On a year-on-year basis, the latest estimates are 38.1 per cent higher than the 654 new private homes sold in October 2020 last year.
Buying momentum was boosted by the near sell-out of Jervois Mansion on its first weekend of sales. In September, when developers were holding back on major launches, new sales had dipped 31.4 per cent from August, representing the second consecutive monthly decline.
Located in the enviable CCR Chatsworth - Bishopsgate vicinity, Jervois Mansion's launch success could also be attributed to its expansive land, which is a rarity in the area. Jervois Mansion sold out almost all units except the units reserved by the developer for investment purposes partly because buyers were also attracted to the beautiful greenery within the development, such as vegetable gardens on the roof and sky planters surrounding each unit, to give the sense of being close to the ground. It is also the first private residential development in Singapore to be granted the Green Mark Gold Plus Super Low Energy certification by the Building and Construction Authority.
Singapore's property market seem to be flushed with hot cash as 9 priciest condo transactions between S$10.6 million and S$13.8 million changed hands at Park Nova located along Tomlinson Road. The proportion of total new sales that were priced at S$2 million and above climbed to a high of 39 per cent in October, on the back of more transactions in the luxurious more expensive Core Central Region or CCR.
"As supply of available new condo units left in the market dwindles to a record low since 2006 and next year's upcoming new condo units to be launched into the market numbering less than 5,000 units, I expect property prices to continue increasing into the 3rd quarter of next year where the psychological mark of $2,000 psf for a mass market condo will be breached and accepted among local home buyers looking for a mass market private residential non-landed condo in the suburban OCR region." said Kiwi.