Singapore Property Market - New Private Home Sales (Aug 2021)
𝐍𝐞𝐰 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐇𝐨𝐦𝐞 𝐒𝐚𝐥𝐞𝐬 𝐕𝐨𝐥𝐮𝐦𝐞 𝐟𝐚𝐥𝐥𝐬 𝟐𝟒% 𝐚𝐟𝐭𝐞𝐫 𝐉𝐮𝐥𝐲’𝐬 𝐬𝐢𝐱-𝐦𝐨𝐧𝐭𝐡 𝐡𝐢𝐠𝐡; 𝐏𝐫𝐢𝐜𝐞𝐬 𝐫𝐞𝐦𝐚𝐢𝐧 𝐟𝐢𝐫𝐦.
Including Executive Condominiums (ECs), new home sales fell by 24.2% month-on-month to 1,322 units in August, from 1,744 units transacted in July.
The bulk of new home purchases fell the sharpest in the suburban Outside Central Region (OCR), where 827 units were sold, translating to 62.6% of total sales. The city fringe or the Rest of Central Region (RCR) sold 343 units or 25.9%, followed by homes in the Core Central Region (CCR) with 152 units or 11.5% transacted.
August is typically a quiet month as it coincides with the Chinese Hungry Ghost period, where developers launch fewer homes as homebuyers hold back on their purchases. Only two new projects were launched during this period - the 138-unit Klimt Cairnhill and the 448-unit The Watergardens at Canberra.
The Watergardens at Canberra sold the most (267) units in August, at a median price of $1,469psf. Other best-selling projects were those that were launched earlier, and include Normanton Park, The Florence Residences, Midwood, Treasure at Tampines, and OLA EC.
Demand for homes in RCR and OCR continues to be strong due to their affordability and spaciousness.
Over half of non-landed homes in OCR were transacted for more than S$1,500psf, of which 1.3% or nine units were sold for over S$2,000psf. Of the nine units, eight were freehold private condominiums at Urban Treasures, The Lilium and The Gazania while one was a leasehold unit at Pasir Ris 8.
Demand for new homes currently outweighs supply of new units launched. Coupled with rising land costs, construction costs, materials and manpower costs, higher prices of new homes can be expected.
Some of the upcoming launches include the 696-unit CanningHill Piers at River Valley Road and the 230-unit Perfect Ten at Bukit Timah Road.