Sales of private new homes up 43.5% m-o-m to 1,178 units in July

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August 15, 2019 9:09 PM SGT
Private new home sales in July increased by 43.5% m-o-m to 1,178 units in July, according to developers’ monthly sales data by URA. This figure excludes executive condos (ECs).
Including ECs, developers sold 1,556 units in July, reflecting an 89.3% m-o-m leap in new home sales.
“[July’s new home sales performance], coming on the back of a string of negative economic indicators amid rising trade tensions, is a testament to the strong underlying demand for new homes,” comments Tay Huey Ying, head of research and consultancy at JLL.
The bulk of units moved in July were at Piermont Grand, which is the first EC launch after 15 months. Out of 820 units, 378 units, or 46% was sold at the median price of $1,107 psf. The sales are “a tad slower than expected”, remarks Tricia Song, head of research for Singapore, Colliers International. “This could be due to its record price point – its median price of $1,107 psf was an all-time high for newly launched ECs in Singapore.”
In contrast, Rivercove Residences, the 628-unit EC launched in April 2018, was sold 82% within the first month at a median price of $970 psf.
The new home sales in July is 31.7% lower y-o-y, when 1,724 units were sold in July 2018, as panic buyers flocked to showflats on July 5 last year to purchase homes before the higher additional buyer's stamp duty and loan-to-value rates took affect the next day.
There were five new launches (excluding ECs) in July: One Pearl Bank, View at Kismis, Haus on Handy, Dunearn 386 and Jervois Treasures. All these projects are in the Central Region: three projects are in the Central Core Region, while two are in the Rest of Central Region. The new launches make up 441 units launched in July, or 48.5% of the private residential units launched (excluding ECs), observes ERA Realty Network.
Credit: OrangeTee & Tie Research & Consultancy