Private home sales jumped 49.7% in Q2

The rest of the central region market led the sales increase by volumes of units sold.

Residential home sales in Q2 ballooned 49.7% QoQ to 2,366 units whilst the resale market sales rose 28.6% to 4,820 units, Savills Research reported.

The research also found that the rest of the central region (RCR) saw the largest sales increase in private homes with volumes inching up 36.9%.

Meanwhile, the core central region (CCR) and outside the central region (OCR) markets saw a 22.1% and 26.8% increase in private home sales, respectively.

In view of the swift price acceleration in new projects, buyers have widened their sights to include the resale market, where the pace of price increases has been more modest. In addition, demand may also be driven up by owners who have successfully sold units in the recent collective sales market and are looking for replacement homes.

“The latest cooling measures did not lead to a dip in market sentiment and have prolonged the previously anticipated sharp price increase,” Savills Research Singapore senior director Allan Cheong commented.

As for new launches of private homes excluding executive condominiums (ECs), unit volumes skyrocketed 164.6% QoQ to 2,437 units in Q2. Despite this, Savills noted that the said pace was below market expectations.

“Most developers tried to avoid launching their projects during the school holidays in June. They also continued to hold back new launches in order to ride along with the general price increase,” they explained.

Amongst the major launches in Q2 include 120 Grange by RH Orchard which saw a take-up rate of 84%, Affinity at Serangoon by Oxley Serangoon with a take-up rate of 35.7%, and Amber 45 by UOL with a take-up rate of 86%.