Singapore new home sales dip 23.6% m-o-m in August

By Charlene Chin
/ EdgeProp Singapore |
The Watergardens at Canberra sold the most units in August, moving 267 units. (Credit: UOL GROUP; KHENG LEONG COMPANY; SINGAPORE LAND GROUP)
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SINGAPORE (EDGEPROP) - Developers in Singapore sold fewer homes in August, down 23.6% from the 1,591 units sold in July.
Including ECs, new home sales fell by 24.3% m-o-m to 1,322 units in August, from 1,746 units transacted in July. And compared to a year ago, new sales excluding ECs slipped by 3.4%.
Consultants say that August is typically a quiet month as it coincides with the Chinese Hungry Ghost period, where developers launch fewer homes as homebuyers hold back on their purchases.
Over the month, only two new projects were launched: the 138-unit Klimt Cairnhill and The Watergardens at Canberra, which comprises 448 units.
orangetee market segment - EDGEPROP SINGAPORE
The Watergardens at Canberra sold the most units in August, moving 267 units. Other best-selling projects were those that were launched earlier, and include Normanton Park, The Florence Residences, Midwood, OLA, Treasure at Tampines, Dairy Farm Residences, and Parc Clematis.
The bulk of new home purchases (excluding ECs) fell in the suburban region, where 720 units were sold in the Outside Central Region (OCR), translating to 59.3% of total sales. The city fringe or the Rest of Central Region sold 343 units or 28.2%, followed by homes in the Core Central Region (CCR) with 152 units or 12.5% transacted.
“In the absence of many major launches, demand gravitated to existing launches. Projects in the suburbs and city fringes continue to find favour with buyers due to their affordability and spaciousness,” comments Christine Sun, senior vice-president of research & analytics at OrangeTee & Tie.
orangetee best selling project - EDGEPROP SINGAPORE
(Source: URA, OrangeTee & Tie Research & Analytics)
Where supply remains limited, prices held firm, Sun adds. Some 55.1% of non-landed homes in OCR were transacted for more than S$1,500 psf, of which 1.3% or nine units were sold for over S$2,000 psf. Of the nine units, eight were freehold private condominiums at Urban Treasures, The Lilium and The Gazania while one was a leasehold unit at Pasir Ris 8, she observes.
Looking ahead, consultants expect developers to ramp up their launches, with sales following through. Some of the upcoming launches include the 696-unit CanningHill Piers at River Valley Road and the 230-unit Perfect Ten at Bukit Timah Road.

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