New private home sales fell last month due to the lack of launches

The lower number of new launches last month meant new private home sales suffered slightly.

This, however, was not a sign of a shrinking real estate market as the pick-up 3 months after July’s implementation of new property curbs showed promise.

Artist’s impressions of Qingjian Realty’s JadeScape – Singapore’s first fully-smart, multi-generational residential development. Picture: Qingjian Realty

Good pick-up in sales 3 months after property curbs rolled out

487 units were sold in October, a 48% fall from the 932 units sold in the previous month. Only 202 units were sold from existing projects previously launched.

September’s sales may have been a hard act to follow especially when the only launch of a new property in October was for 10 Evelyn, a 56-unit condominium located off Newton Road.

10 Evelyn, Condo.

In September, 1,169 units across 6 non-landed private property developments were put on the market for sale.

2 units were sold at 10 Evelyn at a median price of $2,478 psf. The 5-storey boutique property has a good location, in the city fringes, close to amenities such as the Newton food centre and malls such as United Square and Novena Square and also near the Newton and Novena MRT stations.

It is also just a quick drive away from the schools that along the Bukit Timah stretch. Plus healthcare options such as the Tan Tock Seng hospital are readily available. The project is designed by acclaimed architect Mok Wei Wei and is crafted to have a village-like ambience.

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Analysts not overly concerned about October’s low sales figures

Last month’s low sales figures are likely to be just a blip, some analysts say.

They have found that sales volume is still largely concentrated around the rest-of-central (RCR) region and in the core city centre.

A large number of launches in these regions this year meant that buyers are still going back to previous launches and picking up remaining units there. This may be a good sign as buyers are not shying away from making transactions, only in selecting more cautiously.

Projects which are well-situated or integrated developments are likely to continue enjoying attention from buyers and investors.

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