October was an incredible month for developers in Singapore, as they managed to sell 7% more homes then they did in the previous month. Numbers show that no less than 969 units were sold, both executive condominiums and private homes. What fueled this increase? Apparently, the fact that more new homes were launched and made available during the month of October meant that more people had the chance to find their ideal home. Thus, if in September the number of newly launched homes was just of 73 units, the situation looked much better in October, when 242 new launch condos were placed on the market by local developers.
If we are to exclude the executive condominiums out of the equation, we will manage to notice a considerable increase in the sale of private residences, developers managing to sell 15% more in this particular sector than they did in September. The Urban Redevelopment Authority decided to see the evolution of the real estate market, so it launched a survey among the developers of Singapore and checked out their performances. The numbers are quite impressive considering that only one new project was launched in October and we are talking about the Roxy-Pacific Holdings, called The Navian, in the Jalan Eunos area. The developer managed to launch half of its 48 units in October, also selling a total of 12 units, the average price of a unit being $1,543 per sq. ft.
But, it was the projects that were already launched the ones that closed the biggest number of deals. The most successful project of the month was, by far, Sophia Hills, developed due to the joint forces of two companies, Sunway Developments and Hoi Hup Realty. Managing to sell 62 more units in the month of October, the project reached the incredible number of 446 sold units since the project started. And considering that the average price of an sq. ft. was $2,029, the developing companies made a great profit. Guocoland followed, with their Martin Modern project, selling 47 new units with an average price of $2,343 per sq. ft. And Qingjian Realty placed third, with 45 sold units at an average price of $797 per sq. ft. for their iNz Residence, which is an EC project.
Most of the private residences, more precisely 44%, were located on the outskirts of the Central Region, while 19% were in the core area of the region and 37% were found in other areas of the Central Region.
Learn more about the Oct sales of new Singapore Condo from the link below,
Parc Botannia which was released for sale on 11 Nov 2017 also had a healthy sales as close to 100 % of their released units were sold. You can read more about the sale of this new launch from the link below,