August private home sales lowest since December 2013

SINGAPORE – The Republic’s private housing market was once again stagnant in August with new home sales falling to the lowest level seen this year, partly owing to developers who held back offering during the inauspicious Hungry Ghost Festival.

A total of 432 new private homes were sold last month, compared with the 509 units transacted in July and the weakest sales volume since December last year when only 259 homes were moved, latest figures by the Urban Redevelopment Authority (URA) showed today (Sept 15).

Developers here offered 351 new units into the market last month – all from previously launched projects. This was lower than the 441 homes launched in July and also the lowest since December last year when only 118 private homes were newly offered, the figures showed.

“There are three reasons for the subdued buying sentiments; firstly, it coincided with the Hungry Ghost Month— which is typically seen by many to be an inauspicious time to make home purchases. Secondly, there was a lack of mass market launches with developers holding back their launches to a later date. Furthermore, with loan curbs still in place, homebuyers are likely to be selective and cautious for the remainder of the year,” said chief executive of PropNex Realty Mohamed Ismail.

Wheelock Properties’ 698-unit The Panorama at Ang Mo Kio was the best seller of the month with 40 homes sold at a median price of S$1,249 per square foot. This brings the project’s total sales volume to 263 units out of the 300 that have been launched so far.