1,724 new private homes were sold in July this year. In August, however, sales volume fell 64.3% to 616 units.
Have the cooling measures suppressed sales? How will the property market perform in the 4th quarter?
616 units sold in August, sales volume down by more than half
In comparison with August 2017, when 1,246 units were sold by developers, last month’s number seemed dismal. The figures however excluded executive condominiums (ECs).
Analysts are attributing the fall to the July 6 property cooling measures and also the Hungry Ghost Festival. Buyers may have shied away from the market as they waited for both events out.
Developers themselves may have also held back in terms of new launches and the market was rather quiet. Only 534 units were launched last month, 76.2% lower than July’s 2,239 units and also 32.7% lower than the 794 units released in August last year.
Most industry players are prepared for and expect slower sales in the month of August but this year’s response has fallen behind last year’s launch figures of 794 units.
Sales expected to pick up with new launches
The percentage of foreigners buying non-landed properties here have dipped to 5.1% last month. But properties with good locations and affordable quantum prices continued to sell well.
August’ property top-seller was The Tre Ver in Potong Pasir, Stirling Residences, Park Colonial and Riverfront Residences in Hougang. The median selling prices of units at these developments were respectively $1,551 psf, $1,757 psf, $1,713 psf and $1,311 psf.
Some new launches are expected to help boost sales when they enter the market later this month. 2 of these new developments which previewed last weekend were Mayfair Gardens in Bukit Timah and Jui Residences in Potong Pasir. Both properties will be launched late September.