Andy November 16 2021

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Singapore New Private Property Sales Rebound in October

Sales of new private residential properties rose by 9 per cent in October according to Urban Redevelopment Authority (URA) statistics.

The property developers sold 909 new private homes excluding Executive Condominiums (EC). 

Home purchases by foreigners also increased by nearly 7 per cent last month.

CanningHill Piers, The Commodore and Cairnhill 16 are new projects that will be launched for sale in November.

Perfect Ten, Mori and Zyanya will follow suit in December.

Singapore new private home sales in the first 10 months of 2021 have reached 10,918. This figure surpassed the full-year sales in 2018, 2019 and 2020 respectively.

The previous record high was 14,948 units transacted in 2013.

The Outside of Central Region (OCR) segment sold 347 units or 38.2 per cent of the month’s sales.

The Core Central Region (CCR) of District 9, 10 and 11 sold 281 homes or 30.9 per cent of the month’s total.

The best-selling new launch project in October was Jervois Mansion.

Last month, a penthouse at Les Maisons Nassim was sold for S$75 million or $6,210 psf. This is a record per square foot for a penthouse unit in Singapore.

Andy Chia Jin Tai, Associate Division Director at ERA Realty Network, added that Singapore is a safe haven and our residential properties will generally appreciate in the long term.

Chia said: "Singapore have not established vaccinated travel lanes (VTL) with China, Malaysia and Indonesia who were among the top foreign buyers of Singapore residential properties."

“Stronger home sales are expected in November and December as our Government open up the economy to these countries and allow more buyers into the showflat.”