New home sales in Singapore for August surprise with 16% rise m-o-m
Commenting on the totals for the month of August, Mr Lee added: “Likely explanations for the solid set of figures could be due to real getting demand obtained by the lowered rate of interest surrounding, loss of another healthy commitment asset, and the scare of losing out.”
The figures – which were published by the Urban Redevelopment Authority (URA) on Tuesday based on its analysis of qualified housing developers – set aside executive condominium (EC) units, which are a public-private real estate hybrid.
August’s take-up in the RCR (excluding ECs) stood at 622 units, vs. 128 units in CCR and also 506 units in Optical Character Recognition.
Adding in ECs, real estate investors moved 1,307 units in August, up 14 per cent from 1,142 units in July and even 12 per cent greater than the 1,168 units moved in August last year.
In spite of economic headwinds together with the Hungry Ghost Festival, developers in Singapore sold off 1,256 exclusive homes in August, 16 percent more than July’s take-up.
There were even much more units launched by real estate investors in August as 1,582 units were issued, of which 109 remained in the Core Central Region (CCR), 821 in Remaining Central Region (RCR), and 652 were Outside the Central Region (OCR).
Christine Sun, head of research at OrangeTee & Tie, pointed out that: “The property market threw the pattern with a lot higher new apartment sales recorded in August, (as) market activity traditionally tends to reduce during the 7th lunar month. New home sales grew ‘greatly and even quicker’ than forecasted after the “circuit-breaker” duration, which overthrew sales in April and also May (when there were) showflat closures.” The sales for brand-new residences last month reached an 11-month high along with a fourth consecutive monthly boost during the Covid-19 pandemic and worldwide financial stagnation, she carried on to specify.
In comparison, 82 per cent lower units were released for sale in July as Singapore bit by bit came out from the “circuit breaker”. When 1,015 units were introduced, there were additionally about 56 per cent added units opened up in August compared to the identical month a year ago.
” Sales in the RCR were helped by the launch of Forett@Bukit Timah and Noma,” noticed Lee Sze Teck, director (research) at Huttons Asia.