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Developers in Singapore sold 1,198 units excluding executive condominiums (ECs) in November, nearly 2.5 times more units compared to October and the highest amount of homes sold since July as more projects were launched.
The home sales for November was a stark jump compared to the 487 units sold in October, according to data from the Urban Redevelopment Authority on Monday. Compared to a year ago, a total of 788 units were sold for the same month.
New projects for November included condominiums such as Parc Esta, Whistler Grand, and Kent Ridge Hill Residences which launched a total of 450, 300, and 250 units, respectively.
Including ECs, developers sold 1,202 units last month, up from the 510 units in October and the 937 units transacted in November last year.
A total of 1,341 units were put up for sale last month, compared to 202 units in October. Analysts said the pause in new launches seen in the earlier months could be due to the new cooling measures introduced in July. Developers delayed the launch of new projects for fear that the cooling measures could curb buyers’ appetites.
In July, the Singapore government raised the Additional Buyer’s Stamp Duty (ABSD) rates and tightened the Loan-to-Value limits on residential property purchases. Measures include leaving the current ABSD rates for Singapore citizens and Singapore permanent residents buying their first residential property at 0% and 5% but revising the ABSD rates for all other individuals by 5 percentage points, and 10 percentage points for entities.
According to real estate agency PropNex, 2018 is likely to end with a total sale of 9,300 to 9,500 units, lower than the 10,566 units sold in 2017.
Property developers’ stock were higher by midday, with City Developments Ltd up 0.61% or S$0.05, at S$8.28, CapitaLand up 0.64% or S$0.02, at S$3.14. UOL Group share price was 0.99% higher, or S$0.06, at S$6.12.
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