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New private home sales fall 64% in August from July on cooling measures, Hungry Ghost Festival

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Developers in Singapore sold 616 private homes last month, making for a 64.3 per cent fall from the 1,724 units they moved in July and a 50.6 per cent drop from the 1,246 units booked in August last year.

DEVELOPERS in Singapore sold 616 private homes last month, making for a 64.3 per cent fall from the 1,724 units they moved in July and a 50.6 per cent drop from the 1,246 units booked in August last year.

The decline comes on the back of a double whammy of property cooling measures that took effect on July 6 and the Hungry Ghost Festival in August when some would avoid entering into property deals.

The figures were released by the Urban Redevelopment Authority (URA) on Monday based on its survey of licensed housing developers.

In the first eight months of this year, developers sold 6,287 private homes, down about 25 per cent from the 8,397 units in the same period last year.

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The above figures exclude executive condominium (EC) units which are a public-private housing hybrid.

Including ECs, developers moved 639 units in August 2018 - down from the 1,776 units in the previous month and 1,587 units sold in August last year.

Last month's top-selling project was The Tre Ver in Potong Pasir, with 164 units sold at a median price of S$1,551 per square foot (psf).

Other top sellers for August included Stirling Residences, with 91 units transacted at a median price of S$1,757 psf; Park Colonial in Woodleigh Lane, with  79 units sold at a median price of S$1,713 psf; and Riverfront Residences in Hougang, with 76 units sold at S$1,311 psf.