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Feb new home sales plunge 60% on lack of new launches

Amid slower activity, some well-heeled buyers are showing a preference for city fringe locations like Katong

Singapore

NEW homes sales by developers plunged 60 per cent to 639 units in February from 1,609 in January in the absence of new project launches and the Chinese New Year holidays.

This contrasted sharply in January, where just one new project, the 1,862-unit Normanton Park - moved 625 units.

What is interesting is that amid the slower activity, some well-heeled buyers are showing a preference for city fringe locations, in particular, the Katong area which was where the old rich used to have their villas and mansions.

"Unsurprisingly, we saw a drop in the sales of new private homes in February, mainly due to the Lunar New Year festivities and a dearth of new project launches during the month," said...

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