New private home sales down again in December; record low of 45 units launched

CORE CENTRAL REGION MOST POPULAR AGAIN

Of the 170 units sold in December, a majority – 89 – were in the Core Central Region (CCR). A total of 54 units in the Rest of the Central Region (RCR) were sold, while the Outside Central Region (OCR) saw 27 units sold.

“This is the third month that sales in the CCR accounted for more than half of the monthly sales,” Mr Lee said.

He added that the proportion of sales to foreigners picked up further in December, to 22 per cent.

OrangeTee & Tie’s senior vice president of research and analytics Christine Sun pointed out that 10 new non-landed homes sold for more than S$5 million in December.

“Only one transaction breached the S$10 million mark: A 2,368 sq ft unit at Klimt Cairnhill transacted for S$10,098,000 or S$4,264 psf,” she said, citing URA Real Estate Information System data.

A “SETBACK”

Mr Mohan said private home sales encountered a “setback” in 2022.

“Barring the final tally of the fourth quarter of the private new home sales transactions that will be released on Jan 27, the number of the total new home sales – excluding ECs – in 2022 declined to 7,153 units – a 45.1 per cent year-on-year drop as compared to the 13,027 units sold in 2021,” he said.

“One of the primary factors for the decline in new home sales was due to the lack of major new project launches during the year.”

He added that most projects launched in 2022 were smaller condominium ones and boutique-sized.

Ms Sun said home sales for the year were at their lowest level since 2008, when 4,264 homes were sold.