Property developers sold a total of 987 units in Singapore for the month of September. This result is more than double from 438 units in August.
GuocoLand sold 512 units of Lentor Modern and Frasers Property sold 121 units of Sky Eden@Bedok at the project launches.
This is the highest number of sales since May, when developers sold 1,355 units.
The sales count exclude executive condominiums (ECs).
Foreigners took up 4.8 per cent of these new private home sales in September, a significant reduction from 12.7 per cent a month earlier. It goes to show that foreign property investors do not fancy Outside Central Region (OCR) projects.
New home sales for October is likely to be dismal as property buyers feel the pinch of interest rates exceeding 3 per cent per annum.
There are two CCR new launch projects in the pipeline, Hill House and Sophia Regency.
Kovan Jewel in the OCR may also be launched for sale in November.
Two EC projects will be launched by the end of the year. They are Copen Grand in Tengah and Tenet in Tampines.
Buying a new launch project that is under construction will be disadvantageous if you do not have a roof over your head. The sky high rental price is making buyers to reconsider their property purchase.