Homebuyers turn “hungry” during the hungry ghost festival as new home sales hit all time high at 1256 units transacted in the month of August for non landed private home, This is up 16.3% from that on July with 1,080 transacted.
Rather than easing back during the regular Hungry Ghost month, new home deals rise for a fourth consecutive month in the midst of Singapore’s most exceedingly terrible downturn. This amazing August home sales mark the best in eight years amidst this Circuit Breaker.
Interestingly, during the global financial crisis, only 325 new units were sold in August 2008 and only 756 in August 2013 after a series of cooling measures.
Value for money new launches together with pent up demand from the 2 months Circuit Breaker spurred sales for August together too with current low interest rate.
Senior executive of exploration and consultancy at JLL, Mr Ong Teck Hui, referred to brilliant spots in the economy. While numerous industry downturn like tourism, retail, offshore marine, Oil and Gas, there’s also some sunrise industry during this period that include technology, healthcare, biomedical, e-commerce and those in the dormitory related businesses.
There’s also increase demand from foreign homebuyers especially from Mainland China and Hong Kong. Hong Kong unrest spur the rich to look for alternative in South East Asia. Singapore other than political stability, has performed well during this Covid-19 pandemic with numbers. of cases on a low side as compared other countries, that probably boost investors confidence to park their investment here in Singapore.
Urban Redevelopment Authority (URA) 2nd quarter 2020 residential price index saw a rice of 0.3% increase, giving the perception that prices may be bottom during this pandemic that spur homebuyers to take the action for home purchase.
Most of August sales were in the City Fringe projects with a total of 622 sales in RCR, versus 506 units in the Outer Core Central Region (OCR), with 128 units transacted in the Core Central Region (CCR).
Noma, Mooi Residences and Forett At Bukit Timah are launched in the month of August and they make up about 19.1% of total sales.
Forett At Bukit Timah sold about 34% of the development or 213 units during the launch, which is rather outstanding amidst current Covid-19 pandemic. This likely attribute to its freehold tenure, competitive price psf at $1,933psf and low entry price make it a sweet and acceptable spot for more families.
Noma, a 50 units freehold development in Geylang sold about 68% or 34 units on its preview days with 1 bedroom start from $6xxk and 2 bedrooms from $9xxk onward at a good entry price.
On the other hand, current launches in the city fringe also performed well with The Woodleigh Residences, Garden Residences and Jadescape all been selling regularly.