SINGAPORE – Sales of new private homes last month fell 11.6 per cent from March, according to data from the Urban Redevelopment Authority on Monday (May 16).
Developers sold a total of 745 new private homes in the month, compared with 843 in the preceding month.
The drop in sales came on the back of fewer launches. There were three large projects launched in March, whereas just one new large condominium project and a smaller one was launched last month.
Last month’s sales figure was still higher than the 300-500 unit range in other months when there were no new launches. March’s new home sales had also been the highest in eight months.
Of the new private homes sold last month, 64 homes were in the core central region, 361 in the outside central region or suburbs, and 320 in the rest of central region.
Last month’s sales were anchored by the launch of Sturdee Residences, which was the top selling condominium project with 126 units sold at a median price of $1,620 per sq ft (psf).
Including executive condominiums, developers sold 1,291 new homes last month, 2.8 per cent lower than in April.
Industry observers said they expect moderate activity in the market to continue this month and the next, with the launches of Gem Residences in Toa Payoh, Gramercy Park in Grange Road, and Stars of Kovan in Upper Serangoon.
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