Private home sales up 14.9% in January

Despite the Chinese New Year festivities and the coronavirus outbreak, developers sold 618 new private homes in January, up 14.9% from the previous month and 41.1% higher over the same period last year, showed Urban Redevelopment Authority (URA) data.

The figure also marked the best January showing since 2013, when 2,028 units were transacted.

“We believe the sales volume in January reflected the underlying demand for homes,” said Tricia Song, Head of Research for Singapore at Colliers International.

In fact, the bulk of developer sales were from projects with units offered from $1 million to $1.5 million.

“We estimate that 67% of the total developer sales in January 2020 were priced at the median price of $1,000 to $2,000 per sq ft (psf),” she added.

Jadescape emerged as the best selling project in January, with 56 units sold. It was followed by Treasure at Tampines (moved 50 units), Parc Esta (44 units), Parc Botannia (39 units) and Parc Clematis (39 units).

Song revealed that there are concerns that the COVID-19 outbreak could dent housing demand due to weaker overall market sentiment, social distancing as people avoid crowded places, such as showflats and the postponement of home purchases.

But while the concerns are valid, home buyers have been unfazed by the coronavirus fears, so far. Realis data even showed that 146 new transactions, excluding executive condominiums, were registered during the first nine days of February, she noted.

Ref: Property Report