New home sales in Singapore for August surprise with 16% rise m-o-m

In spite of economic headwinds and the Hungry Ghost Festival, developers in Singapore easily sold 1,256 exclusive homes in August, 16 per cent more than July’s take-up.

There were also even more units launched by real estate investors in August as 1,582 units were released, of which 109 were in the Core Central Region (CCR), 821 in Remaining Central Region (RCR), and also 652 were Outside the Central Region (OCR).

August’s take-up in the RCR (excluding ECs) stood at 622 units, as opposed to 128 units in CCR along with 506 units in Optical Character Recognition.

Commenting on the numbers for the month of August, Mr Lee added: “Likely causes for the strong set of totals could be down to real acquiring demand obtained by the depleted interest rate atmosphere, deprivation of another unfluctuating commitment asset, and the anxiety of losing out.”

” Sales in the RCR were increased by the launch of Forett@Bukit Timah and Noma,” mentioned Lee Sze Teck, director (analysis) at Huttons Asia.

Adding in ECs, real estate investors sold 1,307 units in August, up 14 per cent from 1,142 units in July and even 12 percent over the 1,168 units sold in August in 2019.

Midtown Bay showflat

The numbers – which were generated by the Urban Redevelopment Authority (URA) on Tuesday depended on its analysis of qualified housing developers – rule out executive condominium (EC) units, which are a public-private housing hybrid.

Christine Sun, head of research study at OrangeTee & Tie, shared: “The property market leapt the trend with much higher new residence sales recorded in August, (as) market routine normally has a habit to decrease in the course of the seventh lunar month. New home sales moved up ‘high and even quicker’ than supposed after the “circuit-breaker” days, which overthrew sales in April together with May (when there were) showflat closures.” The sales for brand-new homes last month reached an 11-month high additionally a fourth continuous monthly boost throughout the Covid-19 pandemic along with world wide economic slowdown, she proceeded to mention.

In observation, 82 percent less units were introduced to sell in July as Singapore progressively came out from the “circuit breaker”. There were also nearly 56 per cent added units opened up in August contrasted to the identical month a year ago when 1,015 units were issued.

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