SINGAPORE: Developers did not have a very merry Christmas last month, after sales of new private homes plunged 50 per cent in December from the previous month.
Excluding executive condominiums (ECs), developers sold 602 units last month, compared with 1201 units in November, data released on Tuesday (Jan 15) by the Urban Redevelopment Authority (URA) showed.
AdvertisementIncluding ECs, 605 private homes were sold, down from 1205 units the previous month.
December is a typically slow month for the housing market, with potential buyers away for holidays.
[h=3]READ: Singapore’s private home sales soar 52% in November[/h]Compared on a year-on-year basis though, December’s new private home sales was 40 per cent higher than the previous year’s 431 units sold.
AdvertisementAdvertisementA total of 101 new homes were launched by developers last month, with no new EC units launched.
The top-selling private residential project was Parc Esta at Sims Avenue with 160 units sold, followed by Whistler Grand at West Coast Vale with 128 units sold.
[h=3]READ: Government cuts supply of land for private homes as demand slows[/h]"Sales demand is relatively healthy considering no new projects were launched last month and the traditional lull period for buying activities during the year-end holidays," said Ms Christine Sun, head of research and consultancy at OrangeTee & Tie.
She added that the developer sales tally for the whole of 2018 is expected to reach about 9,264 units (excluding ECs), which is within their earlier projection of between 9,000 and 10,000 units.
The sales volume for 2018 is lower than that of 2017 but higher than 2014, 2015 and 2016, she noted.
"While the macro-economic conditions remain uncertain, Singapore’s economic growth and job market are expected to remain firm this year," Ms Sun said.
"The ongoing sales momentum at several new projects may indicate that the property market could be reaching equilibrium soon as prices are stabilising and more buyers are streaming back."
[h=3]READ: Singapore's private home prices rise nearly 8% in 2018[/h]Let's block ads! (Why?)
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