Royal Hallmark - New home sales surged last month despite the start of the year-end holiday season and amid a property glut, data showed yesterday. Developers sold 1,147 units last month - excluding executive apartments (ECs) - 23.2% more than October but 4.5% less than November last year.
If EC is included, 1,168 units were sold last month, up 21.9% from October but 3% lower than a year ago, Urban Redevelopment Authority (URA) data shows. Developers launched 740 single-family homes for sale last month, down 17% from October and 44.9% fewer than 1,342 last November. No ECs were launched last month.
Last month's sales were led by Royal Hallmark in suburban areas, known as non-CBD, with 608 units sold, followed by 351 units in peri-urban or the rest of the area. center and 188 units in prime area or central core area.
The best seller is the 680-unit Sengkang Grand Residences, which was launched last month. The 99-year rental apartment next to Buangkok MTR station sold 235 out of 280 units offered for an average price of $1,741/ft2 (psf).
One Holland Village of 296 units in a prime district sold 87 of the 126 units launched for an average price of $2,606 psf. Three previously launched projects performed well last month - Parc Esta with 102 units sold, Jadescape with 60 units and Parc Botannia with 59 units.
9,547 units, excluding the EC, were sold this year, out of a total of 10,751 units launched. This number exceeds 8,795 units moved in the whole of last year. Christine Sun, head of research at OrangeTee & Tie, said: “We estimate that between 9,500 and 10,000 units could be sold this year.
"We anticipate that the next wave of capital could continue into the Singapore property market next year with more Chinese capital flowing south."
Ms. Sun added that mortgage rates are likely to remain low or fall next year, which should help "boost" housing demand at current levels: "As such, we estimate that around 9,000 to 9,800 new homes, excluding EC, could be traded in 2020."
Mr. Desmond Sim, CBRE's head of research in Southeast Asia, noted that 51 projects were launched this year - the busiest in the past five years. He said most of the new launches this year have sold below 50%, so developers are expected to focus on clearing existing inventory while remaining cautious in competing. land contractor.
URA data for the last month also shows that the total number of new private residential units launched but not sold is 4,375 or 4,748 if EC is included.
The Monetary Authority of Singapore warned last month that oversupply in the private market threatens to push prices down. There were 31,948 unsold single-family homes from approved projects as of September 30, which could take nearly four years to resolve.
Single-family Royal Hallmark prices rose 7.9% last year but consultants expect them to grow only 2 to 3.5% this year, after the cooling measures in July 2018 were implemented.
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