New private home sales surge in Nov to highest since 2013

Interest rate cuts, more new launches fuel 246.5% spike in sales from October

- Grace Leong

Cuts in interest rates, coupled with an unprecedented six new private residential launches released in November, sent developers' sales surging to 2,557 units, the highest monthly total since 2,793 units were sold in March 2013.

This represented a 246.5 per cent spike from October's sales, and was 226 per cent higher than a year ago, according to data released by the Urban Redevelopment Authority on Dec 16.

Including executive condominiums (ECs), new home sales jumped 277.4 per cent to 2,891 units, from 766 units in October.

Following months of lacklustre new launch activity, 2,871 units, excluding ECs, were launched in November. This was 437 per cent more than in October, and up 196 per cent from a year ago.

In addition, 504 new EC units were put up for sale.

Home buyers returned in force as interest rates dropped in September and November.

Another projected 25 basis point cut in December could boost sales further.

Six new residential launches - Chuan Park, Emerald of Katong, Nava Grove, The Collective at One Sophia, Union Square Residences and Novo Place EC - accounted for more than 82 per cent of total new home sales in November.

Collectively, new private home sales in October and November came in at 3,295 units, outperforming the 3,049 units sold in the first nine months of 2024.