by OrangeTee & Tie Pte Ltd.

More new private homes sold in March despite no major launches


Singapore, 18 Apr 2022

Developers sold more new private homes in March than in February, which was due to the easing of safe management measures and restrictions on viewing show-flats, despite no major launches in the month.

According to the Urban Redevelopment Authority (URA) data released on April 18, there were 654 new private homes sold, which was a 20.7% increase from 542 in February.

Pricier condominiums are forming a bigger proportion of transactions, according to OrangeTee & Tie. Based on URA's Realis data, 75.9 per cent of the non-landed transactions (excluding ECs) were at least $1.5 million, of which 41.6 per cent were sold for at least $2 million in the first quarter.

"The upward adjustment of mortgage rates seems to be spurring more buyers to return to the market. Some buyers plan to lock in home loan rates before they climb higher," noted Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.

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