Singapore

December new private home sales jump 57.2% as more than 10,000 homes sold in pandemic-hit year

SINGAPORE: Private developers sold 1,217 new homes excluding executive condominiums in December last year, tipping new private home sales past the 10,000 mark for the whole of 2020.

The monthly figure was a 57.2 per cent jump compared to November last year, when 774 private residential units were sold, according to official data released by the Urban Redevelopment Authority (URA) on Friday (Jan 15).

Sales were up 126.2 per cent compared to a year ago, making this the highest performance in the month of December in eight years. The previous record was 1,410 transactions in December 2012.

The Outside Central Region (OCR) led new home sales, with 924 units sold, while the Core Central Region (CCR) and Rest of Central Region (RCR) saw 60 and 233 units sold respectively.

Including executive condominiums, a total of 1,265 units were sold in December 2020, up 53.9 per cent from the previous month.

UNUSUAL HOLIDAY SEASON

"Unique dynamics" contributed to the high sales in December, which is usually one of the slowest months for the property market, said Ms Christine Sun, OrangeTee & Tie senior vice president of research and analytics.

"As Singaporeans have been advised to defer all travel until the global situation is under control, more locals have visited showflats during the holiday season, which may have helped developers sell more homes last month," said Ms Sun.

"Further, those who have been sitting on the sidelines are entering the market now as prices of homes are expected to appreciate further this year in tandem with a post-pandemic economic recovery."