Singapore Private Home Sales double in September 2022

Singapore private home sales more than double in September, driven partly by Lentor Modern and SkyEden@Bedok new launches. Lentor Modern, which sold 512 units, and Sky Eden@Bedok, which sold 121 units. Indeed, Singapore Private Home Sales double in September 2022 !!

According to figures released on Monday (Oct 17) by the Urban Redevelopment Authority (URA), excluding executive condominiums (ECs), developers sold 987 units last month, up from the revised 438 units in August !

This is the highest number of sales since May, when developers sold 1,355 units.

On a year-on-year basis, home sales in September rose 18.3 per cent from the 834 units sold in the same month last year.

The Outside Central Region (OCR) saw the most number of units sold at 686, followed by the Core Central Region (CCR) at 198 units and the Rest of Central Region (RCR) at 103 units.

Singapore Private Home Sales double in September 2022 : Purchases by Foreigners

The proportion of purchases made by foreigners dipped to 4.8 per cent in September, compared to 12.7 per cent a month earlier. This is because almost 70 per cent of the sales in September were in the OCR, foreigners made up a smaller share of the overall sales. Foreigners do not usually buy OCR properties. Chinese buyers are also snapping up properties in CCR areas such as Newton and Novena.

New launches in Newton and Novena include Enchante and Sanctuary@Newton.

The Enchante At Bukit Timah Area

Singapore Private Home Sales double in September 2022 : Cooling Measures and Impact

However, the introduction of property cooling measures in Sep 2022 might have a moderate impact on private home sales.

There will be be strong demand for units at two EC projects that will be launched by the end of the year: Copen Grand in Tengah and Tenet in Tampines. News of how much profits are made by EC owners have been impressing many young sandwich class in Singapore.

In addition, the new 15-month waiting time for private residential property owners and former private residential property owners to purchase resale HDB flats may also affect the Singapore real estate market.

Some private property owners who are looking to right size or downsize into the HDB resale market will now be forced to the private property market instead of the million dollar HDB market. Unable to wait 15 months or more, they might be forced to consider smaller private resale condos instead.

Alternatively, they might consider looking into the new condo launches market. Projects already TOP or are about to hit their Temporary Occupation Permit (TOP) in the immediate future might garner more interest from savvy buyers and investors as a form of likely alternative to those considering to right size or downsize as well.

Singapore Private Home Sales Double In September 2022
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