New private homes surged by 81.3 percent in May 2020

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Despite the closure of show flats and restrictions of in-person viewings during the circuit breaker period, the number of new private home sales in May 2020 surged 81.3 percent higher than April 2020.

According to Knight Frank, property developers in Singapore have sold a total of 484 new homes in May alone, exceeding the 267 units sold in April.

During the circuit break period between 07 April to 01 June 2020, a total number of 967 new private residential units have been transacted.

Among these include 577 from new launch projects and another 380 from the resale market; the remaining 10 transactions were sub-sales.

Analysts believe that there is still life yet in Singapore’s real estate market as May’s numbers have shown more promise as compared to April’s.

They have also added that homebuyers and investors are starting to show signs of adjusting and adapting to the current pandemic when it comes to acquiring a property.

Based on the number of unsold condos in Singapore, Kopar at Newton was the top-selling project in April 2020 – with 83 units sold in a single month.