{"id":118645,"date":"2020-09-16T11:22:14","date_gmt":"2020-09-16T04:22:14","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-home-sales-hit-11-month-high-in-august-despite-hungry-ghost-festival\/"},"modified":"2020-09-16T12:02:49","modified_gmt":"2020-09-16T05:02:49","slug":"new-home-sales-hit-11-month-high-in-august-despite-hungry-ghost-festival","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-home-sales-hit-11-month-high-in-august-despite-hungry-ghost-festival\/","title":{"rendered":"New home sales hit 11-month high in August despite Hungry Ghost Festival"},"content":{"rendered":"


\nNew home sales in\u00a0August 2020 saw the fourth consecutive month-on-month increase. Photo: Woodleigh Residences
\nDespite 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.
\nUrban Redevelopment Authority (URA) data showed that new home sales, excluding executive condominiums (ECs), rose 16.3% month-on-month (m-o-m) to 1,256 units in August from July\u2019s 1,080 units. On an annual basis, private residential sales (excluding ECs) rose 11.8%.
\n\u201cThis is the highest sales volume achieved since 1,270 units were sold in September 2019,\u201d said Christine Sun, Head of Research and Consultancy at OrangeTee.
\nIncluding ECs, there were 1,307 units sold in August, a 14.4% increase from the 1,256 units sold last month.\u00a0<\/p>\n

Sun noted that last month\u2019s new home sales \u201cbucked the trend\u201d considering that market activity tends to be slow during the Hungry Ghost Festival.
\n\u201cNew home sales rose \u2018higher and quicker\u2019 than expected after the circuit breaker period, which upended sales in April and May with the showflat closures,\u201d she said.
\nIn fact, last month was the highest August-sales achieved in the past eight years.
\n\u201cFor instance, 325 new homes were sold in August 2008 amid the Global Financial Crisis. After fresh rounds of cooling measures were implemented, 756 units were sold in August 2013 and 617 units in August 2018,\u201d noted Sun.
\nShe added that the volatile equity markets and rising economic uncertainties may have fuelled the hike in sales as \u201cmore buyers seek shelter for safe-haven assets\u201d.
\nLee Sze Teck, Director of Research at Huttons Asia, also attributed the robust sales to the low interest rate environment.
\n\u201cPossible reasons for the strong set of numbers could be down to genuine buying demand generated by the low interest rate environment, lack of alternative stable investment asset and the fear of missing out,\u201d he said.
\nHe noted that the low interest rate environment did not only make it favourable for borrowers, but also made \u201cthe returns from stable assets like bonds low concurrently\u201d. As such, investors switched their focus on properties.
\nSuggested article:\u00a0Why More Homeowners Are Refinancing Now, Especially Thanks To COVID-19 Property Reliefs
\nLeonard Tay, Head of Research at Knight Frank Singapore, observed that the Hungry Ghost month \u201cdid nothing to halt the gaining momentum from \u201cneeds-based\u201d purchasers who sold their properties and are now in need of a new home and those getting married\u201d.
\nHe believes that buyers whose jobs are not at risk and have substantial savings may have acquired a new home for fear of missing out, while HDB homeowners, who recently completed their five-year minimum occupation period (MOP), may have \u201csold their units and used the gains to upgrade to new condominiums\u201d.
\nMeanwhile, the Rest of Central Region (RCR) and Outside Central Region (OCR) continued to dominate new home sales in August, with 622 units and 506 units transacted, respectively.
\nNew sales in the RCR were bolstered by the newly launched 633-unit Forett at Bukit Timah. One of the first large-scale project to be launched following the lifting of the circuit breaker measures, the freehold development in District 21 emerged as the top-selling project in August with 213 units or 34% of its total units snapped up.
\nBrisk sales were also seen at earlier launched projects such as The Woodleigh Residences in the RCR and The Garden Residences in the OCR, both of which overtook Jadescape to sit among the top five best-selling projects last month.
\nAlso on the top five best-selling list are Treasure at Tampines and Parc Clematis.
\nAlthough buyers\u2019 attention was on the RCR and OCR, the CCR still managed to register its third consecutive month of increase in developer sales. \u201cNew launches in the CCR included the boutique project Mooi Residences (July 27), which sold its first three units at a median price of S$2,566 all to Singaporean buyers,\u201d said Tay.
\nURA Realis data showed that Singaporeans made up the bulk of purchases with 1,047 transactions, or 84.4% of all new non-landed home sales in August. This is the highest number of Singaporean purchases since July 2018, when 1,237 units were sold.
