PROPERTY developers sold 1,083 new homes excluding executive condominiums (ECs) in January, as sales rebounded strongly from the month before, data released by the Urban Redevelopment Authority on Monday (Feb 17) showed.
Last month’s sales marked a 256.3 per cent surge, compared with the 304 units sold in the year-ago period. It was 433.5 per cent higher than the 203 units sold in December 2024 – a seasonally low period.
This was buoyed by buyers’ enthusiastic response to two major launches in January, namely the 113-unit Bagnall Haus in East Coast and The Orie, a 777-unit condo in Toa Payoh.
The two made up nearly 70 per cent of total sales in January, said Lee Sze Teck, Huttons Asia’s senior director of data analytics.
Bagnall Haus sold about 65 per cent of its total units at an average price of S$2,490 per square foot (psf) during the launch weekend.
Meanwhile, The Orie moved about 86 per cent of the total units at an average price of S$2,704 psf.
A total of 896 units were launched in January, up from the 20 units in December, and higher than the 417 units (excluding ECs) made available for sale in January 2024.
Excluding ECs, last month’s new private home sales represented the highest volume for January since 2021, when 1,633 units were sold.
Mohan Sandrasegeran, SRI’s head of research and data analytics, said: “If this positive momentum continues, it could lay the groundwork for sustained demand, particularly as developers time their launches strategically and homebuyers adapt to the current property landscape.”
Marcus Chu, ERA Singapore’s chief executive officer, added: “Collectively, with Singapore’s firm economic fundamentals, buyers remain confident in the resilience of the residential market, which could help weather global headwinds and bolster new home sales in recent months.”
Other upcoming project launches in the pipeline include the 760-unit EC project Aurelle of Tampines, the 477-unit Lentor Central Residences, and the 188-unit Aurea.
Analysts have forecast new home sales to hit between 7,000 and 9,000 units this year.
New private home prices are projected to rise moderately by 2 to 4 per cent this year on healthy demand for new private homes, and more new home launches, said OrangeTee’s chief researcher and strategist Christine Sun.
Including ECs, there were 1,104 new units sold in January, up from the 373 units in December last year, and higher than the 611 units sold in January 2024.
As there were no new EC launches last month, only 21 EC units were moved.
ERA’s Chu pointed out that as at January, only 148 EC units remain unsold and that buyers are “slowly snapping up the balance stock.”
Credits: The Business Times
