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Homesingapore business'Pent-up demand' sees surge in new private home sales in November

'Pent-up demand' sees surge in new private home sales in November

SINGAPORE: Sales of new private homes in Singapore soared in November, mainly driven by​​​ the launch of three major private residential projects – J’den, Hillock Green and Watten House.

Excluding executive condominiums (ECs), developers sold 784 units last month, data released by the Urban Redevelopment Authority (URA) on Friday (Dec 15) showed.

This figure was 286 per cent more than the 203 units sold in October, reversing a three-month slide in private home sales in Singapore. On a year-on-year basis, this was also a 202 per cent increase from the 260 units sold in November last year.

Analysts had expected a rebound in home buyers’ sentiment due to “hot launches” in November.

A total of 970 units were launched in November, compared with just 54 units launched in October. 

Taken together, three new projects launched in November – J’den in Jurong East, Hillock Green in Lentor and Watten House in Bukit Timah – accounted for 570 units, or about 73 per cent, of all units sold in the month. They also made up about 97 per cent of the units launched in November, according to PropNex data.

“Pent-up demand was strong due to a lack of new project launches in September and October. As a result, the demand was high for J’den and Watten House, with both selling more than half of their total units within the launch month,” said OrangeTee & Tie’s senior vice president of research and analytics Christine Sun.

ERA Singapore CEO Marcus Chu said J’den and Watten House achieved remarkable sales as they appealed to different buyer segments.

“J’den attracted investors looking to capitalise on the growth potential stemming from the Jurong Lake District masterplan development. Watten House appealed to high net worth individuals looking for freehold, spacious and functional homes in a prime district,” he said. 

THREE MAJOR PROPERTY LAUNCHES

J’den, a 368-unit project situated at the site of the former JCube mall, sold 329 units at a median price of S$,2475 psf (per square foot) and was the top-selling project in November.

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