New private home sales up 70% in November

Cheryl ChiewDecember 17, 2021

condominium-singapore

CanningHill Piers was the best performing project in November, moving 576 units at a median price of $2,887 psf.

New private home sales in Singapore continued in an upward trend, increasing 70% in November from the previous month.

Excluding executive condominiums (ECs), developers sold 1,547 units in November, up from the 911 units shifted in the previous month, showed Urban Redevelopment Authority (URA) data.

On an annual basis, new home sales rose 99.9% from the 774 units sold in November 2020.

Including ECs, new home sales rose 54% month-on-month and 96% year-on-year to 1,610 units.

“This is the third-highest monthly developer sales volume in 2021 and the highest November sales in 10 years,” said Huttons Asia.

It attributed the sharp spike in sales to the successful launch of CanningHill Piers and The Commodore. In fact, the two projects accounted for 47.8% of last month’s total sales.

“CanningHill Piers, was the best performing project in the month, moving 576 of its 696 total units (83%) at a median price of $2,887 per sq ft (psf),” said Tricia Song, Head of Research for Southeast Asia at CBRE.

It was followed by The Commodore and Normanton Park, which sold 164 and 105 units, respectively.

Also on the top ten list are Dairy Farm Residences, The Woodleigh Residences, The Avenir, Sengkang Grand Residences, Avenue South Residences, The Florence Residences and Leedon Green.

Related article: 10 Most Popular New Launch Condos and ECs in Singapore for 2021

Song noted that November’s new home sales were skewed towards the Rest of Central Region (RCR) mainly due to the robust performance of CanningHill Piers.

With this, the RCR accounted for 58.8% of last month’s sales, compared to 31.1% in October. The Outside Central Region (OCR) made up 29.7% of November’s sales, versus 38.1% previously, while the Core Central Region (CCR) accounted for 11.3%, down from 30.8% in October.

Huttons revealed that 39% of November’s transactions were priced above $2 million, 26.5% were between $1.5 million and $2 million and 34.4% were below $1.5 million.

Singaporeans made up 81.4% of the total transactions for November, while permanent residents and foreigners accounted for 12.9% and 5.6%, respectively, it said

Looking ahead, Song expects new home sales in December to remain buoyant, amid upcoming new launches, such as Perfect Ten in Bukit Timah Road.

Located near popular schools and offering views of Bukit Timah Nature Reserve, the freehold luxury project could set a record price for the Bukit Timah area, given the limited new supply of such properties.

Song noted that the deferment of vaccinated travel lanes to select countries to manage the risk of transmission of COVID-19 Omicron variant could deter both inbound and outbound travel, delaying the return of foreign buyers.

Nonetheless, viewing gallery restrictions are not expected to be tightened as the city-state transitions into endemic living.

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.

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