An average performance
At rst glance, the private residential property market appeared to have performed very well in this July. Developers sold a total of1,386 private homes in this July (excluding Executive Condominiums), which is 17.3% higher than the sales in the previous month.However, from another perspective, the developers’ sales performance in July is just average because it is similar to that of the6-month average primary market sales, which is 1,377 units per month. Furthermore, the sales volume in June was one of the lowestgures this year. Therefore, it is not surprising that the sales gure in July was comparatively higher.When the number of Executive Condominiums (EC) sold is added to the primary market sales, the July sales volume becomes moreimpressive. Developers sold 1,954 units, including Executive Condominiums, in July, which is 23.8% higher than the 6-month averagesales volume. A total of 568 EC units were sold by developers, which made up 29% of the total primary market sales in July.The number of EC sold in July is not only 2.8 times more than the 6-month average, it is also the highest monthly sales on recordin the past 4 years. Most of the EC units sold in July were in two EC projects, namely RiverParc Residences at Punggol and BlossomResidences at Choa Chu Kang.Primary market sales in the high-end segment is still quite subdued with 122 units sold, which is the same number of units sold inthe preceding month. The most expensive apartment sold by a developer in July was a unit of The Orchard Residences, which wastransacted at $4,299 psf.The sales in the mid-tier segment improved with volume almost doubling from 227 units sold in June to 510 units sold in the followingmonth. About half of the sales in July originate from two new residential projects launched in that month, namely Skyline Residencesby Bukit Sembawang and Thomson Grand by Cheung Kong. A total of 167 units and 108 units in Skyline Residences and ThomsonGrand were transacted respectively.Island-wide, the best-selling project in July was RiverParc Residences with 322 units out of a total of 504 units sold at a median priceof $694 psf in the month. This is followed by Blossom Residences, with 192 units sold in July. The best-selling non-EC project in Julywas Skyline Residences, which is at Telok Blangah, where 167 units were sold at a median price of $1,902 psf.The strong sales in the EC market segment indicate that demand in the mass market is still quite robust. It also illustrated that someHDB upgraders, which contribute signicantly to the mass-market demand, would shift from buying private homes to EC if the pricesand attributes of the EC project appeal to them.
Update on Singapore Property Market
Source: Nicholas Mak, URA