SINGAPORE – Developers moved 1,122 new private homes in the traditionally quiet month of August – just 4.8 per cent lower than the 1,179 units sold in July, due largely to strong sales at new launch Parc Clematis.
The data released by the Urban Redevelopment Authority (URA) on Monday (Sept 16) excluded executive condominium (EC) units, which are a public-private housing hybrid.
“Typically, sales are slower due to the hungry ghost festivities, resulting in fewer new launches. However, private new home sales for August crossed the 1,000-unit mark. This can be attributed to the successful new launch of Parc Clematis, selling over 316 units in August, at a median price of $1,615 psf,” said PropNex Realty chief executive Ismail Gafoor.
Apart from Parc Clematis, other top selling new launches included mass market projects The Florence Residences, with a total of 122 units sold at a median price of $1,438 psf and Treasure at Tampines, with 93 units sold at $1,343 psf. Parc Botannia and Parc Esta also did well, with 61 units and 47 units sold respectively.
Ms Christine Sun, head of research & consultancy at OrangeTee & Tie, said private home demand seemed unfazed by global economic uncertainties and the hungry ghost month.
The slight dip in sales volume from July was within expectations as no new EC projects were launched in August, whereas a large-sized 820 unit-EC project, Piermont Grand, was launched in July, she noted.
In fact, August’s performance was considered strong as sales volume (excluding EC) was one of the highest registered for that month in recent years, and was also above the monthly average sales of 805 units for the first seven months of this year, said Ms Sun. August’s sales volume was almost on par with July 2019’s figure, the highest sales volume so far this year, she added.
The slight dip in sales volume from July is within expectations, as no new EC projects were launched in August, whereas a large-sized 820 unit-EC project, Piermont Grand, was launched in July, she noted.
August’s private home demand is considered strong, as last month’s sales volume (excluding ECs) was one of the highest numbers registered for the month of August in recent years and is also above the monthly average sales of 805 units for the first seven months of this year, said Ms Sun. August’s sales volume was almost on a par with July’s figure, which was the highest sales volume for this year, she added.
Last month, developers launched 979 units for sale, up 7.5 per cent from 911 units in July, and up a hefty 83 per cent from the 534 units in August last year.
Compared to a year ago, developer sales were a whopping 82 per cent above the 617 units sold in August 2018, the first month after the July 6 property cooling measures took effect.
Including ECs, developers sold 1,167 units last month, down 25 per cent from the 1,557 units in July. This was up 82.3 per cent from 640 private homes and EC units sold in August last year.