The sale of new private homes recorded a rise of 12% in August 2017 from what was recorded in July and a rise of 165% in comparison to August 2016, according to data released by the Urban Redevelopment Authority (URA) on 15 September.
In August, developers sold 1,241 new private homes, a rise by 165% or 773 units from the 468 units sold in the same month last year.
“The rise in primary sales in the month of August will reinforce sentiments further on the bottoming out of the property market,” said Edmund Tie and Company head of research, Dr. Lee Nai Jia.
The sales of private homes in August were 11.7% higher from the 1,111 units sold in July. This was the second month that transactions were above 1000.
Under the executive condominiums segment, August had 340 new units transacted even as there were no new projects launched. The figure was 65% less from the July sales of 978 units. The strong sales recorded in July were due to certain projects having a strong performance, a good example being the Hundred Palms Residences EC that sold all the 531 units at its July 22 launch.
In total, there were 1,581 ECs and private homes sold in August, a reduction from the 2,089 units sold in July.
In August, developers launched 774 homes excluding ECs, a rise by 16.6% from the 602 homes launched in the month of July.
The suburban had the highest sales with 767 transactions. City fringe followed with 334 transactions while the core central region had 140 units sold.
Le Quest by the Qingjian Realty was the private residential project that sold the highest units in August after moving 286 units at an average price of S$1,309 psf.
“Based on the caveats, the Chinese developer sold 244 units or approximately 85.3% to Singaporeans,” noted Dr. Lee.
He added that Le Quest attracted much interest due to its location in an established estate that does not have much competition with the mall acting as a key selling point. In addition, the project has a high potential for future capital appreciation due to the spillovers from the development of Jurong Gateway and Jurong Innovation District.
In the second place was Sol Acres that sold 66 units at an average price S$812 psf.
“Foreign buyers preferred new projects in the central region. A good example is Martin Modern by GuocoLand whose a third of its buyers were foreigners,” said Dr. Lee.