New home sales in Singapore for August surprise with 16% rise m-o-m
Discussing the numbers for the month of August, Mr Lee replied: “Likely causes for the healthy set of totals could be down to real purchasing need created by the low interest rate environment, absence of substitute reliable investment asset, and the phobia of missing out.”
The figures – which were released by the Urban Redevelopment Authority (URA) on Tuesday depended on its poll of licensed housing real estate investors – omit executive condominium (EC) units, which are a public-private housing crossbreed.
Regardless financial headwinds along with the Hungry Ghost Festival, property developers in Singapore moved 1,256 exclusive homes in August, 16 per cent greater than July’s take-up.
In contrast, 82 per cent fewer units were introduced for sale in July as Singapore considerably developed from the “circuit breaker”. When 1,015 units were released, there were likewise about 56 per cent additional units introduced in August compared to the corresponding month a year ago.
There were additionally extra units launched by developers in August as 1,582 units were released, of which 109 were in the Core Central Region (CCR), 821 in Remainder of the Central Region (RCR), along with 652 were Outside the Central Region (OCR).
August’s take-up in the RCR (leaving out ECs) stood at 622 units, compared to 128 units in CCR and also 506 units in Optical Character Recognition.
” Sales in the RCR were stimulated by the launch of Forett@Bukit Timah and Noma,” discovered Lee Sze Teck, director (research study) at Huttons Asia.
Christine Sun, head of research study at OrangeTee & Tie, said: “The residential property market bucked the craze with better new residence sales inked in August, (as) market routine in most cases tends to slow at the time of the seventh lunar month. New residence sales went up ‘more as well as quicker’ than expected after the “circuit-breaker” duration, which upset sales in April plus May (when there were) showflat stoppages.” The sales for brand-new residences last month reached an 11-month high additionally a fourth continuous regular monthly increase in the middle of the Covid-19 pandemic plus worldwide economic downturn, she went on to explain.
Combining ECs, property developers moved 1,307 units in August, up 14 per cent from 1,142 units in July and 12 per cent over the 1,168 units pushed in August last year.