By Ms Goh Jia Ling (吴佳凌), Manager, Research, Singapore and Southeast Asia, CBRE
- A total of 1,609 new homes (excluding ECs) were sold in January 2021. This was the highest monthly sales since July 2018, surpassing December 2020’s take-up of 1,217 units and is about 1.6 times the 620 units achieved in January 2020. Developers continued to be motivated by strong homebuyer’s interest, as they look to capitalize on recent sales momentum to clear their remaining project inventory. Total number of units launched was up 92.7% m-o-m.
- Two new project launches – Normanton Park and The Reef at King’s Dock made up the bulk, accounting for 83% of 2,600 units launched in January 2021. Both projects were well received, with 221 units (take up of 73.7 %) sold at The Reef at King’s Dock, while Normanton Park moved 625 units (take up of 33.6%).
- The low interest rate environment, coupled with improving sentiments, were the main drivers of the market. Not forgetting, developments at good locations were also catalysts.
- Looking ahead, Singapore’s economy expects to see a gradual recovery throughout 2021, with a growth forecast at 4% to 6%, as reported by the MTI. With ample liquidity in the market, coupled with low interest rates, buying sentiment is expected to remain strong and to support demand for upcoming launches, barring any unforeseen circumstances. CBRE Research expects new home sales are likely to fall in the in the region of 8,000 to 9,000 units.
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