SINGAPORE - Demand for new private homes in Singapore more than doubled last month, driven by more new launches.
Developers sold 1,091 new private homes in July, up 103.5 per cent from the 536 units moved in the previous month, according to data from the Urban Redevelopment Authority (URA) on Monday (Aug 15).
The stronger sales were were due in part to more projects launched during the month.
URA's figures showed that 624 new units - excluding executive condominiums - (ECs) were launched for sale in July, compared with just 234 units in June.
The suburban areas led sales with 825 new private homes sold in the month. This was followed by city fringe with 213 units and 53 units in the core central region.
When compared against the 1,655 units sold in July last year, last month's new home sales were down by 34 per cent.
The top selling new private residential project in July was Lake Grande in Jurong, which sold 464 units ata median price of S$1,368 psf.
"Apart from Lake Grande, existing projects with unsold units also saw good traction in sales. In terms of pricing, we did not observe any sharp discount from June, so this was a case of underlying demand- buyers who've been sitting on the fence deciding to make a purchase," head of CBRE Research forSingapore and South East Asia Desmond Sim told The Straits Times.
Sales of new ECs last month also rose sharply, with 830 units changing hands. This was up from the 232 EC units sold in June.
Including ECs, a total of 1,921 new homes were transacted last month.
EC developers launched 862 new ECs units in July. There were no fresh EC projects out in June.
In total, developers placed 1,486 new units for sale last month.
The star performer in the EC segment was Treasure Crest at Anchorvale Crescent, which sold 398 units at a median price of S$751 psf.