According to data released by Singapore’s Urban Redevelopment Authority (URA) on 15 July 2019, there were 821 new private homes sold in June 2019. While this is a 13.8 per cent drop from the 952 units moved one month earlier in May, the figure marks an impressive increase of 25.5 per cent more units sold compared to the 654 units sold in June of last year. In fact, the latest sales volume was the highest for the month of June since 2013, when 1,8006 homes were sold.
This despite the fact that only 670 new units were launched last month, lower than the 1,394 units launched in May and the 726 units launched in June 2018 respectively.
Excluding executive condominiums, four new projects were released in June compared to nine in May. The four new projects were Sky Everton, Lattice One, Seraya Residences and Sloane Residences. Sky Everton outperformed the rest, achieving 134 units sold at a median price of $2,523 psf. Sky Everton was followed by Treasure @ Tampines with 70 units at a median price of $1,320 psf, and Parc Botannia, which moved 60 units at a median price of $1,296 psf.
Industry players observed that fewer new projects were launched in June as it was also the school holiday period. As such, the total of 821 units being sold in the month was considered a credible sales performance.
It is possible that developers may decide to fast-track launches ahead of the lunar seventh month. Some notable projects to be launched are Parc Clematis, Piermont Grand, Haus on Handy and View at Kismis.
All the aforementioned developments happen to be 99-year leasehold projects.
It was also noted that there has been a surge in the number of new freehold condominiums being sold in the market lately. This was evident by the 315 non-landed freehold units sold in June, a 46 per cent increase from May.
It is likely that the uptrend will continue as there will be also more freehold projects to be launched in the following months such as the ultra-luxurious EDEN by Hong Kong’s Swire Properties as well as Van Holland at Holland Road. This could be a good opportunity for buyers to buy a freehold property in premium choice locations. With the en bloc sales market stalled, such opportunities may only occur again several years down the road.