Property News: Increase in Singapore’s Private Home Sales Despite COVID-19 Outbreak

Despite the COVID-19 outbreak, property developers sold 975 homes – excluding executive condominiums – last month, 57.3% higher than the 620 units sold in the preceding month, data from the Urban Redevelopment Authority (URA) showed on Monday (16 March 2020). If executive condominiums (EC) were included, that would be a total of 1,314 units sold, which is a 105.3% increase from January.

What led to an increase in sales?

February’s increase in private property sales was led mainly by the sales of 380 units at The M condominium, followed by 324 units at Parc Canberra EC. One of the reasons is due to property prices.

What can we expect from property sales?

We can anticipate a strong demand for the three upcoming ECs. For example, OLA at Anchorvale, has received 1,163 e-applications, more than double the 548 units offered. Ohmyhome’s Senior Real Estate Consultant and Private Property Sales Manager, Louis Tay said, “EC buyers, of which some are first-time homeowners, are mainly purchasing for their own stay, so COVID-19 outbreak won’t affect their decisions. Furthermore, from our past experience during the SARS period, statistics have shown that property prices in Singapore have been very resilient”.

Sources: CNA, The Straits Times