New private home launches taking off as resales slow

Price gap widens, with new sales surpassing resales for the first time in three years

The Sky Everton is among the new projects sold above an average price of $2,000 psf, helping to fuel the faster price growth.
The Sky Everton is among the new projects sold above an average price of $2,000 psf, helping to fuel the faster price growth.PHOTO: SL CAPITAL (6) PTE LTD

While new private home sales appear to be on the rebound, underpinned by higher prices of new launches and resilient demand amid an uncertain economic climate, the outlook may not be as good for resale condos.

According to a report by OrangeTee & Tie, resale transactions have slowed and some owners in the suburbs and city fringe areas may have lowered asking prices in the face of competition from new launches.

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A version of this article appeared in the print edition of The Sunday Times on November 17, 2019, with the headline 'New launches taking off as resales slow'. Subscribe