S’pore new private home sales recover in November as vaccines boost hopes for economy

S’pore new private home sales recover in November as vaccines boost hopes for economy

New private home sales recover

SINGAPORE – The private home market resumed its upward energy in November with sales up almost 19 percent month on month following a 225 percent surge in the quantity of new homes dispatched.

Last month’s uptick in sales to 767 units from 645 in October came following an impermanent pullback in October’s sales after the Urban Redevelopment Authority (URA) braced down on the re-issue of options to purchase.

“November’s solid sales indicate that not all segments of the market were influenced by the new curbs on the re-issuing of OTPs. There are numerous genuine buyers who can afford a private home without applying for an OTP extension,” said Ms. Christine Sun, OrangeTee and Tie’s head of research and consultancy.

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She said vaccine optimism has bolstered investor certainty over Singapore’s monetary recovery and raised hopes that the worldwide Covid-19 pandemic may soon be leveled out.

Existing projects continued to sell at a steady movement, Ms. Wong Siew Ying, head of research and substance, PropNex, noted. “Around 70% (or 540 units) of November’s sales were from projects effectively available.”

The private home market’s resilience could well spill over into December, analysts say. With pandemic-drove travel restrictions throwing a spanner into most outbound special plans, December is probably going to be anything however a break period for property sales said PropNex CEO Ismail Gafoor. She said vaccine optimism has bolstered investor certainty over Singapore’s financial recovery and raised hopes that the worldwide Covid-19 pandemic may soon be leveled out.

Existing projects continued to sell at a steady movement, Ms. Wong Siew Ying, head of research and substance, PropNex, noted. “Around 70% (or 540 units) of November’s sales were from projects effectively available.”

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New private home sales recover In November

The private home market’s resilience could well spill over into December, analysts say. With pandemic-drove travel restrictions throwing a spanner into most outbound vacation plans, December is probably going to be anything however a break period for property sales said PropNex CEO Ismail Gafoor. She said vaccine optimism has bolstered investor certainty over Singapore’s monetary recovery and raised hopes that the worldwide Covid-19 pandemic may soon be leveled out.

new private home sales recover
New private home sales recover

Existing projects continued to sell at a steady movement, Ms. Wong Siew Ying, head of research and substance, PropNex, noted. “Around 70% (or 540 units) of November’s sales were from projects effectively available.”

The private home market’s resilience could well spill over into December, analysts say. With pandemic-drove travel restrictions throwing a spanner into most outbound vacation plans, December is probably going to be anything yet a break period for property sales said PropNex CEO Ismail Gafoor. She said vaccine optimism has bolstered investor certainty over Singapore’s financial recovery and raised hopes that the worldwide Covid-19 pandemic may soon be leveled out.

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Existing projects continued to sell at a steady movement, Ms. Wong Siew Ying, head of research and substance, PropNex, noted. “Around 70% (or 540 units) of November’s sales were from projects effectively available.”

The private home market’s resilience could well spill over into December, analysts say. With pandemic-drove travel restrictions throwing a spanner into most outbound vacation plans, December is probably going to be anything yet a respite period for property sales said PropNex CEO Ismail Gafoor.

“With two new projects out in December – Ki Residences and Clavon Launch which have respectively sold 143 and 442 units during their dispatch – we anticipate that new home sales should cross the 1,000-unit mark this month,” he said.

Small marvel that developers are gearing up for all the more new launches instead of commonly winding down for the holidays. Some 13 new projects expected to hit the market in the coming months include Normanton Park with 1862 units, The Reef at King’s Dock with 429 units, and Midtown Modern with 558 units. Two ECs – Parc Central Residences and Provence Residence – are relied upon to dispatch, ERA Realty’s head of research and consultancy Nicholas Mak said.

However, November’s sales are still down 34 percent from 1,165 units sold in the same month last year, even as the number of new units dispatched last month hopped 45 percent year on year to 1,375 units.

The figures from the URA on Tuesday (Dec 15) bar chief condominium (EC) units, which are a public-private housing crossover.

On the off chance that ECs are included, 815 new private homes were sold last month, up almost 19 percent from October and down 31.3 percent from a year sooner, URA information showed. There were no EC units dispatched last month.

Two new projects in the city-fringe or Rest of the focal locale – the 120-unit The Linq @  Beauty World and 396-unit The Landmark – beat the best-sellers’ list in November. The Linq @  Beauty World sold 118 units at a middle cost of $2,171 per square foot (psf), while The Landmark shifted 109 units at a middle cost of $2,135 psf.

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On the whole, the two projects represented almost 30% (227 units) of completely new home sales during the month, PropNex said.

More than 30% of sales were in the suburbs or outside the focal district (OCR) and 11 percent were in the prime or center focal area (CCR).

The best-selling projects were The Linq @  Beauty World, The Landmark, The Garden Residences, and Treasure at Tampines.

Read More About Treasure At Tampines Condo.

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