Developers sold 1,589 new private homes in Singapore despite the tight safe management measure imposed during the 2nd half of July. The new private homes were sold excluding the executive condominiums (ECs). Therefore, up to 82.2% of sales from 872 units in June were shown according to Redevelopment Authority Data (URA).
Since January this year, this is the top sale recorded, when 1,633 units were sold. Also, yearly, new home sales leaped to 46.7% from 1,083 units in July last year.
In that case, Christine Sun, Senior Vice President of Research and Analytics at Orange Tee and Tie said, “The stringent measures didn’t tend to lessen the market sentiment significantly.”
She added, “Sales started to pick up across several projects last month when buyers got back to their private residential market in droves.” Conversely, developers were equally attentive on the sellers’ end to launch units and end more deals ahead of the seventh lunar month which commenced from 08 August 2021.
More on New Condo Sales Increased in July 2021
Similarly, Sun disclosed that excluding ECs, the number of units that were launched for sales surged to 27% month-on-month to 1,104 units in July.
Therefore, Pasir Ris 8 became the best-selling project. At a median price, it sold 418 units of $1,624 per square foot (psf). The Singaporeans registered a high purchase the previous month at 86.3%, which was an increase from 81.8% in June, noted by Huttons Asia.
Huttons Asia said that the increase might be probably due to the launch of Pasir Ris 8 situated in the Outside Central Region (OCR) where the demand is huge. Thus, 7 of the top ten best-selling projects last month are located within the Outside Central Region (OCR).