New home sales in Singapore for August surprise with 16% rise m-o-m

There were in addition much more units launched by property developers in August as 1,582 units were introduced, of which 109 remained in the Core Central Region (CCR), 821 in Remaining Central Region (RCR), and 652 were Outside the Central Region (OCR).

Despite the presence of economic headwinds and also the Hungry Ghost Festival, real estate investors in Singapore sold 1,256 exclusive homes in August, 16 percent higher than July’s take-up.

Christine Sun, head of research at OrangeTee & Tie, spoke: “The residential property market threw the pattern with better new apartment sales inked in August, (as) market action in most cases usually tends to lessen during the seventh lunar month. New home sales soared ‘more as well as quicker’ than supposed after the “circuit-breaker” period of time, which overthrew sales in April and also May (when there were) showflat stoppages.” The sales for brand-new homes last month reached an 11-month high and even a fourth continuous monthly boost throughout the Covid-19 pandemic plus global economic stagnation, she went ahead to explain.

Midwood showflat

” Sales in the RCR were encouraged by the launch of Forett@Bukit Timah along with Noma,” spotted Lee Sze Teck, director (study) at Huttons Asia.

Commenting on the figures for the month of August, Mr Lee added: “Feasible reasons for the solid set of numbers could be due to authentic getting need obtained by the lowered rate of interest surroundings, decrease of different dependable investment asset, and the worry of missing out.”

The figures – which were generated by the Urban Redevelopment Authority (URA) on Tuesday based on its survey of accredited real estate property developers – count out executive condominium (EC) units, which are a public-private housing crossbreed.

August’s take-up in the RCR (excluding ECs) stood at 622 units, versus 128 units in CCR as well as 506 units in Optical Character Recognition.

Also including ECs, developers sold 1,307 units in August, up 14 percent from 1,142 units in July as well as 12 per cent more than the 1,168 units sold off in August in 2019.

In contrast, 82 percent less units were introduced for sale in July as Singapore bit by bit emerged from the “circuit breaker”. There were furthermore around 56 percent much more units released in August compared to the identical month a year ago when 1,015 units were introduced.


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