New private home sales up 29% year-on-year in September

Developers have sold 657 units in the month of September 2017. This is 148 units or 29 per cent more than September last year 2016 where 509 private residential properties were sold.

According to Urban Redevelopment Authority (URA) data released, new residential homes sold in September was lower than the 1246 units of the month of August. This slower sales is mainly due to the Hungry Ghost Month effect as many home buyers prefer to postpone their purchases.

Raising 62.9 per cent to 9,582 from 5,883 in the same period of 2016, the takeup of new homes excluding ECs for the nine months of 2017 has been robust.

Among the top selling private residential project was Chinese developer Kingsford’s Kingsford Waterbay. This development along Upper Serangoon sold 45 units at a median price of S$1289 per square feet.

Parc Life at Sembawang Crescent is the top selling EC project last month where the developer sold 48 units at a median price of S$795 per square feet. This EC development is situated near Sembawang MRT and is expected to complete in 2018.

Many property analyst expects the property market to recover as transaction volumes pick ups. Total sales of new private homes and ECs were up 42.9 percent from September last year.

Singapore-homes-2

Singapore-homes-2

As more condominiums prepare for enblocs through setting up of their respective committees, many potential home buyers are out in the market in search of their ideal home and profitable property investment.

Interest on real estate are likely to heat up in the final quarter of 2017 and the developers have positioning their current unsold inventory in a favourable position through extensive marketing efforts.

The recent trend of en-bloc sales or redevelopment deals in which owners in an development collectively agreed to sell apartment blocks at a hefty premium, has vastly improved market sentiment. This would likely cause the stocks of Singapore property developers to rise.

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