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July new home sales up 8.2% at 1,080 units

But figure is lower yoy; pent-up demand, continued low rates, volatility in other asset classes cited for resilience

Kalpana Rashiwala

Published Mon, Aug 17, 2020 · 09:50 PM

Singapore property

Singapore

DEVELOPERS' private home sales for August are likely to match the level of July thanks to the launch of Forett At Bukit Timah earlier this month, as well as ongoing sales in existing projects on the market.

"We see primary-market sales being driven by a continuation of the pent-up demand that was built up during the 'circuit breaker' partial lockdown," says PropNex CEO Ismail Gafoor.

The 1,080 private homes that developers moved last month was up 8.2 per cent from the 998 units they sold in the previous month, according to data released by the Urban Redevelopment Authority (URA) on Monday.

However, the latest figure is 8.4 per cent lower than the 1,179 units developers sold in July 2019. The a…