New Home Sales drop 32% in March from current corovavirus pandemic

Kopat At Newton Pool

SINGAPORE:  Singapore Developers sold a total of 660 private homes in last month, down 32 percent from 976 in February, as new launches cool with the property market pondered safe separating limitations from the coronavirus pandemic.

There are 578 new private units available to be purchased in March, of which 163 in rest of the focal district (RCR), 101 were in the center focal area (CCR), and 314 outside the focal locale (OCR). In contrast, 933 units were up for sale in February, and 1,812 units were released back in March a year back.

The quantity of new launches sold a month ago dropped 37% from 1,054 units moved in March a year ago. The statistics, discharged by the Urban Redevelopment Authority (URA), exclude EC though.

Counting Executive Condo, developers will sell 904 units a month ago, dropped 31 percent from February’s 1,315 units, and almost 15 percent lower than the 1,062 units sold in March a year ago.

“Despite the fact that without major new undertaking dispatches, deals for March were still commendable which saw goods sales in Parc Esta, Jadescape and Treasure @ Tampines. Each of these development sold more than 60 units each.” Said PropNex Realty CEO Ismail Gafoor.

Some of the best selling new development in March as follows; Ola, Treasure @ Tampines, Parc Esta, Jadescpae and Parc Canberra. OLA EC came in top sales with 169 units transacted at an average of $1,139psf, follow Jadescape that see 75 units transacted at average of $1,719psf.

Month of April expected to see further reduction in sales with more of the units transacted coming from Kopar At Newton which was launched prior the circuit breaker kick in where all the sales gallery are close Till 4th May or further notice. Kopar at Newton launched at an average of $21xxpsf in District 9.

Sales of new launches are expected to be lower versus 2019 due to this current Covid-19 pandemic. Drop in sales column is inevitable as sales gallery and property viewing as suspended as its doesn’t fall under essential services under Circuit Breaker measure. Once the dusk settled down, sales volume will likely pick up momentum with new launches coming in the pipeline as developers adjust prices to reflect on current economy.

This current uncertain economy may propel investors to opt for safe haven asset like property where they can look at capital gain and rental yield in a mid to long term period.