New home sales in Singapore for August surprise with 16% rise m-o-m
” Sales in the RCR were stimulated by the launch of Forett@Bukit Timah together with Noma,” spotted Lee Sze Teck, director (analysis) at Huttons Asia.
The numbers – which were published by the Urban Redevelopment Authority (URA) on Tuesday based upon its analysis of licensed housing real estate investors – exclude executive condo (EC) units, which are a public-private real estate hybrid.
There were in addition a lot more units introduced by real estate investors in August as 1,582 units were issued, of which 109 were in the Core Central Region (CCR), 821 in Remaining Central Region (RCR), plus 652 were Outside the Central Region (OCR).
In comparing, 82 percent less units were released for sale in July as Singapore gradually came through from the “circuit breaker”. When 1,015 units were released, there were also roughly 56 per cent added units released in August compared to the identical month a year ago.
Discussing the figures for the month of August, Mr Lee replied: “Possible factors for the solid set of totals could be down to authentic getting demand created by the depleted rate of interest atmosphere, shortage of back-up steady commitment asset, and the worry of losing out.”
Christine Sun, head of research at OrangeTee & Tie, pointed out that: “The residential property market threw the trend with much higher new apartment sales recorded in August, (as) market function in most cases often tends to slow down during the course of the seventh lunar month. New apartment sales climbed ‘more and quicker’ than looked for after the “circuit-breaker” phase, which upset sales in April together with May (when there were) showflat ceases.” The sales for brand-new houses last month achieved an 11-month high and even a 4th following regular monthly boost amid the Covid-19 pandemic along with worldwide economic downturn, she went ahead to mention.
Even with financial headwinds as well as the Hungry Ghost Festival, property developers in Singapore pushed 1,256 private homes in August, 16 percent more than July’s take-up.
Taking into account ECs, property developers moved 1,307 units in August, up 14 per cent from 1,142 units in July and 12 per cent greater than the 1,168 units moved in August last year.
August’s take-up in the RCR (counting out ECs) stood at 622 units, versus 128 units in CCR and also 506 units in Optical Character Recognition.