Demand for new private homes fall 34% in May from April amid fewer launches

 Artist's impression of Sol Acres in Choa Chu Kang, the best performing executive condominium in May, with sales of 116 units.
Artist's impression of Sol Acres in Choa Chu Kang, the best performing executive condominium in May, with sales of 116 units.PHOTO: MCL LAND

SINGAPORE - Demand for new private homes in Singapore weakened in May over April amid fewer units launched for sale.

Developers sold 1,024 new homes - excluding executive condos (ECs) - down by 34 per cent from the 1,558 shifted in April, said the Urban Redevelopment Authority (URA) on Thursday (June 15).

Sales were also marginally lower than the 1,058 units moved in May 2016.

New units in suburban areas led May's sales with 617 transactions, followed by 341 in the city fringe and 66 in the core central region.

The top-selling private residential project last month was Parc Riviera in West Coast Vale, which moved 83 units at a median price of S$1,246 psf.

In the executive condominium (EC) segment, 370 new units were transacted last month, down slightly from the 371 sold in April.

Sol Acres EC in Choa Chu Kang was the best performer in the segment, selling 116 units at a median price of $794 psf.

This brought total new home sales in May to 1,394 units.

Developers placed just 339 new units on the market last month, compared with the 1,616 launched in April. No new ECs were launched last month.

The number of new units launched in May was sharply lower than the 1,345 units put out in the corresponding period in 2016.