NEW private home sales slumped in August, as developers sold 208 new units during the seasonally quiet Ghost Month period, but sales are also down 47 per cent from the year-ago period.
The latest sales figure is the lowest tallied for the month of August since official records were made available in 2007, said Mogul.sg chief research officer Nicholas Mak.
The last time monthly sales for August dipped this low was in 2008, when developers sold 325 units in that month amid the Global Financial Crisis, he added.
The number of private homes sold was also down 63.6 per cent from the 571 sold in July, according to Urban Redevelopment Authority data released on Monday (Sep 16).
Including executive condominiums (ECs), new home sales fell almost 60 per cent from 608 units in July to 244 units in August, and were 62 per cent lower than the 649 units sold a year earlier.
There were 272 units released in August, a 56 per cent decrease from the 616 units in July. This was due to the lack of new launches last month.
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The best-selling project in August was Tembusu Grand, which moved 30 units at a median price of S$2,455 per square foot (psf), followed by Hillock Green, which sold 17 units at a median price of S$2,108 psf.
Of the 208 units sold in August, almost 60 per cent or 123 units were from the Outside Central Region. Some 31 per cent or 65 units sold came from the Rest of Central Region, and the remaining 9 per cent or 20 units came from the Core Central Region.
Singaporeans accounted for 88.5 per cent of buyers last month, the highest proportion since March, said Christine Sun, chief researcher and strategist at OrangeTee Group.
Only one non-landed condominium was transacted above S$10 million as demand for top-end luxury homes remained low, she added. The unit was a 4,198 square foot freehold apartment at 32 Gilstead, which sold for about S$14.7 million, or S$3,505 psf.
Transaction volume may see a slight boost in the coming months, said Lee Sze Teck, Huttons Asia’s senior director of data analytics, with the launch pipeline including 8@BT, Meyer Blue and Norwood Grand.
