According to data from the URA, new private home sales in July was the highest this year, with 1,744 units sold. Photo: Watergardens at Canberra
Despite the tightened safe management measures during the second half of July, developers in Singapore sold 1,589 new private homes, excluding executive condominiums (ECs), last month, up 82.2% from 872 units in June, showed Urban Redevelopment Authority (URA) data.
This is the highest sale since January this year, when 1,633 units were sold.
On an annual basis, new home sales jumped 46.7% from the 1,083 units shifted in July last year.
Including ECs, developers sold 1,744 units in July, up 81.2% from the previous month and 52.3% over the same period last year.
“The tightened measures did not seem to dampen market sentiment significantly,” said Christine Sun, Senior Vice President of Research and Analytics at OrangeTee and Tie.
She noted that the safe management measures’ impact was more modest compared to the previous rounds of curbs.
“Sales picked up across many projects last month as buyers returned to the private residential market in droves. Some rushed to buy units for fear of being priced out of the market,” said Sun.
“On the sellers’ end, developers were equally keen to launch units and close more deals ahead of the 7th lunar month which has started from 08 August 2021.”
She revealed that the number of units that were launched for sales, excluding ECs, increased 27% month-on-month to 1,104 units in July.
Pasir Ris 8 emerged as the best-selling project as it sold 418 units at a median price of $1,624 per sq ft (psf).
Huttons Asia noted that there were more purchases by Singaporeans last month at 86.3%, an increase from 81.8% in June.
“This is probably due to the launch of Pasir Ris 8 which is located in the Outside Central Region (OCR) where the demand is predominantly HDB upgraders,” it said.
In fact, seven of the top 10 best-selling projects last month are situated within the OCR.
With this, the OCR made up 63.7% of July’s total sales, compared to 36.8% in the previous month.
The Rest of the Central Region (RCR) accounted for 27.6% of total sales, while the Core Central Region (CCR) made up 8.7%.
Shirley Wong, Senior Associate Director for Research at Colliers International, observed an increasing activity for projects with the median price of $1,500 to $1,999 psf, comprising 71.7% of total sales in July, compared to 46.1% in the previous month.
Despite the seventh lunar month in August, Huttons expects developers “to push ahead with their launch to ride on the positive momentum”.
Among the projects expected to open for preview in August include Klimt Cairnhill and The Watergardens at Canberra.
“August is likely to be another month where developer’s sales cross the 1000-unit mark. This will whittle down the unsold stock in the market to even lower levels setting the stage for sustained price growth in the months ahead,” added Huttons
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
