New private home sales dip 13.8% m-o-m in June

/ EdgeProp |
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Developers sold 821 new private homes (excluding ECs) in June, a 13.8% drop from the 952 units sold in May, according to the latest statistics from URA. But the figure is a 25.5% increase compared with 654 units sold in June last year.
In addition, developers launched 670 new homes for sale last month, down 51.9% from May.
June’s best-selling project was the 262-unit Sky Everton, which achieved a median price of $2,523 psf across the 134 units sold during the month. The freehold development was launched for sale on June 22, and is 51% sold so far.
Trailing closely is Treasure at Tampines which sold 70 units. The 2,203-unit condo has achieved a median price of $1,320 psf, having sold 21% of its total number of units. Other top-selling condos in June included Parc Botannia (60 units), Parc Esta (58 units), and The Florence Residences (48 units).
Table: OrangeTee & Tie
Traditionally, the property market is less active in June on account of the annual school holidays. There were only four new projects that launched for sale last month – Sky Everton, Lattice One, Seraya Residences, and Sloane Residences – compared with nine the month before.
Taking into account the school holidays and the fewer new projects that launched for sale, the number of units sold in June reflects a “credible sales performance”, says Ismail Gafoor, CEO of PropNex Realty.
The first six months of this year recorded 4,346 private new home transactions (excluding ECs), outperforming the sales performance in 2018 by 6.3%. “This demonstrates the presence of market resilience, with savvy buyers and investors picking up rightly priced projects,” says Gafoor.
Looking ahead, developers are expected to fast-track their launch-ready developments ahead of the lunar seventh month. Some new and upcoming sales launches include the 1,468-unit Parc Clematis, 820-unit EC Piermont Grand, 188-unit Haus on Handy, and 186-unit View at Kismis, says Christine Sun, head or research and consultancy at OrangeTee & Tie.
Says Gafoor: “With the remaining new launches expected in the second half of the year, the overall sales are likely to cross the 9,000 mark, compared to last year’s 8,795 private new home sales, reflecting a 3% y-o-y increase.”

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