Singapore new home sales down 41.7% in June

Artist's impression of Westwood Residences.
Artist's impression of Westwood Residences. PHOTO: KOH BROTHERS AND HEATON HOLDINGS

SINGAPORE - Developers sold 375 private residential units in June, 41.7 per cent down from May.

It was the lowest monthly private home sales volume since December last year, and similar to levels seen in January and February.

Last month's sales figure was also 22.2 per cent down from a year back.

The monthly dip was relatively within expectations, given no new projects were launched in the month.

May had just one launch as well - Westwood Residences executive condominium. But fewer units were released from existing projects in June compared with May.

Top sellers in the month were Botanique at Bartley, which moved 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 won't see a quick recovery because supply and vacancies will rise, Augustine Tan, president of the Real Estate Developers' Association of Singapore, said at a property market seminar on Tuesday. Home vacancy rates will climb to a record, while oversupply won't abate in the short term, he added.