Singapore new home sales drop 47% to 149 units in February

This is the lowest monthly sales since December 2023.

According to OrangeTee Research, new private home sales in Singapore decreased in February due to the Chinese New Year period. During this time, many potential buyers were either on holiday or preoccupied with festive celebrations. 

Moreover, February is a shorter month than others, resulting in fewer opportunities for developers to launch new projects. 

Here’s more from OrangeTee:

According to data from the Urban Redevelopment Authority (URA), 149 new private homes, excluding executive condominiums (ECs), were transacted in February, a 47 per cent decrease compared to the 281 units sold in January. This is the lowest monthly sales since 135 units were sold in December 2023. This is also the lowest February sales (excluding EC) since February 2008, with 174 transactions. 

New home sales, including ECs, dipped by 68.9 per cent from 588 units in January 2024 to 183 units in February 2024. On a year-on-year basis, last month’s sales (excluding EC) declined by 65.6 per cent from 433 units recorded in February 2023.