New private home sales in Singapore drop in March

The top seller was 597-unit The Santorini in Tampines, which sold just 76 units in March at a median price of $1,108 per sq ft (psf). -- FILE PHOTO: MCC LAND
The top seller was 597-unit The Santorini in Tampines, which sold just 76 units in March at a median price of $1,108 per sq ft (psf). -- FILE PHOTO: MCC LAND

SINGAPORE - Sales of new private homes tumbled last month as buyers stayed on the sidelines amidst a softening market.

Developers sold 480 new units last month, 35 per cent down from 739 in February, according to Urban Redevelopment Authority figures released on Tuesday.

This was despite 724 new homes being launched for sale in March, an increase from 691 in February.

The top seller was 597-unit The Santorini in Tampines, which sold just 76 units in March at a median price of $1,108 per sq ft (psf).

Next was the 862-unit Eight Riversuites at Whampoa East, which moved 44 units at a median $1,109 psf.

The suburbs accounted for the bulk of new sales, at 62 per cent. The city fringe was next at 26 per cent and the city centre made up the rest.

These figures exclude executive condominiums (ECs).

Including ECs, 535 new homes were sold in March. No new EC units were launched for sale that month.

March's new home sales figure brings the total number of new sales for the first quarter of this year to 1,784 units, a 32 per cent drop from the preceding three months.

That is also 68 per cent lower compared with the same period last year when developers moved 5,533 homes.