by OrangeTee & Tie Pte Ltd.

New private home sales up in July, driven by AMO Residence transactions

SRX Private Residential Data

Singapore, 15 Aug 2022

NEW private home sales rose month on month in July, according to data released by the Urban Redevelopment Authority (URA) on Monday (Aug 15). 

Developers sold a total of 834 units excluding executive condominiums (ECs), while 402 units were launched. These was up from 488 units sold and 397 units launched in June. 

Including ECs, 846 units were sold in July with 402 units launched, compared to the 496 units sold and 397 units launches recorded in June.

“The good sales at AMO Residence could be attributed to the severe lack of new home supply in the suburbs. There has not been a mid-size condominium launch for almost a year. AMO Residence is the only OCR condominium new launch above 350 units (not an EC) since the launch of Watergardens at Canberra (448 units) in August 2021,” commented Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie. 

Other best-selling projects in July highlighted by OrangeTee & Tie’s Sun include Hyll on Holland, Riviere, Parc Clematis, Ki Residences at Brookvale, Perfect Ten and The Florence Residences. 

While Sun highlighted “significant pent-up demand for new homes in the suburbs” and a lack of significant impact of the recent interest rate hike on new home-buying sentiment in July, she believes Singapore’s property market will continue to face headwinds from the rising global inflation, interest rate hikes and supply chain disruptions. 

“Homebuyers may not feel the increase in monthly instalments due to the progressive payment schedule for new launch private properties, and home loans tend to be smaller in the initial repayment period,” she said.

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