New home sales in Singapore for August surprise with 16% rise m-o-m
” Sales in the RCR were increased by the launch of Forett@Bukit Timah together with Noma,” spotted Lee Sze Teck, director (analysis) at Huttons Asia.
Consisting of ECs, property developers sold 1,307 units in August, up 14 percent from 1,142 units in July along with 12 percent greater than the 1,168 units sold off in August in 2019.
There were also more units launched by developers in August as 1,582 units were launched, of which 109 remained in the Core Central Region (CCR), 821 in Remaining Central Region (RCR), plus 652 were Outside the Central Region (OCR).
August’s take-up in the RCR (excluding ECs) stood at 622 units, vs. 128 units in CCR plus 506 units in OCR.
The figures – which were released by the Urban Redevelopment Authority (URA) on Tuesday based on its poll of accredited real estate property developers – exclude executive condo (EC) units, which are a public-private housing hybrid.
Discussing the totals for the month of August, Mr Lee added: “Possible justifications for the strong set of figures could be due to real acquiring need attracted by the lowered interest rate environment, scarcity of back-up stable venture asset, and the fear of losing out.”
Despite the presence of economic headwinds along with the Hungry Ghost Festival, developers in Singapore sold 1,256 private homes in August, 16 percent more than July’s take-up.
In comparing, 82 per cent fewer units were released for sale in July as Singapore progressively developed from the “circuit breaker”. There were in addition approximately 56 percent much more units opened up in August compared to the matching month a year ago when 1,015 units were introduced.
Christine Sun, head of research at OrangeTee & Tie, mentioned: “The residential property market leapt the pattern with a lot higher new home sales inked in August, (as) market function commonly tends to slow down during the 7th lunar month. New home sales grew ‘greater and also quicker’ than presumed after the “circuit-breaker” phase, which upset sales in April and May (when there were) showflat closures.” The sales for brand-new houses last month reached an 11-month high and also a 4th consecutive month-to-month rise in the middle of the Covid-19 pandemic as well as global financial decline, she proceeded to explain.