New home sales in Singapore experienced a dramatic decline in September, as developers refrained from launching new projects during the seventh lunar month. According to the Urban Redevelopment Authority (URA), sales of new homes, excluding executive condominiums (ECs), fell by 88.1% from 2,142 units in August to just 255 units in September. Including ECs, the decline was 88.5%, with sales dropping from 2,338 units to 270 units.
The lack of new launches contributed to September’s figures being the lowest monthly sales recorded this year, and the least since September 2023, which saw 217 transactions. Christine Sun, Chief Researcher and Strategist at Realion (OrangeTee & ETC), noted that all sales were from previously launched projects, with top sellers including Canberra Crescent Residences and Grand Dunman.
Despite the overall slump, the EC market showed resilience. A notable transaction was a 1,206-sq-ft EC at Aurelle of Tampines, sold for $1.54m (S$2.1m). This sale contributed to a year-to-date tally of 287 new ECs sold for over $1.47m (S$2m), significantly surpassing previous years’ records.
Looking ahead, developers are expected to launch several projects before the year-end holidays, potentially boosting sales figures. With interest rates moderating, buyers may find mortgages more affordable, encouraging market participation. New projects like the 462-unit Penrith and the 706-unit Zyon Grand are anticipated to attract interest, potentially pushing October sales to new highs. Realion forecasts that over 9,300 new homes could be sold by the end of the year, exceeding the annual sales of the past three years.
