SINGAPORE: New private home sales in Singapore fell for the third straight month in October due to the absence of property launches.
Data released by the Urban Redevelopment Authority (URA) on Wednesday (Nov 15) showed that excluding executive condominiums (ECs), developers sold 203 units last month.
This is a 6.5 per cent fall from the 217 units moved in September and a 35.4 per cent drop when compared with October last year.
“Sales were subdued in October due to no major launches and buyers waiting for hot launches in November,” said Huttons Asia senior director Lee Sze Teck, citing the highly anticipated launch of Hillock Green in Lentor and J’den in Jurong East.
Other analysts concurred and expect the two projects to drive sales in November.
Already J’Den – the first private residential project launch in Jurong East in a decade – sold 87.5 per cent of its 368 units on the first day of sales over the weekend, according to ERA Singapore’s CEO Marcus Chu. The company is one of the joint marketing agents for the development.
Prices at J’den, situated on the site of the former JCube mall, start from S$2,100 (US$1,600) per square foot, according to developer CapitaLand. Huttons’ Mr Lee said units were sold at an average price of S$2,451 psf on launch day.