Singapore Property | 2,086 units have been sold in July, as per data released last August 15, 2017 by the Urban Redevelopment Authority. This figure is almost double the sale of units in June, which was at 1,064 and excludes executive condominiums.
7,147 private units and 3,004 executive condominium units have been sold from January to July 2017. This is up 50% from 11.40% of the period covering January to July 2016. Analysts strongly believe that the jump shows recovery in the property market sector.
According to Mr. Desmond Sim, Head for CBRE Research in Singapore and South East Asia, buyers have evolved with the property cooling measures.
Key Executive Officer for ERA Realty Network, Mr. Eugene Lim says that buyers are looking forward to an even stronger market recovery come the year 2018. The surge in purchases for the moment is in anticipation of catching the market when it surges upward. The revised Seller’s Stamp Duty that had been introduced in March, has made several project developments alluring. This is because the Seller’s Stamp Duty lowered the holding period to three years from four years.
For July, the best-selling property was Hundred Palms Residences.
Executive Condominiums at Yio Chu Kang Road sold all 531 of its units in its first seven hours of launching. Prices were pegged at an average of $843 per square foot.
The second best-selling development is Martin Modern condominium located in Robertson Quay which has 450 units. 109 out of 120 units have already been sold at an average price of $2,152 per square foot.
Sim of CBRE notes that the bigger sales volume last July was driven by a 0.1% price decline in the second quarter of 2017. This is the smallest price drop seen in 15 quarters.
Lim now expects developers to take advantage of the surging demand by launching projects in tranches. Some of these projects include the Martin Modern and Le Quest in Bukit Batok and the Park Place Residences at Paya Lebar Quarter.
For 2017, total sales are expected to be within 10,000 to 12,000 units. Executive condominiums, on the other hand, are expected to sell 3,500 to 4,000 units.