New home sales in June projected to double that of May

SINGAPORE (EDGEPROP) - Despite the fact that no new projects were launched in June, new home sales could cross 900 units, according to Ismail Gafoor, CEO of PropNex. This figure is almost double the figure in May, where 484 new homes were sold based on URA’s lodged caveats.

The sales of new homes are picking up as sales galleries reopened on June 19 with safety precautions in Phase Two. According to PropNex’s internal data, 300 new private homes were sold in the week of June 22 to 28. This is about 24% higher than the 242 new homes sold the week before (June 15 to 21). Prior to that, 183 new homes were sold in the second week of June (8th to 14th) and 163 new homes were sold in the first week of June (1st to 7th).

Sales continued to be driven by the mega projects above 1,000 units, namely, 1,410-unit The Florence Residences, 1,468-unit Parc Clematis and 2,203-unit Treasure at Tampines. These projects moved over 80 units each during the month. The 1,399-unit Parc Esta located opposite Eunos MRT Station and the 1,259-unit Stirling Residences near Queenstown MRT Station also achieved strong sales, with more than 60 units sold in each project over the past month. The 1,206-unit JadeScape at Marymount Road sold more than 50 units.

These projects were launched in the past 1½ years. “The sales results demonstrate that the residential market is resilient and that people are still willing to purchase units as long as they are rightly priced,” says Gafoor.