New home sales by developers fall 16% in January

DEVELOPERS sold a total of 322 private residential units in January, a 16 per cent drop from 384 units sold in December, and a 14 per cent drop from a year ago.

Only 146 units were launched for sale in the quiet first month of the year - the smallest number since December 2014, when 53 units were launched, data from the Urban Redevelopment Authority (URA) shows.

There was no outstanding performance from any one project, but the top selling one was The Poiz Residences by MCC Land, which sold just 26 units in January at a median price of S$1,416 per square foot (psf).

This was followed by The Amore, an executive condominium (EC) by MKH (Punggol), which sold 24 units at a median price of S$799 psf.

Including ECs, the public-private hybrid, developers sold a total of 478 units in January, URA data shows. This is 6 per cent lower than in December when 508 units were sold, and 15 per cent lower than in January 2015.