Singapore private home sales recover sharply in September

SINGAPORE — Singapore’s private housing market regained some momentum in September with buyers reacting warmly to the larger number of new launches, following the dismal sales in August as developers held back launches to avoid the Hungry Ghost Festival.

According to the latest figures provided by the Urban Redevelopment Authority (URA), up to 514 new private homes were launched last month and 648 units were sold, excluding executive condominiums (ECs). This was a marked improvement from August, when 399 units were offered – the lowest since December last year – and 437 sold.

The recovery was not surprising after August’s lull, and it does not imply a sustained increase going forward, SLP International’s executive director for research and consultancy Mr Nicholas Mak told TODAY.

“The cooling measures, particularly the TDSR (Total Debt Servicing Ratio), will continue to pressure the market. The figures say it all – we haven’t seen transaction cross the 1000-unit level so far this year, except in May,” he said.

“But I also don’t advise a wait-and-see attitude, because prices won’t tumble especially in areas where supply is still limited. An example is Jurong’s Lake Life, which was three-times oversubscribed as it’s the first EC launched in the area since 1997.”

Lake Life, along with Bellewaters and Bellewood, are among the upcoming EC developments that are expected to receive enthusiastic response from buyers when they are launched this month and next, as buyers rush into the market before the impact of a new resale levy rule kicks in.

Meanwhile, the bestsellers in September were Highline Residences, with 160 units launched and 142 units sold, as well as Seventy Saint Patrick’s, with 140 units launched 110 units sold.