[ad_1]
SINGAPORE – Against Singapore’s worst recession and Hungry Ghost month, Singapore’s new home sales continued to rise for the fourth month in a row, reaching the highest level since September 2019.
Developers in August sold 1,256 private homes, 16.3% more than the 1,080 units in July, according to figures released by the Urban Redevelopment Authority (URA) on Monday (September 14).
Year-over-year, sales increased 11.8 percent from 1,123 units in August 2019.
The figures exclude executive condominium (CE) units, which are a hybrid of public-private housing.
More new units were released, particularly Forett’s at Bukit Timah, ahead of the Hungry Ghost Festival, which began on August 19. In August, 1,582 private houses were inaugurated, 82% more than the 869 units in July, and almost 56%. hundred more than 1,015 units a year ago.
Rather than slowing down during the typically quiet Hungry Ghost month, new home sales grew faster than expected after the breaker period ended on June 1. The two-month lockdown had reversed planned sales and launches in April and May with flat closings.
Including EC units, 1,307 new homes were purchased last month, 14.4 percent more than in July and about 12 percent more than 1,168 a year earlier, URA data showed.
New sales were primarily driven by Forett at Bukit Timah, Treasure at Tampines, Parc Clematis, The Garden Residences, The Woodleigh Residences, Jadescape, and Whistler Grand.
Christine Sun, head of research and consulting at OrangeTee & Tie, noted that last month’s sales were the best August performance in the past three years.
One example: 325 new homes were sold in August 2008 amid the global financial crisis. After new rounds of cooling measures were implemented, 756 units were sold in August 2013 and 617 units in August 2018.
Rising economic uncertainties and volatile equity markets “appeared to be fueling the property boom as more buyers seek refuge in safe assets” amid historically low interest rates, Sun said.
[ad_2]
