June new home sales down just 2.6% m-o-m to 872 units, in absence of new launches

/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - New home sales for the month of June remained resilient, in spite of heightened restrictions and no new projects launched. URA data showed new home sales of 872 units last month, just 2.6% lower m-o-m from 895 units in May. Including executive condos (ECs), the drop in new home sales for June was more pronounced, a fall of 22% m-o-m to 962 units, from May’s 1,234 units. “Compared to a year ago, new sales excluding ECs declined by 12.6%,” says Christine Sun, senior vice president of research & analytics at OrangeTee & Tie. (See also: Normanton Park leads in 1H2021 sales; consultants predict new home sales to cross 10,000 this year)
Sales were bolstered by projects that were launched earlier. Hyll on Holland moved 87 units at a median price of $2,387 psf over the course of just one weekend, and emerged as the top-selling project for June. This is because the developer released selected units at promotional prices at the last weekend of June. “The good sales at Hyll on Holland indicate that many high-net-worth individuals are streaming back to the luxury market and attractively priced properties will continue to draw strong buying interest,” says Sun.
Two other projects that saw brisk sales in June were: Treasure at Tampines, where 80 units were sold at a median price of $1,411 psf; and Normanton Park, which moved 62 units at a median price of $1,821 psf (see table below).

Top-selling projects in June 2021

Top Selling Projects - EDGEPROP SINGAPORE
Source: URA, OrangeTee & Tie
Besides Hyll on Holland, other high-end condominiums in prime Districts 9 and 10 in the Core Central Region (CCR) saw relatively strong sales too. Leedon Green, next door to Hyll on Holland, moved 31 units; Fourth Avenue Residences sold 12 units; while Irwell Hill Residences sold 11 units. (See: Discover insightful data of any Singapore condominium with our condo directory)
“The exponential growth in luxury home sales may be triggered by the flood of super-wealthy investors and foreign buyers snapping up luxury apartments, villas, penthouses and multi-million-dollar exclusive properties here,” notes Sun.
According to URA, 1,483 new private homes (both landed and non-landed) were sold in the CCR in 1H2021, making it the highest half-year sales recorded since 2010, when 2,506 units were transacted. “1H2021 sales were higher than the full-year sales of 2014 to 2020,” says OrangeTee’s Sun. “The buying streak in the luxury segment is similarly observed in many other advanced cities.”
Huttons Research data showed that 81.7% of purchases in June were made by Singaporeans, with permanent residents (PRs) and foreigners making up 12.4% and 5.7% of the balance respectively. “More Singaporeans bought homes priced between $1.5 million and $2 million in June, probably by cashing out of their existing HDB flats,” says Mark Yip, CEO of Huttons Asia. “There are more foreigners who bought a property in June compared to May as a mark of confidence in Singapore’s clear vaccination strategy and roadmap for a post Covid-19 norm.” (See: Find HDB flats for rent or sale with our Singapore HDB directory)
The heightened alert measures caused new private sales to moderate to 895 units in May and 872 units in June, with the URA flash estimate for 2Q2021 showing a more sedate 0.9% q-o-q increase in the private residential price index. “We may also expect pent-up demand to return and lift sales and prices in 3Q2021,” says Ong Teck Hui, senior director of research & consultancy at JLL.

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