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Singapore new private home sales down 2.6% in June

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Singapore new private home sales down 2.6% in June
Singapore new private home sales down 2.6% in June

New private home sales dropped 2.6% month-on-month, from 895 to 872 units, and decreased 12.6% year-on-year.

New private home sales, excluding executive condominiums (ECs), slipped by 2.6% to 872 units in June from 895 units in May. On an annual basis, new home sales dropped 12.6%.

This brings total developer sales, excluding ECs, for the first half of 2021 to 6,608 units, up 64.5% over the same period last year.

“New home sales remained resilient last month despite a lack of project launches and measures being tightened during the heightened alert,” said Christine Sun, Senior Vice-President of Research and Analytics at OrangeTee & Tie.

She noted that most developers “avoided launching new projects as strict viewing measures remained in place at property sales galleries”.

“Sales were almost on par with the level seen in May. Compared to a year ago, developers and property agencies were more prepared to roll out new marketing activities and launch new projects after restrictions were further eased from the second half of June,” added Sun.

Specifically, the Outside of Central Region (OCR) accounted for the bulk of new home sales in June at 38.6%. The Rest of Central Region (RCR) accounted for 37.7%, while the Core Central Region (CCR) made up 23.6% of the total sales.

Hyll on Holland emerged as the best-selling project as it sold 87 units at a median price of $2,387 per sq ft (psf) last month. It is followed by Treasure at Tampines, Normanton Park, The Florence Residence, Midwood and The Antares.

Completing the top ten best selling projects list are Avenue South Residence, Parc Clematis, Amber Park and Leedon Green.

Sun said the good sales at Hyll on Holland showed that “many high net worth individuals are streaming back to the luxury market and attractively priced properties will continue to draw strong buying interest”.

She revealed that aside from Hyll on Holland, another 119 luxury homes were shifted at other prime district projects. Leedon Green sold 31 units, Fourth Avenue Residences moved 12 units, and Irwell Hill Residences shifted 11 units.

Meanwhile, Huttons Asia noted that Singaporeans made up 81.7% of total purchases for June, while permanent residents (PRs) and foreigners accounted for 12.4% and 5.7%, respectively.

“More Singaporeans bought homes priced between $1.5 million and $2 million in June, probably by cashing out their existing HDB flats,” it said.

Huttons added that 42% of last month’s total transactions were priced below $1.5 million, 30.8% were between $1.5 million and $2 million, while 27.2% were above $2 million. “The average price paid for a unit in June was $1.82 million,” it said.

Looking ahead, Pearl Lok, Director for Capital Markets for Singapore at Colliers International, expects to see more homebuying activities as Singapore continues to ramp up the roll-out of vaccination, allowing COVID-19 measures to be further eased.

“Going into H2 2021, we expect OCR and RCR to have more homebuying activities as most of the projects in the pipeline are in these localities, with UOL announcing earlier the launch of The Watergardens at Canberra, located within OCR in July,” she said.

“The month of July is likely to see healthy sales, which could continue through 2021, as new launches are expected to continue in H2 2021. Private home prices could rise 6% in 2021, tracking GDP growth.”

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: [email protected] 

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