Singapore Property | The new condominium recorded a surprising sale in this year’s second quarter. The rise in the quarter to quarter percentage reaches 30.6% for having sold 2,246 units while resale ascends to 18.2% with 1,966 units sold.
Total sales for the 2nd quarter have reached 4,212, so far the highest sales since the 3rd quarter of 2018 when the government implemented additional cooling measures in the residential development market.
It is noted that the figure for new project launches had increased two-folds in the 2nd quarter from 6 to 16 in the 1st quarter. While numbers of units from projects were notably lower with 2,700 units compared to 4,900 units from the 1st quarter.
More on 30.6 percent Upsurge for New Condo Sales in 2nd Quarter
Developers are noted to have released projects that were acquired from collective sales from 2017 to the middle of 2018 which reflected to have high land prices on that period. This has resulted to plunge of 24% of new sales for residential units that have a selling price of below 1 million dollars. Meanwhile, units that cost 1.5 million dollars had increased its take up percentage to 35% in the 2nd quarter.
Furthermore, despite the drop in investment from mainland Chinese buyers, unit sales to foreigners mounted for 1% – 0.6% in Q2.
These sales are mostly within the core central region (CCR) with each unit cost more than 4 million dollars. On the other hand, Singaporeans tend to choose properties within the rest of the central region or outside the central region as these buyers are very particular and sensitive to prices.
Edmund Tie revealed in a statement that based on the new sales record in the 1st half of the year 2019, the forecast to attain 8,000 – 10,000 units of private housing is likely to achieve in the 2nd half of this year. This projection is undeterred by slowing the local economy since foreign buyers are ascending in number for the reason that Singapore is ogled to be a haven for an investment of property.