Singapore Property | There was a time in the real estate market when the developer sales skyrocketed by as much as 60 percent. But it’s a different story now since the sales for the month of August went down by as much as 69 percent. During July, developer sales reached up to 1,611 units then suddenly fell to 598 sold units during the month of August. The so-called Ghost Month was blamed for the big drop in sales since most Chinese homebuyers are discouraged to purchase an investment or start a business during this time. The only development launched last month was Sol Acres – an executive condominium from Qingjian Realty.
It was still the High Park Residences that sits on the top spot as the best selling development so far, selling 76 units having a median price worth $933 per square foot. This project was getting a lot of attention not just because of its affordable price but also its accessibility to various areas including the Seletar Mall and Sengkang MRT station. Following High Park is Botanique @ Bartley with 30 units sold last month with units bearing the median price worth $1,282 per square foot during the same period.
The executive condominium division in general didn’t felt a great impact during the Ghost Month. There was only a small difference from the number of units sold last July compared to the sold units in August. From 495, it slid a little to 466 units last month. However, the number of executive condominium units launched was almost half of what was launched in July. From 1,155 developers only opened 707 units for interested EC buyers.
For the EC segment, it was the Sol Acres that took the top spot, selling 259 units in August out of 707 launched units. The median price for the said development was $787 per square foot.