When just 102 were available, sales totaled only 312.
According to Huttons Asia, the number of homes sold in October 2022 was 312, making it the lowest monthly sales total since April 2020’s 277 units.
Monthly it dropped by 68.3 percent, and annually it dropped by 65.8 percent.
Huttons attributes the dismal numbers on a lack of new products and a reduction in inventories.
As of the end of October 2022, it is predicted that 2,031 units would have been released and unsold. As a result, purchasers had fewer options, and monthly sales were constrained. The property specialist said that buyers aren’t too worried about the higher interest rates since the drawdown on loans for new houses is staggered.
According to Leonard Tay, director of research at Knight Frank, consumers are eager for innovative new housing options, and the big launch of Copen Grand occurred in October of 2022.
In October, 59.3 percent of all developer profits went to “this initial project at the quickly emerging estate of Tengah,” he stated.
The Real Estate Market’s Future
Lam Chern Woon, the head of research at Edmund Tie consultancy, has said that the real estate market seems to be supported by rising demand, healthy family finances, and a competitive job market.
However, layoffs may worsen the economy and reduce market confidence.
Lam thinks that primary sales in 2022 will be between 8,000 and 8,500 units, which is a big drop from 2021’s 13,027 units. This is because of the current financing environment, persistent macroeconomic problems, and rising interest rates.
Possibly favorable, although somewhat quick, price increase after the implementation of cooling measures.
In comparison to last year’s 10.6 percent increase, Lam said, “We predict roughly 9% price increases for the rest of this year.”