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August new home sales surprise with strong showing

August new home sales surprise with strong showing

Developers moved 1,122 new private homes within the traditionally quiet month of August, down by just 4.8 per cent from the 1,179 units sold in July, as demand remained resilient despite the weaker macro-economic environment.

Last month’s sales numbers were boosted by Parc Clematis and sales at projects that were launched earlier. More than 70 per cent of units sold last month were from previous launches, as most developers avoided launching new projects during the Hungry Ghost month. Parc Clematis was launched two days after the festival ended.

Also helping to buoy sales was the “lower-for-longer” interest rate environment.

August’s strong performance – the second-highest during a year after July – could encourage developers to continue launching more projects this month. Developer sales were up a whopping 82 per cent from the 617 units sold in August last year, the first month after the July 6 property cooling measures took effect.

Last month, developers launched 979 units, up 7.5 per cent from 911 units in July, and up 83 per cent from 534 units in August last year.

The data released by the Urban administrative unit yesterday excludes executive condominium, which are a public-private housing hybrid. Including ECs, developers sold 1,167 units last month, down 25 per cent from 1,557 units in July. This was up 82.3 per cent from 640 private homes and EC units sold in July last year.

The sales momentum at a number of the sooner launches has picked up pace. That could be because as new launches continue the market “at ben-chmark prices within their given localities, prices at earlier-launched projects may start to look attractive to some buyers”, said Ms Tricia Song, head of research for Singapore, Colliers International.

For instance, The Florence Residences last month clocked the best monthly sales of 122 units since its launch in March this year, possibly as buyers warmed up to competitive pricing, she said. Its median price of $1,438 per square foot in August – almost like its median price of $1,434 psf during launch month – looks relatively attractive compared with Parc Clematis’ $1,615 psf, she noted. Both projects are in the suburbs, or outside central region.

Source – Strait Times

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