How did the Singapore property market fare in February, amid the Covid-19 pandemic? This is what you need to know.
Home demand inches up amid economic uncertainties
Despite the current pandemic and uncertain economic outlook, new home sales rose a third consecutive month. This is also one of the strongest February showing in recent years. According to the developers’ sales survey by the Urban Redevelopment Authority, new home sales surged 57.3 per cent month-on-month (m-o-m) from 620 units in January to 975 units last month. Including executive condominium (EC) units, developers sold 1,314 units, registering a 105.3 per cent when compared to the 640 units sold in January this year.
The 975 new homes excluding EC sold last month was the second-highest February sales in eight years, slightly below the 979 units inked in February 2017. Last month’s sales volume was also above the monthly average of 904 units transacted in the previous 12 months (Feb 2019 to Jan 2020).