Sales for brand new homes dropped to 21% this June.
Only 820 new private homes sold in June versus a high of 1,039 units in May, as per the Urban Redevelopment Authority. As for offerings, units offered in June was a mere 159 compared to 370 units offered in May. For the first time in four months, sales hit figures below 1,000.
The only new project launched in May was Park 1 Suites in Geylang, a 26-unit development.
Cooling property measures kept a lid on home prices since 2009. In March 2017, however, the government rolled back restrictions. The government warns that this roll back should not be interpreted as an unwinding measure.
For 15 straight quarters, property prices have slid. This is the longest drop since 1975. Private residential prices have decreased by 0.3% for April, May and June versus the previous quarter. Home values have decreased by 12% from 2013 prices.
The Clement Canopy, which had been launched in May, sold merely 13 of 50 units. Hillion Residences, on the other hand, sold 12 out of 50.
Best Selling Projects
The performer for the moment is The Santorini, a development which has sold 75 units with an average price of $1,026 psf. The Parc Riviera follows closely at 55 units sold, with an average price of $1,218 psf. The Commonwealth Towers ranks third at 47 units, which sold for $1,899 per square foot. Fourth on the list is Sophia Hills which sold 44 units at a median price of $1,978 per square foot. Last but not least is the Kingsford Waterbay at 36 units, median price of $1,210 per square foot.
For the executive condominiums, 244 units had been sold. Sol Acres ranks first with 41 units sold at an average of $829 per square foot. Second is The Visionaire with 35 units, $811 per square foot. Third is Signature at Yishun which sold 30 units at $757 per square foot. Fourth is Westwood Residences at 29 units, $795 per square foot. Fifth in rank is the Northwave at 26 units, $758 per square foot.