Developer sales shrunk 21.1% in June

Only 820 residential units were sold.

The holiday month of June has dampened the developer sales in the same month, down 21.1% from the 1,039 private residential units sold in May to only 820. 

Sales of executive condominiums also decreased, down by 35.3% to 244.

However, according to ERA Realty Network key executive officer Eugene Lim, the decline was within expectations, as the market is typically quieter because of the June holidays.

"Nonetheless, considering that there were no new projects launched and it was the June holidays, the transaction volume of 820 units do indicate an active market," Lim noted.

Compared to the same month last year, there were only 536 private residential units sold in June 2016. This reflects a year on year increase of 52.9%.

"Buyer interest has clearly grown since last year," Lim said.

He furthered, "Most of them are of the opinion that the private residential market is bottoming out and they are buying with longer term prospects in mind. Also, with recent land prices trending upwards, many buyers might have decided 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."

With this, there could be an uptick in sales volume in the coming months.