>

Developers sell 1,547 new private homes in November, up 69.8% m-o-m

/ EdgeProp Singapore |

December 15, 2021 2:29 PM SGT

The 696-unit Canninghill Piers was the best-selling project in November, moving 576 units at a median price of $2,887 psf. (Picture: Samuel Isaac Chua/The Edge Singapore)

SINGAPORE (EDGEPROP) - Developers sold 1,547 new private residential units in November, and this sales figure is 69.8% higher compared to the 909 units sold in the previous month. It is also a 99.9% y-o-y increase compared to the same period a year ago.

Read also: Canninghill Piers penthouse tops highest psf price transactions at $5,360 psf

New home sales last month is also the third highest monthly developer sales volume recorded so far this year. According to data from PropNex Realty, last month’s new home sales closely trail the bestselling months of January and July which sold 1,643 and 1,602 units respectively.

best selling MDS Nov 2021 - EDGEPROP SINGAPORE

Source: OrangeTee & Tie, URA

“The spotlight on new homes in the central area grew bigger with the successful weekend launch of Canninghill Piers which achieved a take-up rate of more than 80% in the month alone,” says PropNex Realty CEO Ismail Gafoor.

That development was the best-selling project of the month as well as in the Rest of Central Region (RCR) moving 576 units out of its total inventory of 696 units during its weekend launch on Nov 20 and Nov 21 at a median price of $2,887 psf.

“The RCR market had experienced a dry spell over the past 10 months where monthly sales volume was to the tune of 300 to 400 units due to the lack of significant new launches,” says Gafoor. The last significant launch in the RCR was the launch of Normanton Park in January. (Browse newly launched condos in Singapore right now)

market segment MDS nov 2021 - EDGEPROP SINGAPORE

New homes sales in the Outside Central Region (OCR) bounced back as well, selling 459 units and marking a 32.3% increase m-o-m. The Commodore in Canberra Drive was the best-selling OCR project in November, moving 164 units out of its total inventory of 219 units at a median price of $1,513 psf.

Meanwhile, sales in the Core Central Region (CCR) recorded 178 new private units declining 36.7% m-o-m compared to the 281 units moved the month before. “Sales in the CCR for November were boosted by The Avenir which sold 36 units at a median price of $3,256 psf. While sales in the CCR slowed down in November, interest in central region homes should continue to build in the coming months, with international travel picking up and with more foreigners coming into Singapore,” says Gafoor.

Demand for pricier new homes continues to rise, says Christine Sun, senior vice president of research and analytics at OrangeTee & Tie. “Last month, 64 new condominiums were sold for at least S$5 million, the highest number inked in a month since 75 units were sold in May 2010. In the first 11 months of this year, 218 new condominiums were sold for at least S$5 million.” More than 12,460 new private homes have been sold so far this year, which surpasses the 9,982 units transacted in 2020. “We expect new home sales to reach around 13,000 to 13,300 units excluding EC for the whole of 2021. Next year, we anticipate that a constrained supply and robust demand may continue to prop up prices,” Sun adds.

Two new launches will cap off the year — Perfect Ten at Bukit Timah Road and Zyanya in Geylang. Huttons Asia says there could be 41 new launch-ready projects in the pipeline in 2022. Projects expected to launch in 1Q2022 include Belgravia Ace in Seletar, Kovan Jewel on Kovan Road, Royal Hallmark in Tanjong Katong and The Arden, which is located in Bukit Panjang. Two executive condominium projects may also launch in 2022: North Gaia in Yishun in 1Q 2022 and an unnamed project located along Tengah Garden Walk by City Developments and MCL Land.