SINGAPORE — Private home sales in Singapore rose to a three-year high in 2016 as sentiment and demand improved on the back of 13 consecutive quarters of price declines.
For the entire 2016, an estimated 4,069 ECs were sold, 55.7 per cent higher than the 2,613 ECs sold in 2015. Upcoming executive condo launches include Anchorvale Lane EC while existing ones include Parc Life EC, Signature at Yishun, Brownstone EC, Visionaire EC, Inz Residence EC, The Criterion EC and Northwave EC, The Terrace EC, The Vales EC, Hundred Palms Residences EC, Sol Acres EC and The Bellewoods EC.
“The improvement in EC sales for 2016 (versus) 2015 is due to both the effects of pricing cutting by developers from S$800 psf or more to about S$750-S$780 psf, and the benefit of the revision of income ceiling to S$14,000 implemented from August 2015, which increasingly flowed through and is more visible in 2016,” said Mr Ong Kah Seng, director of R’ST Research.
Developers sold an estimated 8,136 new private homes last year, Urban Redevelopment Authority (URA) data showed on Monday (Jan 16), an increase of 9.4 per cent from the 7,440 homes sold in 2015 and the highest since 2013 when the Total Debt Servicing Ratio framework was introduced.
The best-selling development was The Santorini along Tampines Street 86, which offloaded 26 homes at a median price of S$1,047 per sq ft (psf). This was followed by Queens Peak on Dundee Road, which clocked 25 sales at a median price of S$1,652psf.
December’s transactions in the executive condominium (EC) segment also fell to a 10-month low, with developers selling 213 units, 15.1 per cent lower than the 251 sales in November but a 71.8 per cent increase from the 124 units in December 2015.