Singapore: New private home sales sink to record low in December

NEW private home sales plummeted in December to the lowest since 2009, according to data released by the Urban Redevelopment Authority on Monday (Jan 16). 

Developers in Singapore sold a total of 170 units last month, excluding executive condominiums, down 34.6 per cent from the 260 units moved in November last year. 

The latest December sales figure is also 73.8 per cent less than the 650 units sold in the same month last year, and is the lowest since January 2009, when just 108 units were transacted. 

Including ECs, 638 units were sold in December, up from the 446 units sold in November. This is, however, still down 11.3 per cent from the 719 units sold in December 2021.

Meanwhile, only 45 units were launched last month – a decrease of 85.9 per cent from the 319 units launched in November and around 88.4 per cent fewer than the 383 units launched in the year-ago period. 

Huttons senior research director Lee Sze Teck noted that this is an all-time low for new private home launches since records began in June 2007. 

“This is a reflection of the low number of units available for sale,” he said.