Singapore developers sold 1,108 homes in July, up 1.5% from 2016

Developers in Singapore sold 1,108 home units in July, with Martin Modern, The Santorini, and Symphony Suites as the best-selling projects.

Singapore: Sales of new private homes rises in July
Representational image of a view of private residential apartments and public housing estates in Singapore Reuters

Developers in Singapore recorded a healthy take-up in the month of July, with home sales crossing the 1,000 mark for the fourth time this year. According to the data compiled by the OrangeTee Research, developers sold 1,108 units in the past month, a 35.1 per cent month-on-month increase from June's 820 units, and a 1.5 per cent uptick from last year.

The newly launched Martin Modern in Prime District 9 was the best-selling project for the said month, with 109 units sold at a median transacted price of S$2,152 per sq.ft. or around S$2.2 million per unit. This is significantly higher than the overall year-to-date market average of S$1.2 million.

The project contributed 9.8 per cent of the month's sales figures, with the rest of the demand coming from existing projects.

"Though Martin Modern's sales pale in comparison to recent major launches, it is still commendable given that units are big ticket items which are disadvantaged in the current market where buyers are quantum sensitive," OrangeTee Research Head Wong Xian Yang noted in their report.

Meanwhile, a total of 19 existing projects achieved 20 or more new sale transactions in the said month, an improvement from last year's 11 projects.

However, given the rising land prices and buoyant property market demand, Wong noted that cooling measures are expected to stay in place.

"As such, the market is expected to remain quantum sensitive and developers are expected to lean towards a unit mix which favours smaller unit sizes to match current affordability in the market," Wong said.

Next to Martin Modern, The Santorini recorded the highest number of sold units in the month with 82 homes. The Symphony Suites clocked in 73 units sold, making it the third biggest winner in the month.

On that note, ERA Realty Network Key Executive Officer Eugene Lim said the strong buying interest observed in the first half of 2017 is clearly keeping its momentum into the second half of the year.

In a statement, he said, "Buyers are anticipating the market recovery to happen in 2018, and choosing to make their purchase now in hopes of catching the market on its upswing. Also, with recent land prices trending upwards, many buyers are deciding to commit to a purchase now rather than later; as prices for these projects from recent land sales are likely to be priced higher when they are launched next year."