Singapore developers sell 1,198 private homes excluding ECs in November

DEVELOPERS in Singapore sold 1,198 private homes last month, nearly 2.5 times the 487 units they moved in October 2018 and about 1.5 times the 788 units they moved in November 2017.

This came amid a surge in new launches. Developers released 1,341 private homes in November - big jumps from the 202 units launched in October and 450 units released in November 2017.

November's top-selling project was Parc Esta along Sims Avenue, with 348 units sold at a median price of S$1,699 per square foot (psf); followed by Whistler Grand in West Coast Vale, with 219 units sold at S$1,352 psf median price; and Kent Ridge Hill Residences in South Buona Vista Road, with 126 units sold at S$1,715 psf median price.

The figures were released by the Urban Redevelopment Authority (URA) on Monday based on its survey of licensed housing developers.

In the first 11 months of this year, developers launched 8,655 private homes. Over the same period, they sold 8,644 private homes.

Huttons Asia head of research Lee Sze Teck said: "November's sales volume of 1,198 units is the second highest monthly sales volume in 2018 after July's 1,724 units. If July's volume is taken as an abnormality because of the cooling measures, November's exceptional sales performance can be viewed as a gradual return of buyers' confidence and interest, and the acceptance of the cooling measures as a higher cost of investment in the property market."

Most property consultants expect developers to end this year with sales of at least 9,000 private homes. The figure for last year was 10,566 units.

ERA Realty Network key executive officer Eugene Lim expects developers to be off to an early start next year, with at least three projects lined up for preview in January: Fourth Avenue Residences by Allgreen Properties; Fyve Debyshire by Roxy-Pacific Holdings; and RV Altitude along River Valley Road, also by Roxy-Pacific.

Knight Frank Singapore's senior director and head of research, Lee Nai Jia, said: "Moving forward, we expect prices to remain stable, with total new sales in 2019 likely to range between 9,000 and 12,000 units. While more options will be available to homebuyers, they will also be likely to exercise more discernment and caution."

The sales figures released by the URA exclude executive condominium (EC) units, which are a public-private housing hybrid.

Including ECs, developers moved 1,202 units last month, up from the 510 units in October 2018 and also ahead of the 937 units in November 2017.