New Private Home Sales fell for second consecutive month in September 2021 as Developers delayed launches; Market Sentiment remains strong with new price highs.
A total of 834 new private homes were moved in September 2021, down 31% from 1,216 in August 2021. This represented a 37% year-on-year decrease from 1,329 in September 2020.
Including Executive Condominiums, a total of 1,296 new homes were transacted, down 2% from August 2021. This represented a 6.4% year-on-year decrease from September 2020.
On the whole, new home sales for the first three quarters this year - 10,111 units - have already exceeded the whole of last year's sales of 9,982.
Five of the top selling condominiums last month were existing projects in the suburbs, with another five in the city fringe and prime district. Industry experts noted that there is growing interest in homes in the central area, and sales in the city fringe and prime district should continue to pick up, supported by upcoming launches Canninghill Piers and Perfect Ten. As border restrictions and safe management restrictions ease up, sale of homes in these prime areas is anticipated to pick up further since they are very popular with investors and foreign buyers.
New home sales are setting new price highs. 583 non-landed homes from 24 condos in the suburbs transacted at more than $2 million each, with Parc Clematis topping the chart at 161 sales. The EC market is also experiencing a similar phenomenon, with a total of seven ECs being sold for over $2 million. OLA EC in Anchorvale Crescent saw a 160 sqm unit being sold at $2.102 million ($1,221 psf), breaking its previous record of $2.076 million transacted in July 2021. Parc Greenwich EC moved 335 (67.5%) of its 496 units at its launch at a median price of $1,229psf.
With the current depleting EC supply, shortage of new EC launches and rising resale HDB prices, the demand for new ECs remains strong and robust.
Overall, the market sentiment is strong as the government is paving the way for economic recovery and people are more confident in managing COVID-19 and living with it.