Private home sales rise 17.4% year-on-year in December

Singapore — Sales of new private homes rose 17.4 per cent in December 2017 compared to the same month a year ago, according to data released by the Urban Redevelopment Authority (URA) on Monday (Jan 15).

Excluding executive condominiums (ECs), developers sold 431 units last month, compared with 367 units in December 2016.

On a month-on-month basis, sales fell 45.3 per cent from the revised 788 units sold in November.

Including ECs, 531 units were sold in December, a drop from the 937 sold the previous month.

December’s sales performance is traditionally lower due to the school holidays and festive celebrations, noted PropNex Realty CEO Ismail Gafoor.

However, he said that for the whole of 2017, the number of new residential homes sold by developers showed market confidence in new projects.

A total of 11,562 new private residential homes, excluding ECs, were sold in 2017, a 38 per cent increase from the 8,364 units sold in 2016, according to PropNex.

Said Mr Gafoor: “With prices expected to increase in 2018, there was a strong sense of urgency amongst home buyers and upgraders to make a move and purchase unsold units and new projects.”

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