860 new Singapore properties sold in November

December 20, 2016 Singapore

In today’s Singapore property news, sales of Singapore real estate this November have increased by 13.3%–an uptick from last year’s record.

Purchase of Singapore properties in November prove the Singapore real estate’s resilience according to industry expert Downtown Singapore’s skyscrapers

Market watchers say despite the usual slow fourth quarter, sales this year can still finish off with 2,500 units. They are also eyeing next year to be even better.

There was a 31.4% decrease from the 860 units sold last month compared to October’s results, according to the data released by URA. And though this is a drop from October’s 15-month high with 1,253 Singapore condos sold, real estate analysts said this doesn’t necessarily mean the Singapore property market is weakening. November’s sales kicked off a 13.34% increase from the 759 units sold from the same month last year.

A resilience on Singapore real estate market

According to Mr. Desmond Sim, CBRE’s head of research for Singapore and Southeast Asia, “Developers have sold 7,769 homes so far this year, crossing the sales tally of 7,440 units recorded in 2015. It is very possible that the market will see 8,000 units sold in 2016.” Mr. Sim also said that these data prove Singapore properties’ resilience.

JLL’s national director of research and consultancy Mr. Ong Teck Hui said that 2016’s fourth quarter marked the difference of 2015 and 2016. Assuming there will be 300 to 500 Singapore properties sold in December, he said that this 4th quarter will be the strongest this year as opposed to what is usually expected.

Top performers were newly launched projects, Queens Peak in Queenstown and Parc Riviera in West Coast Vale which sold 271 and 185 Singapore properties, respectively.

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