Sale of new private homes in August drop 7.8% year on year: URA

Private housing estates in the Orchard, Cairnhill and Newton area.
Private housing estates in the Orchard, Cairnhill and Newton area.PHOTO: ST FILE

SINGAPORE - Demand for new private homes in Singapore slumped in August, after hitting a one-year high in July.

Developers sold 473 new units last month, down by 56.6 per cent from the 1,091 units transacted in July, according to data from the Urban Redevelopment Authority on Thursday.

When compared against the same period last year, August's sales were down by 7.8 per cent from the 513 units sold a year ago.

The decline was partly due to the traditional Chinese Hungry Ghost festival which typically sees weaker market activity, as well as fewer units launched for sale in the month.

Mass market homes led sales in August, moving 285 units. This was followed by 139 units sold in the city fringe and 49 units in the core central region.

During the month, developers put 590 units - excluding executive condominiums  (EC)  - on the market, compared with 624 units in July.

URA figures showed that 332 new EC units were sold in August, taking total new units sold last month to 805.

No new EC projects were launched in August.