Private new home sales plummet 48% to 437 units in August

This marks the lowest monthly sales in two years.

The hungry ghost month strikes yet again as the latest data from Singapore reveal that developers’ private new sales fell by a massive 48% from 834 units in July to 437 in August.

PropNex says this is the lowest monthly sales since April 2020—during the circuit breaker—where 277 new units were sold.

“On a year-on-year basis, new home sales in August were down by 64% from 1,216 units sold in August 2021, where the launch of Watergardens At Canberra helped to boost sales then. August’s sales took new private home sales (ex. EC) to 5,493 units in the first eight months of 2022 – nearly 41% lower year-on-year – as fewer launches crimped transaction volume,” PropNex said in a report.

READ MORE: OCR leads monthly private new home sales in July

Here’s more from PropNex: 

With the depleted stock of unsold new homes in the Outside Central Region (OCR), projects in the Core Central Region (CCR) and Rest of Central Region (RCR) made up the bulk of the top-selling residential developments during the month. The high-end home segment, CCR led sales in August shifting 220 units – up by 19% from July – accounting for half of the monthly sales. Hyll on Holland was the best-seller in August, transacting 42 units at a median price of $2,674 psf. Other CCR projects that helped to lift sales include Perfect Ten and The Hyde which sold 27 (median price $2,942 psf) and 20 units (median price $3,002 psf) respectively.

Developers sold 127 homes in the RCR or city fringe in August – representing a 22.6% decline from 164 units in July. Riviere was the best performing RCR project, with 28 units changing hands at a median price of $2,862 psf. Buyers also picked up new units at One Pearl Bank, The Landmark, Avenue South Residence, and Forett At Bukit Timah at median prices varying from $2,274 psf to $2,635 psf. 

New private home sales in the OCR plunged by 81.4% from July to August, with developers selling just 90 new units – possibly the lowest monthly figure since 46 OCR units were sold in January 2009. The best-selling OCR projects in August were The Gazania which shifted 16 units at a median price of $2,222 psf, The Watergardens At Canberra which sold 12 units at a median price of $1,423 psf, and Urban Treasures where 10 units were transacted at a median price of $2,057 psf. 

In the EC segment, 11 new units were sold in August, marginally down from 12 transactions in July. North Gaia EC sold the most units during the month, moving 5 units at a median price of $1,256 psf.

Developers placed just 134 new units (ex. ECs) for sale in August, compared with 402 units in the previous month. In the first eight months of 2022, 3,105 new units (ex. ECs) were launched for sale, representing a 61% decline from the same period a year ago.