New home sales in Singapore for August surprise with 16% rise m-o-m
Consisting of ECs, developers moved 1,307 units in August, up 14 per cent from 1,142 units in July as well as 12 percent more than the 1,168 units moved in August in 2019.
In observation, 82 per cent fewer units were introduced for sale in July as Singapore considerably came through from the “circuit breaker”. There were also about 56 per cent more units introduced in August compared to the matching month a year ago when 1,015 units were launched.
Regardless of financial headwinds plus the Hungry Ghost Festival, real estate investors in Singapore pushed 1,256 exclusive homes in August, 16 per cent higher than July’s take-up.
There were even more units launched by property developers in August as 1,582 units were introduced, of which 109 remained in the Core Central Region (CCR), 821 in Rest of the Central Region (RCR), plus 652 were Outside the Central Region (OCR).
Discussing the numbers for the month of August, Mr Lee replied: “Potential factors for the powerful set of numbers could be down to legit getting need developed by the depleted rate of interest situation, absence of alternate durable venture asset, and the fear of losing out.”
Christine Sun, head of research at OrangeTee & Tie, shared: “The residential property market leapt the craze with increased new apartment sales inked in August, (as) market function generally tends to slow down in the course of the seventh lunar month. New home sales grew ‘higher as well as quicker’ than imagined after the “circuit-breaker” days, which upset sales in April and also May (when there were) showflat stoppages.” The sales for new homes last month arrived at an 11-month high along with a 4th following month-to-month increase in the middle of the Covid-19 pandemic and also global financial downturn, she proceeded to specify.
” Sales in the RCR were helped by the launch of Forett@Bukit Timah and also Noma,” noted Lee Sze Teck, director (study) at Huttons Asia.
August’s take-up in the RCR (omitting ECs) stood at 622 units, against 128 units in CCR and also 506 units in OCR.
The figures – which were generated by the Urban Redevelopment Authority (URA) on Tuesday accorded to its analysis of licensed real estate developers – leave out executive condominium (EC) units, which are a public-private real estate hybrid.