The Hungry Ghost Month in September has meant developers have held off on new home launches. Only 657 new private residential units were sold last month. That is 47% lower than the 1,246 units sold in August.
Low number of new units launched
The lackluster performance of the new private home market could be due to the limited number of units developers chose to launch last month. A mere 73 units were released in September.
A positive sign, however, was the proportionately higher number of transactions closed compared to the number of units released. Despite the low number of 73, 657 units were sold, up from the 509 units in the same month last year. Including executive condominiums, new home sales have increased by 62.9% in comparison with the same time period last year.
Kingsford Waterbay top-seller in September
Selling 45 units at an average price of $1,289 sq ft, Chinese developer Kingsford’s upper Serangoon condominium, Kingsford Waterbay, was last month’s top seller. With sales of 48 units, Parc Life topped the EC segment.
Moving ahead, property analysts expect buyers to show keen interest sooner rather than later. Prices and market sentiments both point toward a good quarter. Buyers may sense that prices are about to rise soon and thus buying now is preferable.