by OrangeTee & Tie Pte Ltd.

Singapore new private home sales in June drop to lowest since May 2020

Monthly Developers' Sales

Singapore, 15 Jul 2022

Excluding executive condominiums (ECs), private home sales fell to 488 units in June, down from May's 6-month high of 1,355
According to figures released by the Urban Redevelopment Authority (URA) on Friday (Jul 15), 487 units were transacted last month, which was the lowest number of transactions recorded since May 2020. Cooling measures were introduced in December 2021, and the monthly figures hovered around 600 units between then to April this year.

Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, noted that last month’s sales were also the lowest June sales since 2015, when 375 transactions were inked. However, she said that demand for new homes “can still be considered healthy”.  “Healthy sales take-up” is expected for a few new product launches in areas that lack supply of private homes, which may boost total sales in coming months, she added.

URA Realis data showed that 14 new non-landed homes were sold above S$5 million last month. OrangeTee’s Sun said that one condo, a 3,972 square foot property at CanningHill Piers, was sold above S$10 million at S$17.55 million or S$4,419 per square foot. She added that no private homes or even ECs were sold below S$1 million last month

OrangeTee maintained its full-year sales projection of between 9,000 and 10,000 units for 2022; Knight Frank’s Tay said that new private home sales are “on track to reach around 8,000 to 9,000 units for the whole of 2022”, as anticipated at the beginning of the year.

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