Singapore Private Home Sales Plunge 44.9%: Lowest in 9 Months!

Singapore Private Home Sales Plunge 44.9 Lowest in 9 Months
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  1. Private home sales in Singapore fell by 44.9% in September, the lowest since December 2022.
  2. Despite the overall decline, demand for executive condominiums (ECs) remains strong with Altura selling 100 units in September.
  3. Analysts expect new home prices to increase by 1% to 5% due to increased inflation and continued demand.

A Dip in the Market

The latest reports tell a sober tale for Singapore’s private home sales.

Yes, folks, numbers are on a bit of a slide.

A 44.9% slide to be precise.

A Spotlight on the Figures

The Business Times reports developers flogged off just 217 private pads in September.

That’s the dreariest number since December 2022 when a measly 170 homes found new owners.

This is also a significant drop of 78% compared to the 987 unit sales back in September last year.

Exploring the Causes

So what’s behind this plunge in private home sales?

Well, CNA reveals, among others, an absence of major launches, the lunar seventh month or Hungry Ghost festival, school holidays, and global uncertainty as culprits.

Buyers are pulling in their purse strings a bit tighter amidst these uncertainties.

A Spot of Sunshine: The EC Market

It isn’t all doom and gloom, though.

There’s one place where the sun still shines, and that’s the executive condominium (EC) market.

The demand for these half public, half private homes remains strong.

Responding to CNA, Lee Sze Teck from Huttons Asia describes ECs as the “next best alternative to private homes for price-sensitive buyers.”

This is especially because they come with an attractive candy – a sweet upfront remission on Additional Buyers Stamp Duty (ABSD).

Altura Leads the Pack

Altura, the only active, EC project this year, is making waves.

In September alone, they’ve sold a whopping 100 units.

That’s a take-up rate of 81%, pretty phenomenal in the face of current market conditions.

The secret to Altura’s success, analysts suggest, is the relative lack of EC launches recently.

Buyers starved of options are snapping up what’s available.

A Peek into the Future

As we look forward, there’s much to contemplate.

Some big launches are on the horizon, and these could stir up the market.

The Watten House launch in the prime district and the fresh suburban projects of Hillock Green and Jden are all set to drop soon.

Real estate experts anticipate that the sales volume for 2023 might range of several thousand units (excluding ECs).

And as prices for new homes creep up by 1% to 5%, buyers may still hold back due to factors like shaky macroeconomic conditions, market cooling measures, and climbing interest rates.

Parting Thoughts

So there we have it, a snapshot of Singapore private home sales, current and future.

It’s clear that a mixed bag of factors influence this complex market, and it’s no child’s play predicting how it’ll all shake out.

How do you sense the winds of the private housing market changing in Singapore?

Will the new launches rouse buyers, or will the market continue to dip?

Let’s watch this space.

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