SINGAPORE, 16 July 2019 – Developers sold 821 units in June 2019, the highest June monthly sales since 2013, when 1,806 units were sold. There is continued buyer’s interest in new launches in the residential market, which saw a pick-up in sales recently. Despite the implementation of the cooling measures and heightened volatility arising from the escalation of the US-China trade tension, the return of confidence points to sound fundamentals, rising affluence and ample liquidity in Singapore real estate.
Investors with a long-term view are fully cognizant of the value that Singapore real estate offers, beyond the vagaries of cyclical price movements and cooling measures. It also helped when developers are more competitive in project pricing in order to keep the sales momentum going. Interest in the residential market has piqued at a time of market uncertainty amid escalating trade tensions, as Singapore is viewed as a safe haven for both capital preservation and appreciation.
Nonetheless, monthly sales saw a 13.8% decline compared to May’s sales tally. Y-o-y sales were up 25.5%. The stellar performance in June is encouraging because June holidays tend to be a slow month for new home sales due to seasonality.
There were 4 new launches in June, namely Sky Everton, Lattice One, Seraya Residences and Sloane Residences. Out of the 4 new launches in June, we saw encouraging take-up rates for both Lattice One and Sky Everton, which recorded 40% and 51% sales in the first month of launch. The top seller for June was Sky Everton, a new launch at Everton Road and sold 134 units in June. The launch was well-received by the market, given a combination of factors: its attractive price tag, freehold tenure, central location and dearth of new launches in the area.
Source: URA, Cushman & Wakefield Research
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