by OrangeTee & Tie Pte Ltd.

October new home sales dive by half following clampdown on OTP reissue

URA Quarterly Data

URA Quarterly Data

SG, 11 Nov 2020

Sales of new private homes in October were less than half that in the month before - which analysts have put down to buyers holding back on purchases following the clampdown on the re-issuing of options to purchase (OTPs) by developers.

In September, 1,329 new private home sales were recorded, up 5.8 per cent over the 1,256 units in August. The lowest monthly sales this year were logged in February, at 277.

Christine Sun, OrangeTee & Tie's head of research and consultancy thinks it will take a few months for the dust to settle, and noted that the situation was similar after the July 2018 cooling measures were implemented - buyers needed to take stock of the situation.

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