The rich are getting richer and the poor are getting poorer. This aphorism is seen in the recent private home sales in January 2021.
As Singapore’s economy is expected to experience 4 to 6% growth this year, new home property sales increased by 32 per cent in January 2021.
New Private Home Sales Increase by 32%
In January 2021, 1,609 private residential units were sold, a 32% increased as compared to the sales in December 2020.
The best-selling project was at Normanton Park, which sold over 625 residential units at an average price of $1,750 per square foot. That is unsurprising since they sold nearly a third of the 1,862 condo units on their first day of sales.
The second best-selling project was Parc Central Residences (EC) with 417 units sold.
Strongest January Sale since 2013
The new home sales in January 2021 surged by 159.5 per cent from 620 units as compared to January 2020.
Quoted by Ms Christine Sun, head of research and consultancy at OrangeTee, this figure was the strongest January sale since 2013.
Last month, over 83 per cent of the new private homes are purchased by locals.
Wait, is there a secret group of rich people in Singapore?
Possible Cooling Measures
The sudden demand for private home buyers may be due to the fear of the possible new cooling measures.
Some predict the cooling measures may restrict them from owning a second or third property. Others think that their buying eligibility or borrowing limits could be affected.
The rest are taking advantage of the low property prices during the pandemic.
Not a Reflection of Surging Demand
It may seem like everyone is buying a new house, but don’t give in to the FOMO. Just because everyone is getting a private home now does not mean you should rush and purchase a private home yourself.
“… despite the upswing in private new home sales in January, this is not a reflection of a surging demand,” said Propnex CEO Mr Ismail Gafoor.
Ms Wong Siew Ying, Propnex’s head of research and content, expects to see more foreign buyers this year.
She also expects the residential property market to remain healthy but remains unsure of the results due to the resurgence of COVID-19 and uncertain economic conditions.
For those who want to live more luxuriously, do not fret for there will be more luxury home launches are expected in the coming months.
Reader Bao: Aiyo, all so much money. Should donate some give me.
Feature Image: Shutterstock.com / Thanida Siritan
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