Most recent statistics by the Urban Redevelopment Authority (URA) have proven a 21.9% increase in sales of new private houses (like executive condos or ECs) last month, even although the amounts are still 3 percent reduced in a year-on-year comparison.
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Private housing prices are predicted to grow from 2% to 3.5percent this year, compared to last year’s 7.9 percent.
Strong new house sales in November regardless of the year-end lull
Regardless of the usual year-end lull and an impending home distribution glut, the new private home market performed well last month together with programmers having marketed 1,168 units (inclusive of ECs). The statistics are encouraging as just 740 new private houses were launched in November, 17% lower than the month before and almost 45% lower than the 1,342 units launched in precisely the same month last year.
There are some concerns about an expanding inventory of unsold stock. The amount of all developer-launched new private houses that remain unsold have reached 4,748 (such as ECs) last month. This number is simply set to rise as more private houses enter the market next year, an accumulation of their collective sales strain from the past couple of years.
Suburban jobs led market uptick
Leading last month’s programmer house sales were suburban jobs such as Sengkang Grand Residences and One Holland Village Residences. Property analysts are anticipating additional capital to flow in by the Chinese mainland and this might connect into new residential properties all across the island.
Sengkang Grand Residences listed the very best sales last month, with almost 84 percent of those 280 units launched sold at an average price of $1,741 psf. The 99-year leasehold land is situated near the Buangkok MRT station.
At One Holland Village Residences, 69 percent of those 126 units launched have been marketed at the median price of $2,606 psf. Located in a prime area and within an area slated for major rejuvenation, customer and investor interest is expected to continue.
Moving to the new year, analysts say a transaction volume of 9,000 into 9,800 is anticipated for 2020.