Following a boom in the month prior, sales of condominiums in Singapore were slashed in August, latest Urban Redevelopment Authority data showed.
Developers sold 473 units last month, excluding those in executive condominiums (ECs), Channel NewsAsia reported. This was a 56.6 percent drop from July, where they sold 1,091 units. The total number of sold units, including ECs, was 805 in August. Sales have softened from the preceding month, where they sold 1,921.
These five projects were August’s top performers: Treasure Crest EC, Sol Acres EC, Bellewoods EC, Lake Grande and The Trilinq.
At Treasure Crest EC, 56 units were sold at a median price of $745 per square foot. Developers sold 46 units at Sol Acres EC at a median of $781 per square foot. Bellewoods EC was in third place – 37 units were sold at a median of $769 per square foot.
At Lake Grande, 35 units were sold at the median of $1,317 per square foot. A total of 30 units were sold at The Trilinq, fetching a median of $1,413.
Perhaps fewer launches in the last month affected sales. Only 590 units were launched in August, a drop from 1,486 units in the previous month. August did not see the launch of any ECs.
Observers said that the Hungry Ghost Festival could have affected transactions. “There is also an inertia to commit as buyers remain on the sidelines due to ongoing measures and an anticipation of further price declines,” said Mr Ismail Gafoor, CEO of PropNex Realty.
The company expects that around 700 units will be sold by developers every month, with the total number of sales in 2016 surpassing 8,000 units.
“Transaction volume will continue to be launch driven; largely dependent on the price and location of the project,” it said in a statement.
For more information, visit Channel NewsAsia.
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