Singapore new private home sales fall 48% in November as buyers opt for cheaper ECs

Sales of Executive Condominiums (ECs) rose sharply in November with with 855 units sold out of 1,758 ECs launched - thanks to the 546-unit Lake Life project in Jurong which racked up record sales on the first weekend of its launch. -- PHOTO: LAKE LIF
Sales of Executive Condominiums (ECs) rose sharply in November with with 855 units sold out of 1,758 ECs launched - thanks to the 546-unit Lake Life project in Jurong which racked up record sales on the first weekend of its launch. -- PHOTO: LAKE LIFE

SINGAPORE - Cheaper executive condominiums (ECs) outsold private condo units by more than two-to-one in November, figures from the Urban Redevelopment Authority showed on Monday.

Developers sold 412 private condo units in November, 48 per cent fewer than the revised 785 units sold the previous month and lowest since December, when 259 units were taken up. This was despite an increase in the number of units launched - 859 units compared with the 676 units launched in October.

Sales of ECs however rose sharply in November with with 855 units sold out of 1,758 ECs launched - thanks to the 546-unit Lake Life project in Jurong which racked up record sales on the first weekend of its launch.

Tab577722222SOURCE: URA 

Its developer, Evia Real Estate, sold 521 of its 546 units at its Nov 8 launch, a record for the most first-day sales for both ECs and private condominiums since mortgage rules were tightened in June last year.

ECs are a special hybrid of housing built by private developers but are sold with restrictions imposed by the Housing Development Board.

The number of new private homes sold fell 68 per cent when compared to the 1,271 units sold in November 2013.

Buyers also avoided more expensive homes in the prime central area, with only 79 units sold in the city centre, which saw 494 new units launched.

Take-up was much better in the suburbs with 186 units sold and in the city-fringe areas with 147 units booked.