22.2% dip in private home sales last month

NO NEW PROJECTS: Westwood Residences EC (pictured) was the only project launched in May. There were none last month.


    Jul 16, 2015

    22.2% dip in private home sales last month

    DEVELOPERS sold 375 private homes last month, 22.2 per cent lower than that of a year ago.

    The figure was also 41.7 per cent down from May's. It was the lowest monthly private home sales volume since December, and similar to levels seen in January and February.

    The monthly dip was relatively within expectations, since no new projects were launched last month.

    For the second quarter of this year, developers have found buyers for 2,185 private homes, based on preliminary numbers. This compares with 1,311 units in the first quarter of this year and 2,665 units in the second quarter last year.

    The final numbers will be released by the Urban Redevelopment Authority later this month.

    Including executive condominiums (ECs), which are a public-private housing hybrid, developers moved 485 units last month, lower than the 853 units in May and 531 units in June last year.

    May saw just one launch: the Westwood Residences EC. Fewer units were released from existing projects last month, compared with May.

    Last month's top sellers were Botanique at Bartley, which sold 59 units at a median price of $1,301 per sq ft (psf).

    Lakeville in Jurong sold 25 units at a median price of $1,320 psf, while North Park Residences sold 24 units at a median price of $1,355 psf.

    New private home sales were down across all regions. In the central region, 49 homes were sold; 79 in the city fringes and 247 in the suburbs.

    Singapore's residential property market will not see a quick recovery because supply and vacancies will rise, said Augustine Tan, president of the Real Estate Developers' Association of Singapore, at a property market seminar on Tuesday.

    Home vacancy rates will climb to a record, while oversupply will not ease in the short term, he added.