January's strong new home sales likely to be a one-off

Singapore

JANUARY's new private-home sales rose 32 per cent to 1,609 over December's 1,217, on the back of launches of a few mega projects, pulling up prices further.

The bulk of January's buyers were locals, but the number of foreign buyers - although small in absolute terms - also rose sharply amid low interest rates and abundant liquidity.

But consultants say that because no more mega projects are expected for the rest of the year, January's sterling showing is unlikely to be repeated.

February's new-home sales may be only half of last month's, given the lack of new launches, said Lee Sze Teck, Huttons Asia's director of research.

January's monthly sales are the highest notched since July 2018's 1,…