Sales of new private homes fall 35%
SALES of new private homes tumbled last month, as buyers stayed on the sidelines amid a softening market.
Only 480 sales were recorded last month, 35 per cent down from 739 in February.
The sales slump came despite more units - 724 - being launched than in February, when only 691 hit the market, according to Urban Redevelopment Authority data yesterday.
The miserable numbers for last month left total sales of new private homes for the first three months at just 1,791, the lowest quarterly level since late 2009, noted Colliers Singapore research director Chia Siew Chuin.
The number of units launched - 1,964 - was also the lowest since the fourth quarter of 2008, she added.
PropNex chief Mohamed Ismail said last month's lacklustre performance was largely due to a relative dearth of major launches.
The suburbs accounted for the bulk of new sales last month, at 62 per cent. The city fringe was next at 26 per cent and the city centre made up the rest.
The only big project rolled out was MCC Land's 597-unit The Santorini in Tampines Street 86.
However, the market was so slow last month that The Santorini was the top seller, even though it moved only 76 units at a median price of $1,108 per sq ft.
Consultants said that sales are likely to pick up this month, citing healthy turnover at MCL Land's 695-unit Lakeville project in Jurong two weekends ago.
They tip new home sales to come in at between 500 and 800 units for this month.
These figures exclude executive condominiums (ECs). Including ECs, 535 new homes were sold last month. No new EC units were launched for sale that month.