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Singapore new private home sales down 24% in August

KUALA LUMPUR (Sept 14): New private home sales in Singapore declined in August after hitting a six-month high the previous month, reported Business Times yesterday.

The report, citing analysts’ comments, said some 1,211 new private homes were transacted in August, slipping close to 24% from July's 1,589 units, or 3.7% less than the same period of the previous year.

PropNex Singapore chief executive officer Ismail Gafoor described the numbers as "relatively healthy" because it demonstrated the market’s resiliency in spite of the lack of new launches.

Typically, the Hungry Ghost month in the Chinese lunar calendar is a quiet period for the property market, he added.

With not many new launches in August, Gafoor noted that buyers continued to pick up new homes from past projects. In view of recent record-high selling prices achieved in few new launches, buyers were more compelled to enter the market, with anticipation that future prices would continue to rise. 

ERA Real Estate head of research and consultancy Nicholas Mak concurred with Gafoor, adding that there was only one launch in August, compared to three new project launches in the same month last year.

Excluding executive condominiums (ECs), last month's only launch was The Watergardens at Canberra, which sold nearly 60% of its 448 units at a median price of S$1,469 (RM4,541) psf over its weekend launch, said the report.

The project was also the best-selling in August, making up about 22% of the month's new home sales.

In terms of areas, homes sales in areas outside central region (OCR) continued to take the lead, making up close to 60% of August’s new home sales (excluding ECs).

Meanwhile, the rest of central region (RCR) and core central region (CCR) accounted for around 28% and 12.6% respectively, said the report, citing data from OrangeTee & Tie Pte Ltd.

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