Palatable quantum key driver for healthy home sales

SINGAPORE – Sales of private homes by developers in Singapore fell 57.3 per cent in December from a month earlier, dropping to the weakest levels in 10 months, government data showed on Monday. Data compiled by the Urban Redevelopment Authority showed developers sold 367 units last month, compared with 860 units in November. That was the weakest since 303 units in February 2016. The level of sales fell 4.4 per cent from a year earlier, from 384 units sold in December 2015.

“Palatable quantum for both first-time owners and investors have been the key driver for healthy home sales over the past 24 months … Quantum play and quality of projects should remain the key demand driver in 2017,” said Mr Desmond Sim, head of CBRE Research in Singapore and South-east Asia. Upcoming executive condo launches include Anchorvale Lane EC, Rivercove EC while existing ones include Parc Life, Signature at Yishun, Brownstone EC, Visionaire EC, Inz Residence, The Criterion EC and Northwave EC, The Terrace EC,  The Vales EC, Hundred Palms Residences EC, Sol Acres EC and The Bellewoods EC. Rivercove Residences floor plans and Rivercove Residences EC details will be available shortly.

Multiple cooling measures and loan curbs since 2009 have had the intended effect of bringing housing prices down, with values softening further in the last three months of 2016 to take the longest falling streak on record to 13 consecutive quarters, flash estimates by the URA showed earlier this month. From the recent peak in the third quarter of 2013, prices have fallen 11.2 per cent.

Last year’s annual increase came despite a weak showing in December, when sales plunged 57.3 per cent month-on-month to 367 units due to the seasonal year-end lull, the lowest since February’s 303 units. Compared to the same period a year ago, last month’s figure was 4.4 per cent lower.

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