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17-08-23, 10:12
Four new launches drove July private home sales to 1,412 units, up five times m-o-m
August 15, 2023
According to the latest URA data released earlier today [Aug 15], sales in July catapulted to 1,412 units (excluding executive condos or ECs), marking a five-fold increase from the previous month's figure of 278 units.
Four project launches drove the sales rebound: the 1,008-unit Grand Dunman, 598-unit Lentor Hills Residences, 520-unit Pinetree Hill, and 408-unit The Myst – which collectively accounted for 82% of July's new private home sales. On a year-on-year basis, sales were up nearly 69% from 836 units in July 2022.
https://i.imgur.com/uHahXGK.jpg
July's sales performance is the strongest in nearly two years since 1,547 new private homes (ex. ECs) were sold in November 2021. "As expected, new home sales made a strong comeback in July, after a brief slump in the previous month, as four back-to-back new launches helped to turbocharge developers' sales to a near two-year high in July," says Wong Siew Ying, head of research & content, PropNex Realty.
Based on URA data, Grand Dunman sold 549 units (54%) at a median price of $2,519 psf. Lentor Hills Residences moved 334 units (56%) at a median price of $2,107 psf. The Myst has sold 150 units (31%) at a median price of $2,056 psf, and Pinetree Hill transacted about 150 units (29%) at a median price of $2,360 psf. "Buyers remain price-conscious, discerning and selective, preferring projects close to an MRT station or amenities," says PropNex's Wong.
By market segment, July's developer sales (excluding ECs) were skewed towards the city fringe or Rest of Central Region (RCR), where 836 units (59.2%) were sold, followed by the suburbs or Outside Central Region (OCR), where 488 units (34.6%) were sold, while the Core Central Region (CCR) saw the sale of 88 units (6.2%), says Tricia Song, head of research for Southeast Asia, CBRE. In June 2023, the proportion was 40.3% in the CCR, 52.9% in the RCR and 6.8% in the OCR in Jun 2023.
Proportion of foreign buyers sink to lowest level since May 1998
The proportion of CCR sales of 6.2% is the lowest level in two years, says Lee Sze Teck, senior director of research, Huttons Data Analytics.
The number of foreigners buying residential properties doubled in July to 23. Eight of the purchases were in the CCR, 13 in the RCR and the remaining two in the OCR, according to Huttons.
https://i.imgur.com/xX9nwjQ.jpg
In the luxury market, just 11 private homes above $5 million were sold in July, of which Singaporeans purchased nine, says Eugene Lim, key executive officer of ERA Realty. “Foreign buyers have shunned the luxury home segment since the government hiked the ABDS [additional buyer’s stamp duty] for foreign buyers to 60% in late-April.”
https://i.imgur.com/fpio50A.jpg
July's priciest transaction was a 2,788 sq ft, five-bedroom leasehold apartment at Canninghill Piers sold for $8.6 million or S$3,102 psf, says Christine Sun, senior vice president of research and analytics, OrangeTee & Tie.
Three units at Grand Dunman were transacted for at least $5 million, with the priciest unit hitting $5.2 million or $2,440 psf for a 2,131 sq ft, five-bedder on the 17th floor. Four of the remaining six non-landed homes were from One Pearl Bank, and one each at Klimt Cairnhill and Dalvey Haus, notes Sun.
New non-landed private home sales to foreigners (non-Permanent Residents) sank to a low of 1.6% in July, says PropNex -- the lowest since May 1998 during the Asian Financial Crisis of 1997/98.
https://i.imgur.com/WwkBRYB.jpg
https://i.imgur.com/dTxcZCl.jpg
More at: https://www.edgeprop.sg/property-news/four-new-launches-drove-july-private-home-sales-five-fold-m-o-m-increase-1412-units
August 15, 2023
According to the latest URA data released earlier today [Aug 15], sales in July catapulted to 1,412 units (excluding executive condos or ECs), marking a five-fold increase from the previous month's figure of 278 units.
Four project launches drove the sales rebound: the 1,008-unit Grand Dunman, 598-unit Lentor Hills Residences, 520-unit Pinetree Hill, and 408-unit The Myst – which collectively accounted for 82% of July's new private home sales. On a year-on-year basis, sales were up nearly 69% from 836 units in July 2022.
https://i.imgur.com/uHahXGK.jpg
July's sales performance is the strongest in nearly two years since 1,547 new private homes (ex. ECs) were sold in November 2021. "As expected, new home sales made a strong comeback in July, after a brief slump in the previous month, as four back-to-back new launches helped to turbocharge developers' sales to a near two-year high in July," says Wong Siew Ying, head of research & content, PropNex Realty.
Based on URA data, Grand Dunman sold 549 units (54%) at a median price of $2,519 psf. Lentor Hills Residences moved 334 units (56%) at a median price of $2,107 psf. The Myst has sold 150 units (31%) at a median price of $2,056 psf, and Pinetree Hill transacted about 150 units (29%) at a median price of $2,360 psf. "Buyers remain price-conscious, discerning and selective, preferring projects close to an MRT station or amenities," says PropNex's Wong.
By market segment, July's developer sales (excluding ECs) were skewed towards the city fringe or Rest of Central Region (RCR), where 836 units (59.2%) were sold, followed by the suburbs or Outside Central Region (OCR), where 488 units (34.6%) were sold, while the Core Central Region (CCR) saw the sale of 88 units (6.2%), says Tricia Song, head of research for Southeast Asia, CBRE. In June 2023, the proportion was 40.3% in the CCR, 52.9% in the RCR and 6.8% in the OCR in Jun 2023.
Proportion of foreign buyers sink to lowest level since May 1998
The proportion of CCR sales of 6.2% is the lowest level in two years, says Lee Sze Teck, senior director of research, Huttons Data Analytics.
The number of foreigners buying residential properties doubled in July to 23. Eight of the purchases were in the CCR, 13 in the RCR and the remaining two in the OCR, according to Huttons.
https://i.imgur.com/xX9nwjQ.jpg
In the luxury market, just 11 private homes above $5 million were sold in July, of which Singaporeans purchased nine, says Eugene Lim, key executive officer of ERA Realty. “Foreign buyers have shunned the luxury home segment since the government hiked the ABDS [additional buyer’s stamp duty] for foreign buyers to 60% in late-April.”
https://i.imgur.com/fpio50A.jpg
July's priciest transaction was a 2,788 sq ft, five-bedroom leasehold apartment at Canninghill Piers sold for $8.6 million or S$3,102 psf, says Christine Sun, senior vice president of research and analytics, OrangeTee & Tie.
Three units at Grand Dunman were transacted for at least $5 million, with the priciest unit hitting $5.2 million or $2,440 psf for a 2,131 sq ft, five-bedder on the 17th floor. Four of the remaining six non-landed homes were from One Pearl Bank, and one each at Klimt Cairnhill and Dalvey Haus, notes Sun.
New non-landed private home sales to foreigners (non-Permanent Residents) sank to a low of 1.6% in July, says PropNex -- the lowest since May 1998 during the Asian Financial Crisis of 1997/98.
https://i.imgur.com/WwkBRYB.jpg
https://i.imgur.com/dTxcZCl.jpg
More at: https://www.edgeprop.sg/property-news/four-new-launches-drove-july-private-home-sales-five-fold-m-o-m-increase-1412-units