In January, new private home sales soared to their highest in 8 years for the month, as developers went all out for many new launches, such as the Normanton Park with 1,862 unit and also the new condo at Keppel Bay, The Reef at King’s Docks with 429 unit, each of which contributed to more than 50% of the units sold.
On contemplating another round of property curbs, the fear of missing out was out in full force, increasing January’s revenue from 1,217 in December by more than 32% to 1,609 units.
This were the highest transactions in January since the transaction of 2,028 units in 2013. They were also the highest sales since the take-up of 1,724 in July 2018 for every month.
Sales except executive condominiums (ECs) grew about 160% as compared to a year earlier.
Normanton Park sold 625 units, was the biggest seller, followed by 700 units of Parc Central Residences EC, which sold 417 units and 221 units of The Reef at King’s Dock. Also among the top sellers last month were current launches, such as Parc Clematis, Treasure at Tampines, Ki Residences at Brookvale, Jadescape, and The Garden Residences.
As some were buying into the promise of the Greater Southern Waterfront potential, the Reef at King’s Dock saw strong demand. In contrast, there has not been a new condo here for several years.
On Monday, the statistics from the Urban Redevelopment Authority exclude EC units that are hybrids in public-private housing. New home transactions, including ECs, came to 2,098 units – up 65.8% month on month and up almost 228% from more than a year earlier.
In January, the number of new units released skyrocketed by 335% from a year earlier, up by 93% from December.
Nicholas Mak at ERA Realty, said that both Deputy Prime Minister Heng Swee Keat and Minister of National Development Desmond Lee issued hidden alerts regarding further property market curbs last month. He added that the strong number of housing units introduced in the past month may be a response to such alerts.
Ms Christine Sun, OrangeTee & Tie, said the speculation also nudged on-the-fence buyers to take action. As the global economy is supposed to speed up this year, she said, buyers are now joining in on concerns that interest rates might trend higher.
Lee Sze Teck, Huttons Asia, found out that if revenues from Normanton Park and The Reef at King’s Docks were eliminated, sales from previous projects were 763 units, which is “a sustainable pace without major launches”
