Tuesday, December 15, 2015

Private home sales in Singapore up 79% year-on-year in November

Developers sold 759 units last month, up from 423 units in November 2014, according to data released by the Urban Redevelopment Authority.

SINGAPORE: Sales of private homes by developers in Singapore rose 79 per cent in November compared with a year earlier, Government data showed on Tuesday (Dec 15).

The Urban Redevelopment Authority said developers sold 759 units last month, up from 423 units in November 2014. Sales rose 38.5 per cent from the 548 units sold in October 2015.

The jump comes on the back of 734 units launched in November. Observers have said the majority of sales were from the city fringe, where the top five best-selling projects are located.

The top seller was The Poiz Residences, which was launched in the last weekend of November. Almost 280 of the 350 units launched were sold by the end of the month.

One industry observer said buying tends to increase in November, just before activity slows down during the year-end festivities.

"I'm not expecting any major launches in December, similar to what we've observed in the last two years where the year-end tends to be more quiet in the housing market," said Mr Nicholas Mak, executive director for research and consultancy at SLP International.

He also said that for 2015 as a whole, new private home sales are likely to be slightly higher than a year ago: "We expect roughly 7,350 to 7,450 private homes sold by developers, which is slightly above the 7,316 private housing units sold last year."

Mr Mak added: "Going forward into 2016, we can expect roughly the same volume, but there's a possibility the private residential primary market sales volume could fall in 2016 as there's going to be less supply of new housing projects launched."