Dhoby Ghaut NPark

Data from the Urban Redevelopment Authority (URA) showed that sales of new private homes in Singapore more than doubled in May, going from 660 units in April to 1,356 units last month, an increase of 105.5 percent.

Head of Research and Content at PropNex Realty, Wong Siew Ying, said it was the most new homes sold in a month since November 2021, when 1,547 were sold.

“The rise in new home sales last month wasn’t a surprise because two Rest of Central Region (RCR) launches, Piccadilly Grand and Liv @ MB, were highly sought after with buyers and made up about 41% of May’s sales,” she said.

In May, sales of new homes were up 51.5 percent from the same month last year.

Catherine He, at Colliers, said that the strong sales performance in May was due to pent-up demand for good location properties, homebuyers securing in current mortgage rates before more interest rate hikes, and strong HDB resale prices.

She said that even though stamp duties were higher, the number of new home purchase transaction by permanent residents (PRs) and also foreigners jumped by about 70% from 133 units in April to 226 units in May.

As the PropertyGuru Singapore Property Market Report Q2 2022 said it would, the launch of Piccadilly Grand and Liv @ MB gave the non-landed private property market a boost. This is a big jump in sales after a slow start to the year because no new products came out in Q1 2022.