\n\u201cThe number of new non-landed homes bought by Singapore Permanent Residents (PR) similarly rose to a two-year high with 139 transactions while non-PR purchases hit a 7-month high with 54 units last month,\u201d said Sun.
\nThis comes as properties \u201cremain to be a \u2018safer bet\u2019 among many Singaporeans, especially investors looking for stable, diversified sources of returns during times of uncertainty\u201d, explained Sun.
\nLooking ahead, Tay expects more developers to launch their projects in the remaining months of 2020, with new private home sales standing at around 7,000 to 8,000 units by year-end.
\n\u201cEven though new sales volume in the private residential market has been strong in the few months after the circuit breaker, sales momentum for the rest of 2020 might stabilise in the remaining months of 2020,\u201d he said.
\nLee, on the other hand, expects Verdale, Myra and Penrose to be launched for sale this month, which could \u201cpush up developer sales in September to a record high\u201d.
\n\u201cTogether with sales of 3,862 units in 1H 2020, developers are expected to sell more than 7,000 units in the first nine months of 2020 and possibly 9,000 units for the whole year,\u201d he said.
\n\u201cFirming sales volume may also pave the way for price increases in the months ahead,\u201d added Lee.
\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 hit 11-month high in August despite Hungry Ghost Festival<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New home sales in\u00a0August 2020 saw the fourth consecutive month-on-month increase. Photo: Woodleigh Residences Despite...<\/p>\n","protected":false},"author":1,"featured_media":118646,"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-118645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2020\/09\/ura-private-home-sales-data-august-2020-orangetee.png?fit=680%2C280&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uRD","jetpack-related-posts":[{"id":118256,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-up-8-2-in-july-second-consecutive-m-o-m-increase\/","url_meta":{"origin":118645,"position":0},"title":"Private home sales up 8.2% in July, second consecutive m-o-m increase","date":"August 17, 2020","format":false,"excerpt":"\r Treasure at Tampines was the best-selling project in July, with 112 units sold.\u00a0 New private home sales in Singapore continued to climb for the second month in a row after the government allowed the reopening of showflats. Excluding executive condominiums (ECs), new home sales rose 8.2% month-on-month to 1,080\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2020\/08\/private-home-sales-july-2020-1024x382.png?fit=1024%2C382&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":26165,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-plunge-56-as-ghost-month-deters-buyers\/","url_meta":{"origin":118645,"position":1},"title":"Private home sales plunge 56% as Ghost Month deters buyers","date":"September 15, 2016","format":false,"excerpt":"\r Crowds at the Treasure Crest showflat during the project\u2019s launch. (Photo: Sim Lian Group) Sales of new private homes, excluding executive condominiums (ECs), fell 56 percent to 473 units in August from the 1,091 units sold in the previous month, according to the Urban Redevelopment Authority\u2019s (URA) data. Analysts\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110797,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-remain-strong-in-august\/","url_meta":{"origin":118645,"position":2},"title":"Private home sales remain strong in August","date":"September 16, 2019","format":false,"excerpt":"\r Urban Redevelopment Authority\u2019s (URA) Realis data showed that developers sold 1,122 new homes in August, excluding executive condominiums (ECs). Including ECs, developers moved 1,167 units. Private home sales volume appeared to remain robust in August, despite it being a typically slow sales month. \u201cDemand in August seemed to have\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98052,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-plunged-in-august\/","url_meta":{"origin":118645,"position":3},"title":"New private home sales plunged in August","date":"September 18, 2018","format":false,"excerpt":"\r Artist\u2019s impression of JadeScape, a new private housing development near Marymount MRT station. Following the introduction of new property cooling measures on 6 July, new private home sales in Singapore declined sharply in August on both a monthly and yearly basis, reported Channel NewsAsia. According to statistics published by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96183,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/august-property-sales-to-fall-as-buyers-postpone-purchases\/","url_meta":{"origin":118645,"position":4},"title":"August property sales to fall as buyers postpone purchases","date":"August 17, 2018","format":false,"excerpt":"\r With buyers holding back purchases during the hungry ghost month, analysts expect property sales for August to be sluggish, reported Singapore Business Review. Colliers International even expects the significant drop in sales to continue to September as the buyers\u2019 knee-jerk reaction to the new housing curbs add up to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118570,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-home-sales-in-august-highest-since-september-2019\/","url_meta":{"origin":118645,"position":5},"title":"New home sales in August highest since September 2019","date":"September 10, 2020","format":false,"excerpt":"\r Domestic demand drove last month\u2019s new home sales as Singaporeans accounted for 84.7% of the total purchases. Photo: Forett at Bukit Timah Despite 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/118645"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=118645"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/118645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/118646"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=118645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=118645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=118645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}