Private new home sales in Singapore fell to a nine-month low in September, with developers selling only 255 units, an 88% decrease from August’s 2,142 units. This decline is attributed to the absence of new project launches during the Lunar Seventh Month, traditionally a quieter period for property transactions. However, a swift recovery is expected in October, as the first launch of the month has nearly sold out.
The Rest of Central Region (RCR) led September’s sales, with 125 units sold, although this was a decrease from the 476 units sold in August. Grand Dunman and Tembusu Grand were the most popular projects in the RCR, selling 24 and 12 units, respectively. The upcoming launches of Penrith and Zyon Grand are expected to boost RCR sales in October.
In the Outside Central Region (OCR), sales plummeted by 93%, with only 84 units sold. Canberra Crescent Residences was the top-selling project, moving 28 units. The anticipated launch of Faber Residence is expected to drive OCR sales in October due to its attractive pricing.
Core Central Region (CCR) sales also saw a significant drop, with 46 units sold compared to 513 in August. River Green and The Robertson Opus were the top sellers. However, CCR sales are predicted to rise in October following the successful launch of Skye at Holland, where 99% of units were sold.
Wong Siew Ying, Head of Research & Content at PropNex Realty, noted, “The primary market took a breather in September after an exhilarating August. The lull will be short-lived, and we expect developers’ sales to rebound significantly in October.” With four new launches offering 2,233 new private homes, the market is poised for a strong recovery.
