New private home sales rebounded in January 2024 from a 15-year low in December 2023. However, this is still the weakest showing for that month since the global financial crisis in January 2009, pointing to a weak start to the new year.
Developers' sales, excluding executive condominiums (ECs), rose to 281 in January 2024 from 135 units in December 2023, but were down 28.5 per cent on a yearly basis from 393 units in January 2023.
Despite the rebound, the overall sell-through rate of projects in January 2024 paled in comparison with comparable launches in January 2023, Ms Tricia Song, CBRE's head of research for Singapore and South-east Asia, said. Sell-through rates refer to the number of units sold out of the total number of units in the project.
Two new non-landed launches in January the 341-unit Hillhaven and 172-unit The Arcady at Boon Keng saw subdued demand with sell-through rates at below 30 per cent, she noted.
Soft macroeconomic conditions, buyer fatigue in the face of high private home prices, elevated interest rates and property cooling measures continued to dampen sentiment. A number of developers also held off launching new projects in the lull preceding the Chinese New Year festivities, Ms Song added.
But it was a different story for the 512-unit new EC launch Lumina Grand, which was the top seller in January 2024 with 271 units sold at a median price of $1,525 per sq ft (psf). It is a new benchmark price for new EC projects, Ms Wong Siew Ying, PropNex head of research and content, noted.
This story is from the February 16, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 16, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
'Football died' when Klopp joined Red Bull
BERLIN - Jurgen Klopp's decision to join Red Bull as their Global Head of Soccer has sparked strong reactions from many German fans.
ALCARAZ IN 'CRAZY' LOSS TO MACHAC
Spaniard can’t believe opponent’s level after defeat scuppers rematch with Italian Sinner
New arrivals at FIA after high-profile departures
LONDON Formula One's governing body announced two senior appointments after headline departures triggered talk of an exodus from the International Automobile Federation (FIA) led by Emirati Mohammed Ben Sulayem.
OLYMPIC RINGS OF FIRE OVER EIFFEL TOWER
French minister plans to wrest control of landmark from Paris mayor amid logo row
EVEREST CLIMBS TO GROUP 1 HEIGHTS
World’s richest sprint race gains recognition at its eighth running, as well as All-Star Mile
Heat stress Different work conditions require flexible guidelines on workers' attire
We thank Mr Rahul Gupta for his suggestions (Study standard heat-friendly work clothes for outdoor workers, Oct 8).
Airbus deliveries drop as suppliers struggle
PARIS Airbus deliveries fell 9 per cent in September to 50 jets compared with the same month in 2023, the European planemaker said on Oct 9, rekindling a debate over the strength of its industrial goals as suppliers struggle to keep up with demand.
Mental health ambassadors at all PAP branches by 2025
By 2025, all 93 People's Action Party (PAP) branches will have mental health ambassadors to promote mental well-being in every neighbourhood and support the work of MPs in addressing residents' mental health concerns.
Zelensky says there is 'real chance' to end war in 2025
He did not reveal how this could happen but is counting on support from key allies
Prabowo defends plan to expand government with ‘fat' Cabinet
JAKARTA Indonesia's Presidentelect Prabowo Subianto has defended his plan to expand government agencies, saying it is needed for a strong administration even if critics call it a \"fat\" Cabinet that will bloat the bureaucracy.