Data from the Urban Redevelopment Authority (URA) showed that transactions of new homes sales, excluding executive condominiums (ECs), stayed the same in April, with developers transacting 653 units as compared to 654 units in March. This was because no new projects were launched in April.
Christine Sun, the Senior Vice President of Research and Analytics at OrangeTee & Tie, said that after the cooling measures were put in place in December of last year, sales of new homes “seem to have stabilized.”
Even with ECs, the number of new homes sold rose by 19.5% in April, from 702 in March to 839.
Last month, sales of new homes, excluding ECs, fell by 48.6% compared to the same time last year.
She said that most of the sales (44.3% or 289 units) came from the Rest of Central Region (RCR). The Core Central Region (CCR), with 31.5 percent or 206 units, came in second, and the Outside Central Region, with 24.2 percent or 158 units, was third.
Lee Sze Teck of Huttons Asia said, “This is the first time in the last 12 months that sales in the CCR are higher than sales in the OCR.”
Also, the number of new sales to people from other countries has gone up, from 25 units in March to 59 units in April.
As Singapore eases its Safety Management Measures and reopens its borders, expatriates have also started moving back to the city. They are also taking up private home units, which adds to the demand for rentals, especially in the non-landed private condos rental market.
But foreigners who buy property in Singapore have to pay an Additional Buyer’s Stamp Duty (ABSD) of 30%. This is meant to stop people from speculating on local real estate.