HomeNewsSingapore New Home Sales Were Lowest January Figures Since 2009
Singapore New Home Sales Were Lowest January Figures Since 2009

Singapore New Home Sales Were Lowest January Figures Since 2009

New home sales in Singapore doubled last month

Sales of new condominiums doubled last month following the year-end holiday lull. However, analysts noted that volume was low, with sales at their weakest level in 15 years as buyers held back.  

According to data released by the Urban Redevelopment Authority (URA) on Thursday (Feb 15), developers sold a total of 281 private homes in January, up 108.1 per cent from the 135 units moved in the month before.

The latest January sales figure, which excludes executive condominiums (ECs), is 28.5 per cent less than the 393 units sold in the same month in 2023. 

It is also the lowest January sales since 2009, when developers sold 108 units, reflecting the tentative sentiment among buyers, said a market analyst. 

singapore new home sales chart

The weak rebound from December is likely to ignite concerns among property developers about waning demand. Singapore has so far managed to avoid downturns that have affected other cities such as Hong Kong, but sales have been on a descending trend since Singapore introduced cooling measures to cool rising home prices and prolonged high interest rates began to bite.

Singapore saw 6,421 new private homes sold last year , the fewest since 2008, final revised URA figures show. Annual transaction volumes, existing homes included, reached the lowest level in seven years. This compares to 7,099 new homes sold in 2022. 

Buyers are turning increasingly selective due to the bumper crop of completed condominiums (an estimated 17,000 units) coupled with a variety of new condo launches. February sales are expected to be slow as developers typically hold off launching new projects until after Chinese New Year.

Developers are also becoming cautious. A prime land parcel in Marina Gardens put up for sale by the government attracted just one bid in January compared to 4 bids received for a similar site previously. The offer was recently rejected by authorities who said it was “too low”.

Meanwhile, the number of unsold units has risen from 6,246 units in December 2023 to 7,936 private housing units (excluding EC) last month commented a market analyst.

With an estimated 40 new condo launches this year, do reach out to us for a home planning consultation and analysis on the property market.