SINGAPORE – Developers sold 1,198 private homes in July, up 43.5 per cent from the 821 units they moved in June, but 31.7 per cent lower than the massive 1,724 units they moved in July last year in the last-minute rush to beat property cooling measures.
June had already seen the highest monthly sales of new private homes in six years, with more buyers snapping up freehold condominium units.
For July, developers launched 911 units for sale, an increase of 36 per cent from the 670 units in June but a sharp drop from the 2,239 units launched in July last year.
The figures – which exclude executive condominium (EC) units – were released by the Urban Redevelopment Authority on Thursday (Aug 15) based on its survey of licensed housing developers.
Including ECs, developers sold 1,556 units in July, a hefty 89.3 per cent increase from the 822 units in June. This was 12.4 per cent fewer than the total 1,776 private and EC units sold in July last year.
July’s bestselling project was the 820-unit Piermont Grand EC in Sumang Walk, launched for sale towards the end of the month by City Developments and TID, which saw 378 units booked at a median price of $1,107 per square foot (psf).
Property analysts noted that a rise in July sales, compared to June, is not unusual, as buyers are stirred to move after the month-long school holidays and close deals before the Hungry Ghost month in August.
Still, JLL head of research and consultancy Tay Huey Ying noted that the magnitude of the increase, “coming on the back of a string of negative economic indicators amid rising trade tensions, is testament to the strong underlying demand for new homes”.
Huttons Asia research head Lee Sze Teck added that solid sales recorded for One Pearl Bank and Sky Everton were “a catalytic factor for the primary sales market in July”, which saw positive sentiment spill over to the rest of the market.
Excluding ECs, the One Pearl Bank condo project by CapitaLand, from the en bloc sale of the iconic Pearl Bank Apartments, was the bestseller last month. Launched last month, it sold 197 units at a median price of $2,353 psf, which represents almost a quarter of its total 774 units.
Meanwhile, a consortium led by Sustained Land managed to move another 67 units of the 262-unit freehold Sky Everton on Everton Road. These were sold at a median price of $2,606 psf.
PropNex chief executive Ismail Gafoor said the continued momentum of mass market developments, such as Treasure at Tampines and The Florence Residences, shows they still attract buyers and investors.
These two condos moved the second- and third-highest number of units for July, at 119 and 112 respectively.
“The sales show market resilience because buyers’ appetites for projects that are rightly priced at the right locations are still there,” said Mr Ismail.
Analysts also expect sales volume in August to be slower as both developers and buyers hold back owing to the inauspicious Hungry Ghost month.
Post-August, however, the launches include Parc Clematis, Avenue South Residences, Meyer Mansion, The Antares and Guoco Midtown.