Surge in Number of Private Home Transactions from a Year Ago

According to data released by the Urban Redevelopment Authority (URA) today (17 July), the number of new private homes sold in June has increased by 53% compared to numbers from a year ago in June 2016.

Excluding Executive Condominiums (EC), the total number of private home sales in June of this year was 820 which was a whopping 53% more than the 536 total new homes sold in June 2016. Including the 244 EC units shifted, the total number of new home sales in the private sector for June was 1,064.

There were 344 new private homes transacted in the suburban, or RCR (Rest of Central Region), areas; 301 units sold in the city fringe, or OCR (Outside Central Region), areas; and 64 units sold in the Core Central Region (CCR).

The Santorini in Tampines was the top-selling development with 75 units transacted and West Coast Vale’s Parc Riviera was the second highest-selling development as 55 units were sold.

While there was a positive year-on-year increase in the number of private homes sold in June, the number was still 21% lower than in May when 1,039 units were transacted. This could be because there were fewer developments launched by developers in June and the school holiday period is also typically known to be a respite for the real estate market.