Slump in August developer sales on fewer launches

By Lin Zhiqin / Savills, The Edge Property | September 15, 2015 3:00 PM SGT
high park residences showflat model - EDGEPROP SINGAPORE
Sales of private homes by developers slumped 69% m-o-m from 1,611 in July to 495 in August on the back of fewer launches, which fell 59% m-o-m from July’s 1,468 to 598 in August 2015. The sharp fall in launches is likely due to the Hungry Ghost month, considered inauspicious by Chinese homebuyers. Sol Acres executive condominium (EC) was the only project launched.
High Park Residences continued to be the best selling project with 76 units sold at a median price of $933 psf in August, following its strong sales of 1,169 units in July. The performance can be attributed to the affordable price and close proximity to The Seletar Mall. Botanique At Bartley maintained its second spot with 30 units sold at a median price of $1,282 psf in August, compared to the 63 units sold in July at a similar median price psf.
In the EC segment, developers sold 466 units in August, slightly lower than the 495 units sold in July. 707 EC units were launched in August, down sharply from 1,155 in July. Sol Acres was the top selling EC with 259 units sold in August at a median price of $787 psf, out of 707 units launched. The Brownstone took second place with 36 units sold at a median price of $817 psf.
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Five best selling private projects in August
august developer sales - EDGEPROP SINGAPORE

Source: URA, The Edge Property

Five best selling ECs in August
august ec sales - EDGEPROP SINGAPORE

Source: URA, The Edge Property

Figure 1a: Residential units launched by developers
developer launch chart - EDGEPROP SINGAPORE

Source: URA, The Edge Property

Figure 1b: Residential units sold by developers
developer sales chart - EDGEPROP SINGAPORE

Source: URA, The Edge Property