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Singapore new private home sales fall 48% in November

Launches of executive condominiums (ECs) - the hybrid of public and private housing - provided a lift to last month's total developer sales, which would otherwise have seen an overall drop due to fewer private condominums being sold.

DEVELOPERS sold only 412 private condominiums last month, a 48 per cent drop from October.

But launches of executive condominiums (ECs) - the hybrid of public and private housing - provided a bright spot. Including the 855 EC units sold, total developer sales rose 45 per cent to 1,267 units in November.

Top selling projects in November were ECs that were launched in that month, namely Lakelife - which is developed by Evia Real Estate - as well as Bellewaters and Bellewoods, the two EC projects developed by China-based Qingjian Realty.

Lakelife, the first EC to be launched in Jurong after many years, has already sold 533 out of the total 546 available units at a median price of S$869 per square foot (psf). Bellewaters and Bellewoods had 170 units and 79 units sold at a median price of S$813 psf and S$800 psf, respectively.

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Chinese developer MCC Land only managed to move 52 units at TRE Residences, its 250-unit private condo project in Aljunied launched last month, at a median price of S$1,588 psf.

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