{"id":118570,"date":"2020-09-10T12:06:43","date_gmt":"2020-09-10T05:06:43","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-home-sales-in-august-highest-since-september-2019\/"},"modified":"2020-09-11T02:02:46","modified_gmt":"2020-09-10T19:02:46","slug":"new-home-sales-in-august-highest-since-september-2019","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-home-sales-in-august-highest-since-september-2019\/","title":{"rendered":"New home sales in August highest since September 2019"},"content":{"rendered":"


\nDomestic demand drove last month\u2019s new home sales as Singaporeans accounted for 84.7% of the total purchases. Photo: Forett at Bukit Timah
\nDespite a combination of a gloomy economy, rising unemployment rate and the Hungry Ghost month, new home sales in Singapore hit a 11-month high in August, selling 1,227 units (excluding executive condominiums (ECs)). Home sales rose 13.6% year-on-year and 9.3% month-on-month, reported The Business Times (BT).
\nThe lift in sales surprised many due to the worsening outlook and Hungry Ghost factor, however, the recently-launched Forett at Bukit Timah, which saw 212 units sold (as of 31 August) and was the first private residential launch since the circuit breaker ended, also contributed to the numbers.\u00a0
\nBased on URA Realis data, last month\u2019s new home sales is the highest since the 1,270 units registered in September 2019, said Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
\nIncluding ECs, new home sales stood at 1,276 units in August.
\n\u201cBacked by pent-up demand, we had anticipated that August\u2019s new home sales could match the 1,080 units sold in July, or perhaps just moderate slightly given that market activity is typically slower during the Hungry Ghost month (which started on 19 August),\u201d said Wong Siew Ying, Head of Research and Content at PropNex, as quoted by BT.
\n\u201cHence, the 1,227 caveats posted in August has surprised on the upside.\u201d
\nSun noted that the August\u2019s new home sales \u201cdefied gravity amid the COVID-19 pandemic, Hungry Ghost month, rising unemployment rate and cooling measures\u201d.
\nMinistry of Manpower (MOM) data showed that overall retrenchments rose from 3,220 in the first quarter to 6,700 in the second quarter.
\nIn fact, Labour Chief Ng Chee Meng expects job losses to increase over the next six to 12 months as the pandemic\u2019s economic impact becomes more widely felt, said the BT report.
\nMeanwhile, Sun observed that domestic demand drove last month\u2019s new home sales as Singaporeans accounted for 84.7% of the total purchases.
\nKnight Frank\u2019s Head of Property Network Evan Chung said the buyers\u2019 profile mainly fit that of \u201cneeds-based\u201d purchasers, which include those who are in need of a new home following the sale of their old house and those about to get married or whose weddings have been postponed due to the pandemic.
\n\u201cThe second factor driving the sentiment on the ground stems from the fear of missing out,\u201d added Chung as quoted by BT.
\nRead also:\u00a0NoMa Project Review
\nHe explained that purchasers believe that the risk of price hikes for Singapore property is greater compared to the risk of price declines, and that they would miss out on an eventual hike in asset values that have historically happened after every recession.
\n\u201cAs such, sales activity quickly picks up upon word of discounts and promotions by developers.\u201d
\nThe BT report revealed that last month\u2019s buyers preferred the more costly homes within the Rest of Central Region (RCR), which accounted for 604 units or 49.2% of total sales.
\nThe Outside Central Region (OCR) made up 40.5% or 497 units, while the Core Central Region (CCR) accounted for the remaining 10.3% or 126 units.
\nBuyers were also willing to shell out more as shown by last month\u2019s higher median prices on a per sq ft (psf) basis over that of July.
\n\u201cApart from Forett At Bukit Timah, which was launched in August, most of the top 10 best-selling projects in August had higher median transacted psf price compared to their respective median launch price,\u201d said Wong.
\nWhistler Grand moved 51 units last month at a median price of $1,558 psf, an increase of 14.6% from its $1,360 psf launch price in November 2018.
\nThe BT report, however, noted that two of the top 10 projects \u2013 The Woodleigh Residences and The Garden Residences \u2013 posted declines in their median psf prices at 5.6% and 5.3%, respectively.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…New home sales in August highest since September 2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Domestic demand drove last month\u2019s new home sales as Singaporeans accounted for 84.7% of the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-118570","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uQq","jetpack-related-posts":[{"id":118584,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/one-third-of-forett-at-bukit-timah-sold-since-launch\/","url_meta":{"origin":118570,"position":0},"title":"One-third of Forett at Bukit Timah sold since launch","date":"September 8, 2020","format":false,"excerpt":"\r Forett at Bukit Timah has sold 212 units in a month.\u00a0 The 633-unit Forett at Bukit Timah has continued to attract keen interest from homebuyers, selling 212 units (as of 31 August 2020) \u2013 or one-third of the total \u2013 since the project\u2019s launch on 8 August. In a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118060,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/forett-at-bukit-timah-to-be-launched-for-sales-this-saturday\/","url_meta":{"origin":118570,"position":1},"title":"Forett At Bukit Timah to be launched for sales this Saturday","date":"August 3, 2020","format":false,"excerpt":"\r The balloting and booking process will be conducted online via teleconference on the Forett At Bukit Timah Facebook page. Photo: Qingjian Realty Forett at Bukit Timah, a 633-unit condominium project along Toh Tuck Road in District 21, will be launched for sales on 8 August (Saturday). To ensure the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118154,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/forett-sells-30-of-units-at-weekend-launch\/","url_meta":{"origin":118570,"position":2},"title":"Forett sells 30% of units at weekend launch","date":"August 11, 2020","format":false,"excerpt":"\r Artist\u2019s impression of Qingjian Realty and Perennial\u2019s freehold development Forett At Bukit Timah, which launched for sale on 8 August 2020 with Singapore\u2019s first Virtual Booking Day. Photo: Qingjian Realty.\u00a0 Forett at Bukit Timah, which conducted Singapore\u2019s first virtual booking day on 8 August, saw 190 units or 30%\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2020\/08\/forett-at-bukit-timah-virtual-booking.jpg?fit=600%2C450&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":118645,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-home-sales-hit-11-month-high-in-august-despite-hungry-ghost-festival\/","url_meta":{"origin":118570,"position":3},"title":"New home sales hit 11-month high in August despite Hungry Ghost Festival","date":"September 16, 2020","format":false,"excerpt":"\r New home sales in\u00a0August 2020 saw the fourth consecutive month-on-month increase. Photo: Woodleigh Residences Despite expectations of slower sales during the Hungry Ghost Festival, new home sales in\u00a0August increased for the fourth consecutive month since the circuit breaker measures were implemented in April. 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