price of S$1,189 psf.