New Home Sales Hits 11-months High

SINGAPORE – Throwing Singapore’s worst economic downturn and also the Hungry Ghost month, brand-new home sales in Singapore continued to rise for a 4th straight month, getting to the highest possible because September 2019.

Designers in August offered 1,256 private houses, up 16.3 per cent from 1,080 systems in July, according to numbers launched by the Urban Redevelopment Authority (URA) on Tuesday (Sept 15).

Year on year, sales climbed 11.8 percent from 1,123 units in August 2019.

The numbers omit executive condominium (EC) units, which are a public-private housing crossbreed.

Much more new systems were launched – particularly those from Forett at Bukit Timah, ahead of the Hungry Ghost Festival, which began on Aug 19. There were 1,582 exclusive residences launched in August, up 82 percent from 869 systems in July, and also almost 56 per cent higher than 1,015 devices a year earlier.

As opposed to slowing throughout the typically peaceful Hungry Ghost month, new home sales grew much faster than expected after the circuit breaker period ended on June 1. The two-month lockdown had actually upended sales and planned launches in April and also May with show-flat closures.

Including EC systems, 1,307 new residences were used up last month, up 14.4 per cent from July, and also concerning 12 percent more than 1,168 a year earlier, the URA data revealed.

New sales were driven primarily by Forett at Bukit Timah, Treasure at Tampines, Parc Clematis, The Garden Residences, The Woodleigh Residences, Jadescape and Whistler Grand.

Ms Christine Sun, head of research study and consultancy at OrangeTee & Tie, noted that last month’s sales were the very best August efficiency in 8 years.

Case in point: 325 new houses were offered in August 2008 amidst the international financial crisis. After fresh rounds of cooling down actions were implemented, 756 units were marketed in August 2013 and 617 units in August 2018.

The climbing economic unpredictabilities and also volatile equity markets “seemed to be fuelling the boom for homes as more customers seek shelter in safe-haven assets” amidst record low rate of interest, Ms Sun stated.

Apartment, HDB rents in July see initial uptick given that February but demand reveals Covid-19 influence
Mr Ong Teck Hui, elderly director of research & working as a consultant at JLL mentioned brilliant spots in the economic situation where some services are secure and even growing.

These include innovation, biomedical, healthcare, electronics and also accuracy engineering. “Those in even more secure work would have greater self-confidence in purchasing a residential or commercial property in spite of the economic crisis,” he stated.

The 0.3 percent increase in the URA private domestic price index in the 2nd quarter might fuel the perception that costs at worst, might soften only slightly. Consequently, some homebuyers may feel it isn’t beneficial waiting on a major rate correction, he added.

Ms Tricia Song, Colliers International’s head of study for Singapore, said August’s sales likewise revealed purchasers’ solid passion for attractively-priced freehold city edge jobs.

In August, the city fringe jobs accounted for the mass of sales at 49.5 per cent, compared with 38.8 per cent in July. The suburbs, or Outside Central Region (OCR) – the proxy for the mass market segment – made up 40.3 percent of overall sales last month, contrasted to 50.7 percent in July.

Colliers International approximated that 81 per cent of the complete developer sales in August were priced at the mean rate of $1,000-$2,000 psf, contrasted to 83 percent in July.

Source: https://www.straitstimes.com/business/property/hungry-ghosts-no-match-for-singapore-buyers-as-new-home-sales-hit-11-month-high

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