There is a 75% increase in sales of private homes recorded last month compared to how it performed last April despite the curbs of the Circuit Breaker period.

Although the Circuit Breaker period was known to restrict personal viewing of show flats, there was a huge boost in the sales of private homes, up 3/4 of the sales record from its previous month compared to the one noted just last May. To be specific with the number, most property developers in Singapore sold a total number of 484 private housing properties last May, on which is almost 75% of the previous sales last May of 277.

As advised by Knight Frank, there is a quoted total of 967 caveats noted for private homes when the CB period began on the last 7th of April until the 1st day of this month. Out of this record, there were 577 new purchase sales of 577 in total, 577 resale records of 380, and the rest, which totals 10 were for sub-selling records.

All these records are given despite the known regulations for stricter rules under the Circuit Breaker Period in Singapore. As precautionary measures were put in place around the country, it did not stop transactions and sales going into these results.

The Head of Research at Knight Frank, Leonard Tay, also quoted the sale record for new homes going over the sale of private residential properties for the month of May. He even said that even though there are strict social distancing measures around the country that have caused restrictions and a huge impact on usual transactions, it did not stop the real estate market from still being on its increasing curve.

Singapore Circuit Breaker

Property and home buyers were flexible on the changes, whatever extenuating circumstances may happen, he added.

He also said that there may be possibilities that these transactions were just held and made in the last month of May on which they have already been given a view of the show flats, and when the circuit breaker period happened, also helped them with sealing the decisions and made up their mind for the purchases.

While there were also others that are already decided and confident with their purchase decisions even the viewing is just made through online materials and catalogues.

Though there has been a huge increase in sales since last April for last month of May, there is still a huge difference in the number of sold units compared to what was made last year on which the sales record were down to 49 per cent as property developers sold a total of 952 units last 2019 as per records noted by Urban Redevelopment Authority (URA).

The total number of buyer’s demands recorded last April up to May is still incomparable to the unit demands made by buyers during the first quarter of this year. On which it has a total of around 4,162 caveats for that quarter.

But during the Circuit Breaker Period last month, a quote bounced back compared to last April.

During an interview made to the head of the Research and Consultancy for Orange Tee and Tie, Ms Sun said records made for new home purchases last month were advised to be located within (OCR) or outside the central region, as well as in the remaining parts of the central region. And it counted for over 90% of the sold transactions for new homes.

When asked for the possibility as to why it happened this way, she answered that it may be due to some buyers who have made up their mind after getting details about rich investors going through Singapore’s market nowadays, and compared to other places, the prices for homes within OCR and RCR are much ideal for most.

Note that the top 3 projects last month were given to The Florence Residences with 54 units, Parc Clematis with 55 units, and Treasures at Tampines which quoted 56 units.

TREASURE AT TAMPINES 1

To give further details about URA’s data for property sales and recent launches for new homes and pristine condominiums, reports and data are yet to be launched soon by the Urban Redevelopment Authority for references and details.