Private Home Sales at 15-Month High in October 2016

posted by: Maybelle Ng in Property News

Private home sales for new condos and apartments climbed to a 15-month high in October 2016 as Forest Woods and The Alps Residences continue to sell well.

Last month, developers sold 1,252 new condominiums, more than double the 509 sold in September. It is the highest since the 1,655 units sold in July 2015 according to caveats lodged.

More than 300 units were sold at both The Alps Residences in Tampines and Forest Woods in Serangoon.

The Alps Residences in Tampines

The Alps Residences in Tampines

All in a total of 1,540 residential units were sold in October, which includes executive condominiums (EC). This figure is higher than the 769 units sold during the previous month.

This is indeed good news for the property sector which has been languishing in dismal sales for most of 2016 and the first half of this year. It is still too early to say we are out of the woods as prices are not creeping up together with the sales figures. And with news of a looming technical recession in Singapore, property prices may not see any appreciation for some time to come. But this is a good time to buy a home that you have been eyeing for your own stay.

Two new projects, Parc Riviera and Queens Peak, are slated to be launched soon and this may move total sales figures to be above 8000 units, higher than the last 2 years.

EC projects also had a good year of sales despite the lack of new launches in the last quarter. In the first 10 months of 2016 alone, developers sold a total of 3,553 ECs, up 39 percent from the 2,550 units sold last year.