Multi-millionaire developers in Singapore recently sold non-landed private housing to as many as 486 homes last May and approximately 75 percent out of 277 private developments in April amid all the months experienced during the circuit breaker, plus sluggish economic growth due to retrenchment, cost cuts and wage cuts.
But that does not mean the sale for the previous month was already a sign of the property market’s rehabilitation or going back to the normal evident in the close to 49 percent fall over new property housing sales the previous year, which ran to 952.
The developers were anticipated to launch another new project, with more or less 40 to 50 housing targeted this year, but up to date, only 12 have yet to be officially launched.
Lesser new private housing was set up for sale in 615 for May, slightly reduced over the month of April when it sold 640 units, meaning it jumped to almost 56 percent out of 1,394 in 2019.
The numbers divulged by the office of the Urban Redevelopment Authority of June 15, Monday did not include the executive condominiums, which are known as public-private development hybrids. There are absolutely zero new executive condominium projects set up in May.
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“The sales in May seem to be motivated by our very own locals and different investors, said Ms. Christine Sun, the head of research and consultancy at Orange Tee and Tie.
Per the URA Realis report on Monday, non-landed housing units acquired by Singaporeans dived 81.1 percent over 402 units the previous month from 222 housing units in April. Acquisitions made by foreigners intensified, with the figures for non-landed units purchased by locals in Singapore and expats and foreigners increasing 71.4 per cent to at least 72 housing in May from April 42 units.
Some positive signs in June’s new projected sales numbers are noticeable.
According to records from the Urban Redevelopment Authority, 155 new homes minus executive condominiums were already sold in just seven days alone this month, meaning three-fourths of the 277 housing in April.
As Singapore gears up for its next stage of opening, property market sales continue to be a combination of both physical and virtual viewing of a wide array of housing galleries,” Mr. Lee Sze Teck, director of research at Huttons Asia, shared.
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