New Home Sales Plunge 73.2% in June, but Rebound Imminent in July

Singapore Business Review2023-07-18

Nine property launches in July and August will keep the new home sales market lively.The lack of new project launches has pushed new private home sales to drop 73.2% in June, with just 278 units sold ...

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Doss akp
2023-07-18
Doss akp
If there is no sale why would there be more projects launched? 😳
- Universe宇宙:
  [ShakeHands]
Aivern
2023-07-18
Aivern
Irrelevant. The data that matters is the booking rate of new launches.
- Universe宇宙:
  [ShakeHands]

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However, this is 82.6% lower than the 847 units transacted in May. RCR home sales would likely lead transactions again in July following the launch of Grand Dunman and Pinetree Hill over the weekend, Wong noted.A total of 112 new private home sales were sold in the Core Central Region (CCR) in June, a 26.8% decline compared to May. Developers notedly continued to pare down on their unsold CCR inventory, with 14 new units sold from Leedon Garden with a median price of $2,812 psf.The Van Holland also sold 13 units at a median price of $2,692 psf; and The Atelier moved 12 units at a median price of $2,663 psf during the month. New home sales in the Outside Central Region (OCR) continued to be tepid in June as the low unsold inventory in this sub-market limited buying opportunities and crimped demand. OCR new home sales fell by 51.3% in June, its third straight monthly decline, moving only 19 units. Wong noted that the significant decline in new home sales from May to June is no cause of concern given the lack of new launches, with most developers pushing back launches to July.“Developers’ sales are supply-led, typically driven by new launches that come on and may fluctuate substantially from month to month, depending on the availability of new projects in the given month,” he said.Wong anticipates that new home sales number will shoot up in July with the launch of four projects: The Myst, Lentor Hills Residences, Grand Dunman, and Pinetree Hill. The four projects have already collectively sold over 1,100 units in their respective launches in 8 July and 15 July weekends.“We expect OCR sales to pick up markedly in July on the sales at The Myst and Lentor Hills Residences, leaping from three months of double-digit transaction numbers as low unsold supply stymied sales,” Wong said.The strong uptake from the July launches suggests that there is still keen interest in new private homes amongst buyers, Wong added. Other development launches in August and the coming months are expected to keep the new home sales market lively in the second half of 2023.Some of the upcoming launches in August include Lake Garden Residences, Altura EC, TMW Maxwell, Orchard Sophia, and The Arden.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":199152134311992,"gmtCreate":1689659404027,"gmtModify":1689659682623,"author":{"id":"4109315684354460","authorId":"4109315684354460","name":"Doss akp","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":8,"crmLevelSwitch":1,"idStr":"4109315684354460","authorIdStr":"4109315684354460"},"htmlText":"If there is no sale why would there be more projects launched? 😳","listText":"If there is no sale why would there be more projects launched? 😳","text":"If there is no sale why would there be more projects launched? 😳","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/199152134311992","repostId":1184330367,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":106482134,"gmtCreate":1689659988798,"gmtModify":1689659994961,"authorId":3585001294737518,"author":{"id":3585001294737518,"idStr":"3585001294737518","authorId":3585001294737518,"name":"Universe宇宙","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1102},"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":199152134311992,"type":1,"supId":0,"prevId":0,"content":"[ShakeHands]","text":"[ShakeHands]","html":"[ShakeHands]"}],"langContent":"EN"},{"id":199157244031256,"gmtCreate":1689658424549,"gmtModify":1689658428599,"author":{"id":"4097767435236930","authorId":"4097767435236930","name":"Aivern","avatar":"https://static.tigerbbs.com/3827d6c7271c872fcc616eaa9b4f7f54","vip":1,"crmLevel":4,"crmLevelSwitch":1,"idStr":"4097767435236930","authorIdStr":"4097767435236930"},"htmlText":"Irrelevant. The data that matters is the booking rate of new launches.","listText":"Irrelevant. The data that matters is the booking rate of new launches.","text":"Irrelevant. 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