Lack of new launches pulls down new private home sales in August

Sales volume dipped by 47.6% MoM.

New private homes sold in August were 47.6% lower than the previous month's record, data from the Urban Redevelopment Authority (URA) showed.

Including executive condominiums (ECs), there were 448 units sold in August, still lower by 47.0% than July sales volume.

According to experts,  the lack of new launches caused the slowdown in sales of new private homes.

Given the lack of new launches in the suburbs, prime location and city fringes formed the bulk sales in August.

The Core Central Region (CCR)accounted for 50.3%  or 220 units of the total sales volume, whilst, the Rest of Central Region (RCR) made up 29.1% of the total transactions or 127 units.

The Outside of Central Region (OCR), meanwhile, accounted for  20.6% of the sales or 90 units.

As per OrangeTee, the best-selling projects of the month were Hyll on Holland, Riviere, Perfect Ten, The Hyde, Leedon Green, The Gazania, and One Pearl Bank.

Whilst sales volume saw a downturn in the month, median prices of new private homes continued to rise. In August, prices rose by 37.1% from $1,928 psf in January to $2,644 psf in August 2022.