New home sales dwindle in February 2024

The overall new home sales, including ECs, witnessed a sharp decline of 68.9%.

Sales of new private homes dropped by 47% compared to January, with only 149 units sold, as per data from the Urban Redevelopment Authority. This is the lowest monthly sales since December 2023 and the lowest February sales since 2008.

The overall new home sales, including executive condominiums (ECs), witnessed a sharp decline of 68.9%, dropping from 588 units in January to 183 units in February 2024.

Comparing year-on-year data, last month’s sales, excluding ECs, saw a substantial decline of 65.6% from the 433 units recorded in February 2023.

In February, most developer transactions, excluding ECs, were concentrated in city fringe areas and suburbs, with 38.9% each in the Rest of the Central Region and in the Outside Central Region. Only 22.1% of transactions were in the Core Central Region, marking the third consecutive month of decline due to the absence of new luxury launches.

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The top three best-selling projects were The Botany at Dairy Farm, Pinetree Hill, and Grand Dunman.

Moreover, URA Realis data also indicated that no new condominiums were sold for more than $10m in February 2024, although eight condos were sold for at least $5m but less than $10m.

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