Slightly more than a third (35.5%) of the OCR private home shifted in July 2021 were sold for at least $2 million.
The Outside Central Region (OCR) hits a new high in July, with the 397 new private homes sold surpassing the record 293 units shifted in December 2020, reported Singapore Business Review (SBR).
Of these, 141 were sold for at least $2 million.
The OCR led last month’s new private home sales. Notably, Singapore saw new home sales surge 82.2% month-on-month to 1,589 units in July.
Including executive condominiums (ECs), new home sales rose 81.3% month-on-month to 1,744 units.
Propnex CEO Ismail Gafoor noted that the robust new home sale performance in July was boosted by “the buzzing OCR sub-market which saw over 1,000 units being transacted”.
“We believe that the catalyst to the exuberance was the recent Government Land Sales (GLS) tender activity where Ang Mo Kio Avenue 1 and Lentor Central received top bids of $1,118 per sq ft per plot ratio (psf ppr) and $1,204 psf ppr respectively from developers,” he said as quoted by SBR.
“The news of aggressive land prices triggered many to realize that future launch prices are likely to rise further.”
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
