Singapore Home Sales Fall in November as Buyers Defer Purchasesby
Developers sold 860 units last month vs 1,253 in October
Home prices are down 11% from the peak in September 2013
Singapore home sales fell 31 percent from October as developers marketed fewer projects toward year-end, a time when buyers typically defer purchases to the new year.
Developers sold 860 units in November, compared with a revised 1,253 units in October, according to data released Thursday by the Urban Redevelopment Authority.
Developers launched 1,363 units last month, compared with 1,467 units in October, the data show. The largest sales came from Queens Park by HY Realty (Dundee) Pte, which sold 271 of the 736 units marketed. Parc Riviera by El Development (West Coast) Pte sold 128 of 200 units launched.
“Buyers would be winding down for the holiday season so purchases will be deferred to the new year when they can cherry pick from more launches by developers,” said Christine Li, director of research at Cushman & Wakefield Inc. in Singapore.
Singapore’s government has been steadfast in its commitment to cool the housing market, maintaining real estate curbs rolled out since 2009. Singapore’s home prices and sales have eased since the government began introducing housing curbs, with some of the strictest measures implemented in 2013.
The city-state’s home prices dropped for a 12th quarter in the three months ended Sept. 30, and residential values are down 11 percent from their peak three years ago. The existing stock of unsold homes may take three years to sell, according to Augustine Tan, President of the Real Estate Developers’ Association of Singapore. In addition to the oversupply, home vacancy rates are at their highest in more than 11 years, Tan said in September.