The 1,178 private homes sold last month boosted last month’s developer sales of new homes by 43.5%. Only 821 units were sold in June.
43.5% boost in new home sales in July
In July, developers launched 911 units for sale, a 36% increase from the 670 units in June. While the number of new homes launched this July was much lower than the 2,239 units last year, the sales figure is still considerable.
Compared to last July’s sale of 1,724 units, last month’s sales volume was 31.7% lower though last July’s sales spike was largely due to buyers rushing to close deals before the cooling measures kicked in.
Taking ECs into consideration, developers sold a total of 1,566 units last month, a remarkable increase of 89.3% from June’s 722 units. The 820-unit Piermont Grand EC at Sumang Walk sold 380 units at a median price of $1,107 psf.
ECs usually sell well as these hybrid properties start out being public housing which means buyers can take advantage of government subsidies and loans; they become private properties after the obligatory 10-year period.
Demand for new homes remains despite a shaky global economic environment
Economic and political environments around the globe are uncertain at the moment, but that has not stopped the demand for new homes from growing here.
Recent sales of new launches such as One Pearl Bank and Sky Everton were also a testament to the public’s confidence in the local property market. The positive sentiments have also possibly spilled over to the other segments in the market.
Analysts are pleased with the response from the public and believe that projects priced right and at the right locations will continue to sell well.
In the private property front, the One Pearl Bank was last month’s top seller. It launched in July and has since sold almost 25% of its 774 units at a median price of $2,353 psf.
Over at the 262-unit Sky Everton, another 67 units were sold at an average price of $2,606 psf. In the mid- to long-term, there may be some downward pressure on new home prices as developers are compelled to reduce prices due to factors such as competition and looking sell-by deadlines.
August may be a slow month for the property market as it is the Hungry Ghost month but following that, there will be new launches to look forward to such as Parc Clematis, Avenue South Residences, Meyer Mansion, The Antares and Guoco Midtown.