509 new private homes sold in September, up 49% on year and 9% over August: URA

Condominiums in the Orchard Road area on Sept 7, 2016.
Condominiums in the Orchard Road area on Sept 7, 2016.ST PHOTO: KUA CHEE SIONG

SINGAPORE - Demand for new private homes in Singapore recovered in September after a fall in August, though it did not come close to the one-year high hit in July.

Developers sold 509 new units last month, up by 49.3 per cent from 341 in September 2015, according to data from the Urban Redevelopment Authority on Monday (Oct 17).

Compared to a month earlier, sales were up by 8.8 per cent from August's 468 units. The decline was partly due to the traditional Chinese Hungry Ghost festival which typically sees weaker market activity, as well as fewer units launched for sale in the month.

September sales were still dwarfed by the 1,091 units moved in July, according to data from the Urban Redevelopment Authority on Thursday.

The city fringe led activity in September, with 297 units sold. This was followed by 144 units mass market homes sold and 68 units in the prime districts.

During the month, developers put 479 units - excluding executive condominiums (EC) - on the market, compared with 590 units in August.

URA figures showed that 260 new EC units were sold in September, taking total new private homes transacted last month to 769, lower than August's 799 units.