Developers sell 1,080 Singapore private homes excluding ECs in July, up 8.2% from June

DEVELOPERS moved 1,080 private homes in July this year, up 8.2 per cent from the 998 units they sold in the previous month.

However, the latest figure is 8.4 per cent lower than the 1,179 units they sold in July 2019.

The above figures - which exclude executive condominium (EC) units - were released by the Urban Redevelopment Authority on Monday, based on its survey of licensed housing developers.

Including ECs, which are a public-private housing hybrid, developers found buyers for 1,142 units last month, an increase of 10.8 per cent from the 1,031 units they sold in June this year, but a drop of 26.7 per cent from the 1,557 units sold in July last year.

OrangeTee & Tie head of research and consultancy Christine Sun said: "Demand continued to strengthen in July as investors continue to throng the property market in search of safe-haven assets amid growing economic uncertainties and turbulent equity markets. Some buyers may be capitalising on the falling interest rates to lock in lower mortgage payments for future years. Others could be rushing to pick up a property ahead of the Hungry Ghost month, which starts in August."

Giving his take, PropNex chief executive Ismail Gafoor said: "We expect the newly launched Forett At Bukit Timah - which reportedly sold 190 units (or 30 per cent of the total 633 units) during its launch weekend over National Day - to prop up overall new home sales in August. With more new launches planned for the rest of the year, we anticipate a reasonably active primary market in the months to come - particularly after the traditional Hungry Ghost month from Aug 19 to Sept 16."

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The property agency's head of research and content Wong Siew Ying said: "We remain cautiously optimistic about the new home sales volume, which should find support from the new launches that are still to come. Some upcoming launches include Penrose in Sims Drive; The Landmark in Chin Swee Road; Myra in Potong Pasir; Verdale in Jalan Jurong Kechil; and Ki Residences in Brookvale Drive.

"However, downside risks persist and there remains a high degree of uncertainty over the Covid-19 pandemic situation and Singapore's economic outlook. Apart from the pandemic, global geopolitical and trade tensions also bear watching as any intensification could further weigh on the economy."