January private home sales up due to more unit launches

SINGAPORE — A generally moderate uptake last month for the private housing market kick-started the year, with more unit launches compared to December, but cooling measures from the government continued to affect sales.

A total of 415 units were launched in January, up from the mere 53 units launched in the previous month.

Developers sold 372 private housing units last month, up 62 per cent from 230 units sold in December last year, data from the Urban Redevelopment Authority (URA) showed today (Feb 16), a stark increase due to the dismal performance a month earlier that recorded the lowest sales since January 2009.

Compared to the same period in January a year ago, private housing units fell by 35 per cent as cooling measures and the Total Debt Servicing Ratio (TDSR) framework continue to affect buyers’ sentiment.

A total of 184 Executive Condominium (EC) units were sold last month in the primary market, a slight increase compared to 176 units sold a month earlier.

Analysts say they expect more than 20,000 private residential units to be completed this year, adding that market supply is likely to outstrip demand in the near to medium term.