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February new home sales surged 57.3% to 975 units: URA

Fresh property news selection on March 16. 2020, Monday.

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More investors are looking to diversify portfolios after the stock market’s fallout.

New home sales jumped 57.3% MoM to 975 units in February from only 620 units sold in January, according to data from the Urban Redevelopment Authority (URA). Including executive condominium (EC) units, new home sales skyrocketed 105.3% MoM to 1,324 units from 640 units over the same period of comparison.

Christine Sun, head of research & consultancy at OrangTee & Tie, noted that this is the second-highest February sales in eight years, just slightly below the 979 units inked in February 2017. “The surge in sales may be attributed to more investors diversifying their portfolios to property investments after the recent stock market rout”.

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