New private home sales surge to 15-month high in October

Buyers and their agents queueing to book a unit at High Park Residences on July 17, 2015.
Buyers and their agents queueing to book a unit at High Park Residences on July 17, 2015.PHOTO: ST FILE
An artist's impression of Forest Woods, a condominium in Serangoon Central.
An artist's impression of Forest Woods, a condominium in Serangoon Central. PHOTO: CITY DEVELOPMENTS

SINGAPORE - Sales of new private homes in Singapore surged in October thanks to strong demand for units at newly launched projects.

Developers sold 1,252 new homes last month, more than double the 509 units transacted in September, said the Urban Redevelopment Authority (URA) on Tuesday (Nov 15).

It is the highest monthly new home sales since July 2015, when 1,655 units were sold.

October's new home sales were 128 per cent higher than the 549 units moved in the same month last year.

The sharp increase was largely due to brisk sales at two new projects launched during the month - City Developments' Forest Woods in Serangoon Central and MCC Land's The Alps Residences in Tampines - which accounted for 55 per cent of sales.

Forest Woods was the top selling project in October with 364 units sold, followed by The Alps Residences, where buyers snapped up 334 units.

By location, the URA said 58 new homes were transacted in the core central region, 151 units in the city fringe and 1,043 units in the suburbs.

There were 288 units of new excutive condominiums (ECs) sold during the month, higher than the 260 transacted in September.

The EC sales took the total new home sales to 1,540 units last month.

In October, developers launched 1,467 new units for sale, up from 479 units in the previous month.