SINGAPORE: Sales of private homes by developers in Singapore rose 36.3 per cent year-on-year in September, official data showed on Tuesday (Oct 15).

Data compiled by the Urban Redevelopment Authority (URA) showed developers sold 1,270 units last month, excluding executive condominiums, compared with the 932 units sold in the same month a year earlier.

This is the largest number of new homes sold in the month of September in the last seven years, since 2,621 new units were sold in September 2012. 

Sales also rose from the revised 1,123 units sold in August. Including ECs, a total of 1,298 new homes were sold in September.

Taken with the previous two months, the third quarter of 2019 also saw the highest quarterly sales volume of private homes in about six years, said analysts.

“In 3Q19, some 3,572 private residential units were sold by developers,” said Senior Director of Research & Consultancy at JLL Ong Teck Hui. 

“This is about 19 per cent higher than in 3Q18 and the highest quarterly sales volume of private homes since 2Q13 when the TDSR (total debt service ratio) was imposed.”

The introduction of the TDSR, which in effect curtailed the amount people could borrow to buy a property, saw the private property price index dip by 3.5 per cent in 2014.

“Market momentum has certainly picked up and suggests that going forward, sales could remain healthy despite the economic slowdown,” added Mr Ong.

Flash estimates released by URA earlier this month showed the private residential property index increasing 0.9 per cent in the third quarter of 2019 compared to the 1.5 per cent increase in the previous quarter.

READ: Singapore private home prices climb 0.9% in Q3

URA will release its full set of real estate statistics for the third quarter of the year on Oct 25.

SALES LARGELY DRIVEN BY RESIDENTS

Last month’s sales were largely driven by locals, with Singaporeans and Singapore permanent residents (PRs) accounting for almost 95 per cent of the new sales volume (for landed and non-landed units, excluding ECs), said an OrangeTee analyst.

The number of Singaporean purchases rose 29.3 per cent to 1,078 units in September from 834 units in August, the highest number of new homes purchased by Singaporeans since July last year, said OrangeTee and Tie head of research and consultancy Christine Sun, citing URA Realis data.

Similarly, the number of new homes bought by PRs rose 33.3 per cent month-on-month to 120 units in September, she added.

“September’s sales performance has exceeded market expectations given the backdrop of continued global uncertainty and ongoing trade tensions,” said Ms Sun. “The strong local support indicates that many Singaporeans remain confident about the long-term prospects of private properties here.”

Five new projects – Avenue South Residences, Meyer Mansion, The Antares, Uptown@Farrer and Cuscaden Reserve – were launched in September.

Avenue South Residences alone sold 361 units or 28.4 per cent of the total monthly sales excluding ECs, according to JLL’s Mr Ong.

The healthy sales volume is “riding on the hype” of the future development of the Greater Southern Waterfront announced during the National Day Rally in August, said Ms Tricia Song, Colliers International’s head of research for Singapore.

Going forward, property analyst Ong Kah Seng said developers are expected to continue to release “choice units to attract buyers” for the rest of the year.

“Going into (the) remaining months of 2019 and 2020, developer sales activity is expected to be healthy and moderate at some monthly seasonal lulls, but buyers’ interest will be selective on the unique selling points of the project,” he said. 

“Sales in H2 2019 and 2020 will be driven by (the) project’s uniqueness, exceptional value propositions and attractive pricing.”

SINGAPORE: An additional S$15 million will be set aside over the next five years to support the restoration of national monuments, announced Minister for Culture, Community and Youth Grace Fu on Tuesday (Oct 15). 

This is the third and largest injection of funds into National Monuments Fund since it was launched in 2008. It started off with S$5 million, followed by a second round of funding amounting to S$11.77 million in 2015. 

The fund is available only to monuments owned or managed by non-profit or religious organisations, which have to be able to financially co-support the restoration works. 

A total of 28 organisations have benefitted from the fund so far, said Ms Fu.

The additional funding was announced at the gazetting of three Singapore River bridges – Cavenagh, Anderson and Elgin – collectively as the country’s 73rd national monument.

This gives them the same status as other landmarks such as the Istana, Esplanade Park Memorials and Raffles Hotel.

“The gazette of the Singapore River Bridges gives them the highest level of protection under our laws. This enables the Government to preserve these magnificent structures so that future generations of Singaporeans will also be able to understand and appreciate our heritage,” said Ms Fu.

By gazetting the bridges as a national monument, the National Heritage Board (NHB) will be able to outline a specific set of maintenance guidelines for the three bridges, allowing the board to preserve their originality.

This means that any maintenance or restoration works for the bridges will have to use materials as close to the original as much as possible.

Cavenagh Bridge was constructed in 1869, followed by Anderson Bridge in 1909 and Elgin Bridge in 1929. The structural components of all three bridges were manufactured in Britain before they were shipped to Singapore, said NHB. 

“With their strategic locations at the mouth of the Singapore River, the bridges symbolically connected Singapore with the world as they facilitated trade and transport links that were necessary for the growth of Singapore in the 19th century,” said NHB. 

“Together, the bridges eliminated the need for boatmen to ferry passengers across the river by linking the south bank of the river with the north – serving the critical function of connecting the mercantile and commercial side with government offices located on the north bank of the river.”

Deputy Prime Minister Heng Swee Keat had announced in August that the Padang and the Singapore River bridges would be gazetted as national monuments, to commemorate Singapore’s bicentennial this year.

On Tuesday, NHB also launched a programme called Milestones Through Monuments, which features art installations and walking tours. 

Installations include a life-sized tram where visitors can learn about the various modes of transport that ran across Anderson Bridge, as well as supersized origami boats on Cavenagh Bridge. 

The programme will run until Oct 28.