The lack of new private condominium launches last month could be the main reason for the fall in number of new private homes transactions. That and fresh mentions of the General Elections plus competition from the executive condominium (EC) sector could have siphoned some attention away from the new properties already out there. Sales numbers for new properties were down 42 per cent from May.
Developers and buyers may be holding out in wait of political and policy adjustments which may in turn drive prices up or pull them down. Announcements of a slower-than-expected economic growth in the last quarter may have also affected buying sentiments. There could also be a sense of the scale tilting towards supply over demand.
Recent private home launches include The Botanique at Bartley, Lakeville in Jurong. Suburban home sales dropped 48 per cent while city fringe sales numbers fell 23 per cent. July however may prove a happier month with the launch of a number of new properties including The Brownstone, The Vales in Sengkang and Sol Acres in Choa Chu Kang. This long weekend, High Park Residences in Fernvale is also expecting an extension of the 18,000 strong turnout at their show flats in the past two weeks.