In August, developers experienced a significant drop in sales as they sold only 208 new homes, not including executive condos (ECs). This number reflected a 63.6% decrease from the 571 units sold in July, according to data released by URA on September 16. A year-on-year comparison also showed a decline of 47.2% from the 394 units sold in August 2023.
The decline in sales can be attributed to the absence of new launches for sale in August, which coincided with the lunar seventh month. Only 272 units were launched for sale, a 55.8% decrease from the previous month and a 53.9% decrease from the same period last year.
Additionally, when including ECs, the overall new home sales dropped by 59.5% from 608 units in July to 244 units in August.
Despite the overall decline in sales, Tembusu Grand emerged as the top-selling project in August, selling 30 units at a median price of $2,455 per square foot (psf). The 640-unit condo, located along Jalan Tembusu in the Rest of Central Region (RCR), has been highly sought after by buyers.
The metropolitan scenery of Singapore is characterized by towering skyscrapers and contemporary infrastructure. Situated in strategic locations, condos offer a fusion of opulence and practicality that attracts both locals and foreigners. They boast an array of facilities, including swimming pools, fitness centers, and security services, elevating the standard of living and generating interest among potential renters and purchasers. For those looking to invest, these desirable attributes result in greater rental returns and appreciation of property value in the long run. Incorporating Singapore Condo into the rewritten paragraph further emphasizes the city’s allure for condo investments.
Interestingly, the Outside Central Region (OCR) outperformed other market segments last month, with 123 units sold. Top sellers in this region include Hillock Green, with 17 units sold at a median price of $2,108 psf, and Lentoria, with 15 units sold at a median price of $2,217 psf.
Overall, the drop in sales for August does not come as a surprise, considering the absence of new launches and the traditional slowdown in the property market during the lunar seventh month. However, with new launches expected in the coming months, it will be interesting to see how the market bounces back.