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Condominiums on Singapore's East Coast from Shutterstock.com

URA: Sale of private homes fell 61.5% in Feb on year-on-year comparison

Urban Redevelopment Authority (URA) has announced on Thursday (15 March) that developers sold 377 private homes, excluding executive condominiums (ECs), last month, falling 28 per cent from the 524 units sold in January.

It also said that year-on-year, sales declined 61.5 per cent from the 979 units sold in February last year, including ECs, 469 private homes changed hands last month, compared to 1,308 units a year ago.

A total of 186 new homes were launched by developers last month, with no new EC units launched.

According to real estate agency, the falling rate on selling was caused by no major launches in February and most buyers were not in the home buying mood because of Chinese New Year falling in the middle of the month.

The data from URA said that in February, among top selling projects in the month, 47 units were sold at Queens Peak at Dundee Road at a median price of S$1,730 per square foot (psf) and 34 units were sold at Kingsford Waterbay at a median S$1,349 psf.

30 units were also sold at Artra at a median price of S$1,726 psf, 26 units sold at Grandeur Park Residences in Bedok South at a median S$1,487 psf, and 24 units were sold at Parc Life EC in Sembawang at a median S$836 psf.

Inclusive of executive condominiums or ECs, which are a public-private housing hybrid, developers found buyers for 469 units last month, a 24.8 per cent drop from the 624 units sold in January 2018 and a sharp 64 per cent drop from the 1,308 units sold in February 2017. Meanwhile, 50 units were launched last month but only three units were sold at S$2,215 psf at a new project launch by Far East Organization, Parksuites at Holland Grove.

URA had announced earlier this month that an EC site at Sumang Walk was awarded to CDL Constellation and TID Residential for S$509.4 million, which works out to S$583 psf per plot ratio — a record land price for EC projects.