Singapore Property | Developers seem to have a good month this July for having sold 1,178 new private homes which is equivalent to 43.5%, way higher than last June’s 821 units sold.
Out of 1,731 units released by developers for July, a total of 1,556 units sold for both private homes and executive condominiums with a sales rate of 89.3% month-on-month surge in new home sales. Projects that were launched were Piermont Grand, One Pearl Bank, Haus on Handy, View at Kismis, Jervois Treasures and Dunearn 386. Piermont Grand EC successfully sold out 378 units out of its total 820 units making it reach 46% sales up rate. Meanwhile, for non-EC development, One Pearl Bank got the highest sales-up rate followed by Treasure at Tampines, and next is The Florence Residences for having sold 197, 119 and 112 units respectively.
Orange Tee believed that more buyers return to the market after holidays in June while real-estate developers expedited the launches ahead of the lunar 7th month.
More on Private Home Sales Surge In July This Year
Mr. Desmond Sim of Southeast Asia CBRE stated that surge in demand for exclusive condominium could be attributed to ideal locations of the project as well as the good reputation of the developer and especially the deferred payments offering that clearly had attracted buyers.
However, Ms. Tricia Song of Singapore Coliers International said that this month’s sale is way lower than expected. She emphasized that the possible reason could be because of the price that is way higher than usual exclusive condominiums. Median prices for EC this month is $1,107 per square foot, so far the highest price for the newly launched EC’s.
On the other hand, Orange Tee added foreign buyers are back to streaming in the real estate market. He emphasised that the growing global economic certainties make foreigners decide to invest in Singapore as the property market in the country is known to be a safe and stable haven for capital preservation and appreciation. As per data of URA Realis, 82 units or 7.1% were bought by foreigners. Additionally, more and more foreigners are investing in pricier homes this year. 84 out of 311 non-landed residential were acquired by foreigners in the past seven months this year with prices above $3 million, so far the highest rate since 2007.