As compared to the previous month, the subdued sales in Singapore for new residential launches by the month of June reflected 40% fall in home selling trends. Reports presented by Urban Redevelopment Authority reveal that buyers took around 654 new private residential units by June month that is 40.7% lower as compared to May and almost 20.2% lesser when compared to last year’s data; out of which, more than half of sales were conducted either Outside Central Region Zone or in the suburban areas.
If we also consider the 52 executive condominium units that were sold in the last month, total sale’s tally for developers in the month of June was 706 units that show around 43.9% fall from the previous month and 33.6% decline from June 2017. As per the preliminary estimates provided by URA in June month, developers somehow sold around 4090 private homes along with 1046 EC units during the first 6 months of this year. As compared to this, they were able to sell 6039 private homes with 2026 EC units during the first 6 months of the year 2017.
Considering the five most popular new launches of last month, the Oxley-led consortium moved by 107 units for development, Affinity at Serangoon ( with a median price of $1584/sq ft. On the other side, MCL Land at Margaret Ville sold around 121 units with a median $1,873/sq ft. Also, Wing Tai Holdings and Keppel Land at The Garden Residences were sold by 64 units with a median of $1662 psf in the month of June.
Head of the CBRE South-East Asia and Singapore, Desmond Sim observed that sales estimates sales at The Garden Residences and Affinity at Serangoon were subdued due to few potential reasons. Some of these include lack of connectivity to MRT, the proximity between these two projects, and influence maintained by new launch condo in the surrounding area.
Looking at the new cooling measures that are capable enough to alter last minute transactions, it is believed that July sales will surpass the total sales recorded in June month and it can be considered like the calm before storm. He also included that the total sales momentum in 2018 may ease to somewhere around 8000-10000 units.
The head of the research unit at Huttons Aisa, Lee Zee Teck recently revealed that many buyers were on hold from last month as they were interested to compare the projects for upcoming months before making the final decision while world cup was another distraction for the market.