22% increase in New private home sales in November to 1,168 units sold

Sales of new private homes picked up strongly in November despite the start of the year-end holiday period, according to data released by the Urban Redevelopment Authority on Monday on 16 Dec 2019. The date from the government agency revealed that excluding executive condominiums (ECs), developers sold 1,147 units last month, 23.2 per cent more than 931 units in October and just 4.5 per cent fewer than the 1,201 units in November 2018, which was the most since the 2018 property cooling measures. Including ECs, which are a public-private housing hybrid, developers moved 1,168 units in November, a 21.9 per cent increase from 958 units in October and just 3 per cent lower than a year ago - figures from URA showed.

Sales figures of significant projects in 2019 - URA / CBRE (ST Graphics)

Last month, developers launched 740 private homes for sale, down 17 per cent from 892 units in October, and a hefty 44.9 per cent less than the corresponding 1,342 units in November last year. There were no ECs launched last month.

November’s take-up was led by projects coming up in the suburban areas or outside central region (OCR) which saw 608 units sold. This was followed by 351 units from projects in the city fringes or rest of central region (RCR) and 188 units from those in the prime districts or core central region.

The best-selling project was the 680-unit Sengkang Grand Residences which launched for sale last month. The 99-year leasehold condominium coming up next to Buangkok MRT Station sold 235 units of the 280 units offered at a median price of $1,741 per square foot (psf).

Jui Residences is a rare freehold, beautiful heritage city fringe condo project in District 13 on Serangoon Road right next to the beautiful Kallang River

The 296-unit One Holland Village Residences, located in a prime district, sold 87 units of the 126 units launched in late November at a median price of $2,606 psf.

Three previously launched projects did well in November include Parc Esta (102 units), Jadescape (60 units) and Parc Botannia (59 units).

Year to date, a total of 9,547 units, excluding ECs, have been sold, out of 10,751 units launched, already exceeding the 8,795 units for the whole of last year. Some market watchers said developer sales could exceed 10,000 units for the whole of 2019.

Real estate professional Kiwi Lim from Huttons Asia believes Singapore's property market will only get better next year in 2020, with the economically damaging US - China trade war dispute showing signs of resolving. The recent phase-one trade deal between the world's 2 largest economies of US and China could de-escalate trade tensions and boost market confidence surely benefit Singapore's economy with capital continuing to enter Singapore’s property market next year as more Chinese capital flows inward towards Singapore from Hong Kong and China.

Market analysts also believe that mortgage rates may remain low or even go lower next year, which would help property buyers and further boost property sales.