Drop in supply drags down home sales in Singapore

business June 17, 2017 01:00

By THE STRAITS TIMES
ASIA NEWS NETWORK
SINGAPORE

DEVELOPERS released just 339 condominiums in Singapore last month, compared with 1,616 in April.



A decline in the number of new private homes hitting the market sent sales figures down last month but transactions were still robust.

Developers sold 1,024 homes - excluding executive condos (ECs) - last month, a fall of 34 per cent from the 1,558 moved in April.

This was the second straight month-on-month decline following the 12.5 per cent drop from March to April, figures from the Urban Redevelopment Authority (URA) show.

Last month’s sales were also lower than the 1,058 units moved in May last year. 

Developers released just 339 new units on the market last month, compared with the 1,616 launched in April. No new ECs were launched last month.

 International Property Advisor chief executive Ku Swee Yong said: “Considering there wasn't any major project launches last month, the sales booked were healthy. The sales momentum seen in the past months has carried over to May.”

Buying sentiment has been positive, with new sales exceeding 1,000 units for three consecutive months.

Sales in suburban areas led the way last month with 617 transactions, followed by 341 in the city fringe and 66 in the core central region. The top-selling private residential project last month was Parc Riviera in West Coast Vale, which moved 83 units at a median price of S$1,246 (US$900) per square foot. The Santorini in Tampines was next, selling 64 units at a median price of S$1,022 per square foot.

ERA Realty Network key executive officer Eugene Lim noted that buyer confidence is high, boosted by a tweak in some cooling measures in March.