Singapore, 17 Oct 2022 SINGAPORE - Robust take-up at two suburban projects - the 605-unit Lentor Modern and the 158-unit Sky Eden@Bedok - drove up September’s new private home sales to the second highest monthly tally so far this year.
Developers sold a total of 987 units excluding executive condominiums (ECs), more than double the 438 units sold in August 2022, and up 18.3 per cent from a year ago, according to data released by the Urban Redevelopment Authority (URA) on Monday.
Citing pent-up demand from HDB upgraders and limited new suburban home supply, Ms Christine Sun, Orange Tee & Tie’s senior vice-president of research and analytics, noted that both projects sold well despite their median launch prices at above the $2,100 per square foot (psf) threshold, rising interest rates and economic uncertainty.
Ms Sun, however, expects demand to be robust for the two new EC projects as these homes are “still more affordable” compared with the launch prices of some new suburban condos, and as EC supply remains tight.