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Developers' sales plunge 69% in August

Singapore short-term interest rates used to set mortgages surged to a seven-year high on speculation central bank activity in the currency market is resulting in rising borrowing costs.

DEVELOPERS' sales of private residential units in Singapore, excluding executive condominiums (ECs), fizzled out in August with 495 units sold - representing a 69 per cent plunge from 1,611 units in July.

Including the public-private hybrid ECs, developers sold 961 residential units, down from 2,106 units in July, latest data from the Urban Redevelopment Authority shows.

Of the 495 private residential units sold, 72 per cent are in the suburban areas where 82 per cent of new units launched were located.

The top selling project in August was MCL Land's Sol Acres in Choa Chu Kang Grove, whose absolute number of units sold in the launch weekend already made it the best-selling EC project so far this year.

Some 259 units of the 1,327-unit Sol Acres were sold in August with a median price of S$787 per square foot (psf).

High Park Residences, a 99-year leasehold private condo project in Fernvale by Chip Eng Seng, Heeton Homes and Kim Seng Heng Realty, sold another 76 units in August at a median price of S$933 psf, after its July launch.

Another top selling project last month was City Developments' The Brownstone in Canberra Drive, a 638-unit EC project launched in July. It moved 36 units in August at a median price of S$817 psf.

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