This week in property: Highlights from Aug 13 to Aug 17

By EdgeProp Singapore / EdgeProp | August 17, 2018 6:30 PM SGT
Property highlights of the week from Aug 13 to Aug 17:
Developers sold 1,724 private residential units in July, a 163.6% hike from 654 units in June, and a 55% increase y-o-y, according to URA flash estimates.
Property consultants attribute the sudden surge in residential sales to the property cooling measures - including higher ABSD and lower LTV rates - that took effect on July 6. Close to 1,000 units, or over 60% of the sales volume, were sold on July 5 alone, as buyers were “frantic” to avoid the cooling measures.
The new private home sales (excluding ECs) of 1,724 units for July compare with a total of 2,239 units launched for the month. Notably, the developers of Park Colonial and Stirling Residences brought forward their project launches to the day before the cooling measures took effect. This contributed to July having the highest number of units launched, since March 2013 with 3,489 units.
The latest property cooling measures will cause a “slowdown for the residential en bloc market in the near term”, says Tricia Song, Colliers International head of research for Singapore. Commercial and industrial property “could pick up the slack” for the rest of the year, she says.
Higher demand for the commercial and industrial segments will come from “healthy commercial properties deal pipelines and rising interest from real estate...