New private homes sales stagnate in August

High-rise private apartment condominiums in the Scotts Road and Cairnhill area.
High-rise private apartment condominiums in the Scotts Road and Cairnhill area. PHOTO: ST FILE

SINGAPORE - New private home sales stagnated again last month as potential buyers were put off by the Hungry Ghost Festival, which started in the middle of the month, and distracted by SG50 festivities as well.

A total of 495 private homes were sold by developers in the month, a 69.3 per cent drop from the 1,611 new homes sold in July, according to data from Urban Redevelopment Authority.

It was comparable to the 437 new private homes sold in Aug 2014.

Last month also saw no new launches although some units were released from previously launched projects including Corals at Keppel Bay, High Park Residences, North Park Residences and Trilive.

The sole new project launched in the month was the executive condominium Sol Acres, which launched 707 units and sold 259 at median price of $787 per sq ft (psf). The project has 1,327 units in all.

Across regions, 44 units were sold in the central region, 95 units in the city fringes and 356 units in the suburbs.

Some of the top selling condos were High Park Residences in Fernvale Road, which sold a further 76 units at a median price of $933 psf, Adana@Thomson, which sold 28 units at a median price of $1,613 psf, and The Skywoods in Dairy Farm Heights, which sold 23 units at a median price of $1,179 psf.

Including executive condominiums, a total of 961 private homes were sold in the month.