The number of new private residential units sold locally plunged by about 70 percent last month to 312 units, about one-third of the number sold in September and the lowest level since the blocking measures were adopted in April 2020.
When condominiums are included, developers sold 810 new units last month, down about 20 percent from a year earlier, according to data released by the Urban Redevelopment Authority.
The best private residential project sold last month was Perfect 10 on Bukit Road. A total of 37 units were sold at a median price of $2,955 per square foot.
In terms of condominiums, the top seller was the first condominium project in Dangar Newtown, Copen Grand, with 480 units sold at a median price of $1,345.
Of the new private home sales in October, 171 units were sold in the core central area, including Orchard and Holland Village, accounting for approximately 55% of last month's sales. Other private homes representing the middle class sold 81 units in the central area and 60 units outside the central area.
Market watchers said private home sales are expected to remain low this year as developers delay the launch of new projects as the year-end holidays approach. Although economic uncertainty may affect the real estate market next year.
However, analysts expect demand from foreign buyers to remain strong.