by OrangeTee & Tie Pte Ltd.

Singapore new private home sales flat in April, likely to climb in coming months

Monthly Developers' Sales

Singapore, 17 May 2022

In April, developers sold 653 new private residential units in Singapore, excluding executive condos (ECs), despite a lack of fresh releases. According to data issued by the Urban Redevelopment Authority (URA) on Tuesday, this is practically unchanged from the 654 sold the previous month (May 17).

Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, noted that there were no major launches last month besides the 616-unit North Gaia. An EC project.New home sales also “seem to have stabilised”, some 4 months after the latest round of cooling measures were implemented on Dec 16, she added.

Sun observed that at the upper end of the private residential market, the cooling measures did not appear to have deterred buyers’ appetite for luxury homes. Going by URA Realis caveats data, transactions of at least S$3 million rose to 115 units last month, up from 89 units in March 2022. Sales of private homes costing S$5 million or more increased to 35 units over the same period, from 24 units previously, she said.

Including the 186 EC units sold, developers moved a total of 839 new homes in April this year. That is an increase of 19.5 per cent from March’s 702 transacted units. The North Gaia EC project in Yishun sold 166 homes or 26.9 per cent of all available units. Besides North Gaia, other best-selling projects in April included Normanton Park, Riviere, One Pearl Bank and The Florence Residences, Sun said.

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