New home sales in Singapore for August surprise with 16% rise m-o-m
August’s take-up in the RCR (setting aside ECs) stood at 622 units, as opposed to 128 units in CCR plus 506 units in OCR.
Despite the presence of economic headwinds plus the Hungry Ghost Festival, developers in Singapore sold 1,256 private homes in August, 16 per cent over July’s take-up.
Commenting on the numbers for the month of August, Mr Lee replied: “A possibility factors for the strong set of totals could be down to real acquiring demand attracted by the reduced interest rate community, absence of back-up reliable investment option asset, and the anxiety of missing out.”
In contrast, 82 per cent fewer units were introduced for sale in July as Singapore gradually emerged from the “circuit breaker”. There were also almost 56 percent increased units launched in August contrasted to the similar month a year ago when 1,015 units were introduced.
Adding in ECs, property developers moved 1,307 units in August, up 14 per cent from 1,142 units in July and also 12 percent more than the 1,168 units moved in August last year.
” Sales in the RCR were encouraged by the launch of Forett@Bukit Timah and also Noma,” mentioned Lee Sze Teck, director (study) at Huttons Asia.
Christine Sun, head of research study at OrangeTee & Tie, pointed out that: “The property market bucked the pattern with better new home sales recorded in August, (as) market routine usually tends to lose speed in the course of the seventh lunar month. New home sales increased ‘greater and also quicker’ than anticipated after the “circuit-breaker” period of time, which upended sales in April plus May (when there were) showflat closures.” The sales for brand-new houses last month reached an 11-month high along with a fourth progressive regular monthly boost during the Covid-19 pandemic along with worldwide economic slowdown, she proceeded to bring up.
There were also extra units released by developers in August as 1,582 units were released, of which 109 were in the Core Central Region (CCR), 821 in Rest of the Central Region (RCR), furthermore 652 were Outside the Central Region (OCR).
The numbers – which were generated by the Urban Redevelopment Authority (URA) on Tuesday built on its survey of licensed real estate real estate investors – omit executive condo (EC) units, which are a public-private housing hybrid.