With developers holding off new launches due to the Chinese New Year holiday, coupled with softer economic conditions and buyers' fatigue, new private home sales plummeted to their weakest February showing since 2008 when 174 new units were sold.
Just 149 units were sold in February, compared with 281 transacted in January. This is a 65.6 per cent drop from 433 a year ago.
While some buyers held off in the face of ample new launch options and in the hope of interest rate cuts later in 2024, sentiment was also hit by soft macroeconomic conditions, still-high financing costs, higher new home prices and property cooling measures, analysts said.
With developers prioritising sales from earlier released projects, the number of newly launched units plunged 89.2 per cent month on month to 45 units in February.
"This marks the lowest February launch tally since the Urban Redevelopment Authority began providing monthly project launch and sales data in June 2007," said Ms Chia Siew Chuin, JLL's head of residential research for Singapore.
Mogul.sg chief research officer Nicholas Mak noted that there was a backlog of residential projects slated for launch in 2024.
This story is from the March 16, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 16, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
DEFENCE BEHIND BOSTON'S SUCCESS
Celtics on track for record 18th title; youthful Thunder continue to rumble to take lead in semis
A BETTER TOMORROW LOOMING
Stablemates Fast And Fearless and Fountain Of Fame also well
UOB QI profit down 2% amid drop in net interest margin
UOB had a muted start to 2024 as its margins from interest rates dropped, even as loans picked up pace and fee income rose.
US said to have revoked Qualcomm, Intel licences for exports to Huawei
The United States has revoked licences that allowed companies including Intel and Qualcomm to ship chips used for laptops and handsets to sanctioned Chinese telecoms equipment maker Huawei Technologies, three people familiar with the matter said.
Mexico City wins Lee Kuan Yew World City Prize
Mexico City has been named the winner of the Lee Kuan Yew World City Prize 2024.
MOH limited in what it can do on Cordlife customer refunds: Janil
He says Govt is not party to contracts for a private service and cannot overstep law
Bill to extend regulatory control over key transport firms passed
It will not create major compliance costs or interfere in commercial decisions: Minister
ERP 2.0 early adopters can reposition unit to driver's side for free: Chee Hong Tat
Motorists who have had the nextgeneration Electronic Road Pricing system (ERP 2.0) on-board units (OBU) installed in their vehicles as at May 2 can reposition the processing units from the passenger's footwell to the driver's footwell for free if they wish, said Transport Minister Chee Hong Tat.
Baltimore bridge collapse: Body of final victim found
The body of the sixth and final victim who died in the collapse of the Francis Scott Key Bridge in Baltimore was found on May 7, officials said, bringing to a close a difficult salvage mission after the United States' deadliest bridge collapse in more than a decade.
Porn star testifies about sex with Trump, hush money payout
His lawyers attack her credibility but their request to seek a mistrial gets denied
