New home sales in Singapore for August surprise with 16% rise m-o-m
Commenting on the numbers for the month of August, Mr Lee added: “Possible causes for the powerful set of totals could be due to legit buying requirement attracted by the low interest rate community, lack of different durable investment asset, and the worry of losing out.”
August’s take-up in the RCR (leaving out ECs) stood at 622 units, against 128 units in CCR along with 506 units in OCR.
There were even more units introduced by property developers in August as 1,582 units were released, of which 109 remained in the Core Central Region (CCR), 821 in Remaining Central Region (RCR), and 652 were Outside the Central Region (OCR).
In comparison, 82 percent less units were introduced for sale in July as Singapore bit by bit arised from the “circuit breaker”. There were furthermore nearly 56 percent extra units released in August compared to the corresponding month a year ago when 1,015 units were launched.
Including ECs, developers moved 1,307 units in August, up 14 per cent from 1,142 units in July as well as 12 percent higher than the 1,168 units sold in August last year.
” Sales in the RCR were encouraged by the launch of Forett@Bukit Timah and also Noma,” discovered Lee Sze Teck, director (analysis) at Huttons Asia.
Christine Sun, head of research at OrangeTee & Tie, pointed out that: “The residential or commercial property market started the craze with better new apartment sales inked in August, (as) market activity commonly often tends to slow down throughout the 7th lunar month. New home sales soared ‘high and also quicker’ than expected after the “circuit-breaker” period, which upset sales in April together with May (when there were) showflat closes.” The sales for new homes last month arrived at an 11-month high including a 4th progressive monthly boost amid the Covid-19 pandemic along with international financial decline, she went ahead to bring up.
The totals – which were published by the Urban Redevelopment Authority (URA) on Tuesday accorded to its review of licensed housing real estate investors – exclude executive condominium (EC) units, which are a public-private housing hybrid.
Regardless of financial headwinds as well as the Hungry Ghost Festival, property developers in Singapore easily sold 1,256 exclusive homes in August, 16 percent higher than July’s take-up.