The new private home sales climbed their peak level in December month recently and it was the highest recorded boost since the past eight years. This situation is believed to be a response to post-pandemic recovery where buyers jumped into the market while expecting a further rise in property prices.
If we look at the stats from the previous month, the sales by developers reached the count of 1,217 units with a rise of 57% as the count was restricted to 774 in the month of November. Note that this rise is almost 126% higher as compared to the market condition from a year ago.
These sales were mostly driven by several new launches in the real estate market. Clavon in Clementi reported a sale of 473 units which turned out to meet the median price of $1,537 per square foot. On the other side, Brookvale-based Ki Residences shifted almost 172 units and the median price for these sales was $1766 per square foot. As per the recent stats, both these projects represent 53% in terms of new home sales from the previous month. Note that the new home sales from the December 2012 records were found to be highest till now with the reported count of 1410 units.
A surprising turnaround in the real estate market was observed in the second half of the year 2020. The demand for the new private homes during these months led to the sale of a total of 10,024 units in the entire year. Note that this count was 1% higher than the records of the previous year (2019) when only 9912 transactions were reported.
Reports reveal that the new home sales have not crossed the estimated count of 10,000 units right since July 2018 when the fresh cooling measures were imposed in the real estate market. But this has happened somehow in a year loaded with all uncertainties. As the Singaporeans are advised to avoid travel plans as long as this global pandemic situation doesn’t fall under control, most of the local residents decided to visit show flats during the ongoing holiday season.
Note that the figures displayed above exclude the larger executive condominium units that fall into the category of public-private housing hybrid. If we include these units, the new hole sale can be reported to be 1265 units that come out to be 54% higher than the previous month and 129.6 percent more as compared to the previous year.
On the other side, the number of new housing units launched in the month of December surged at 265% as compared to the previous year; however, it was less than November month by 1.9%. As per the Huttons Asia report, a total of 23 private residential projects was introduced into the market in the year 2020 out of which ten projects came into the market before circuit breaker and 13 were launched after that. Some of the most popular and top-selling projects from recent listings include Piermont Grand, Jadescape, Treasure at Tampines, and Parc Clematis.