50% rise in new private home sales

Developers sold 648 new private homes last month which translates to an increase of 50 percent month-on-month but 47 percent decline on the same month last year.

Including executive condominiums (ECs), the number of units sold last month was 707.

The month-on-month rise comes from data published by the Urban Redevelopment Authority (URA) this afternoon.

During August, Singapore developers sold 432 new private homes, and up to 490 including ECs, in a month that saw few new launches. In contrast, September last year saw a total of 1,237 units sold, that when including ECs reached 1,649 units.

The development with the highest number of sales in September was Highline Residences in Kim Tian Road with a median average sales price of $1,848 psf.  The highest median priced sale happened at Mon Jervois with one unit being sold at $2,771 psf.

According to URA, prices as well as the number of units sold during the month are based on the Option to Purchase (OTP) issued by developers to buyers and reported to URA. Not all OTPs result in confirmed sales.

An OTP is a right or option given by the vendor to an intending purchaser to buy the property at a specified price within a specified period of time – the validity period of the option. The intending purchaser must pay a booking fee of between 5 – 10 percent of the agreed price for this right or option. The purchaser has to exercise the OTP within its validity period if he decides to buy the property.

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