Singapore developers move 1,581 new private homes, ECs in Aug, up 98% y-o-y

SALES momentum of housing developers continued in August when there was only one project launch, with developers selling 1,581 private residential units and executive condominiums (ECs).

This marked a 98 per cent surge compared to a year ago, and was 24 per cent below that in July - the month when sales numbers were bolstered by Hundred Palms Residences at Yio Chu Kang Road where all 531 units were sold within seven hours of launch.

Of the total new home sales by developers, 1,241 were private residential units and 340 were ECs. Excluding ECs, the private residential units sold by developers in August were 165 per cent higher than a year ago and 12 per cent more than a month ago.

These figures are based on a survey of developers by the Urban Redevelopment Authority.

The top selling project in August was Le Quest, a mixed development in Bukit Batok by Chinese developer Qingjian Realty, which sold 286 units at a median price of S$1,309 per square foot (psf).

The developer is said to be holding back the second phase of its sales launch at Le Quest in anticipation of a possible upturn in the property market.

Sales in existing projects also moved well, with Sol Acres EC by MCL Land selling another 66 units in August at a median S$812 psf and Symphony Suites by EL Development moving another 59 units at a median S$1,071 psf.