New home sales in Singapore for August surprise with 16% rise m-o-m
” Sales in the RCR were stimulated by the launch of Forett@Bukit Timah along with Noma,” indicated Lee Sze Teck, director (research) at Huttons Asia.
In contrast, 82 per cent fewer units were launched for sale in July as Singapore gradually emerged from the “circuit breaker”. When 1,015 units were issued, there were also nearly 56 per cent increased units introduced in August compared to the matching month a year ago.
August’s take-up in the RCR (setting aside ECs) stood at 622 units, against 128 units in CCR plus 506 units in Optical Character Recognition.
Commenting on the totals for the month of August, Mr Lee included: “Likely explanations for the energetic set of numbers could be due to authentic buying need created by the lowered interest rate situation, shortfall of different secure financial investment asset, and the fright of losing out.”
Christine Sun, head of research at OrangeTee & Tie, pointed out that: “The property market bucked the trend with increased new apartment sales inked in August, (as) market activity generally tends to slow during the 7th lunar month. New house sales accelerated ‘greater and also quicker’ than predicted after the “circuit-breaker” period, which upset sales in April and also May (when there were) showflat closures.” The sales for brand-new residences last month gained an 11-month high including a fourth consecutive monthly boost throughout the Covid-19 pandemic plus international economic slowdown, she carried on to reveal.
Combining ECs, real estate investors moved 1,307 units in August, up 14 per cent from 1,142 units in July as well as 12 percent over the 1,168 units moved in August last year.
There were also much more units launched by developers in August as 1,582 units were issued, of which 109 were in the Core Central Region (CCR), 821 in Rest of the Central Region (RCR), and 652 were Outside the Central Region (OCR).
The totals – which were generated by the Urban Redevelopment Authority (URA) on Tuesday based on its survey of qualified real estate property developers – omit executive condo (EC) units, which are a public-private real estate hybrid.
Despite financial headwinds and the Hungry Ghost Festival, real estate investors in Singapore sold 1,256 exclusive homes in August, 16 per cent more than July’s take-up.