Following the implementation of the recent cooling measures last 6th of July, newest private residential homes sales went down abruptly in August, both annually and monthly basis, published by prestigious Channel NewsAsia.
Per statistic report of URA or Urban Redevelopment Authority(URA), September 17, Monday, there were at least 616 new residential private homes sold by developers minus the Executive Condominiums.
This signifies a slump of 50.6 percent over 1,246 units sold during the month of August 2017 and side by side with a plunge of 64.3 percent against 1,724 units or flats sold previous July 2018, during when buyers are in their adrenalin buying homes in the middle of the night of July 5 before the clock hits the implementation of cooling measures.
Incorporating the Executive Condominiums, the smart property developers disposed 639 units in the month of August alone against the 1,587 units of the previous year and the transacted condos of 1,776 units in 2018 of July.
The current statistics signifies the impact of cooling measures, it is starting to play a role in terms of demand for property private condominiums, told Orange Tee & Tie.
It is expected that August is really a month of a few launches and slow sales because of the celebration of the Hungry Ghost Festival. Last months sales are clear-cut compared to the same month of last year where new homes which sum close to 800 were launched and sold 1,246 units.
The strict financing policies and 20 % hike in Additional Buyers’ Stamp Duty for foreign purchasers turned foreigners running over the market, explained by property agency.
Nevertheless, PropNex Realty divulged that minus the executive condominiums, August manifested the minimum volume of new private property sales for the previous six months.
Ismail Gafoor, the chief executive offer said, “It is understood that August business performance is bit weak because this is the first month of the implementation of new cooling measures, where buyers and investors are trying to adjust and braced the effects of coming days or months pricing.”
However, Gafoor strongly believes that sales of the recent private condos bounce back, which means from 616 units for the months of August jumps to 800 units in September because of the healthy competitive launches both Jadescape and Mayfair Gardens.
The Tre Ver, got the number 1 sit for top-selling the latest sophisticated private condo which sold a maximum of 164 among 200 units at median price which is only $1,551 psf. This all happened during the month of August.
Ismail further added, “The success won by The Tre Ver progresses to 82 percent of properties introduced previous month, post-cooling remedies, warns sliver lining for reasonable priced property development.”
Other famous developments include Park Colonial and Riverfront Residences, where 79 condos and 76 condos altered hands for $1,713 psf and $1,311 psf respectively. The Stirling Residences moved 91 units for $1,757 psf median price.