Yahoo Finance Condo buyers seem to be streaming back to the property market
Two months after the property cooling measures, condo buyers seem to be streaming back to the market. Prominent real estate service company, Orange Tee & Tie, in making this observation noted that “private developers’ home sales rebounded strongly by 51.1 per cent month-on-month (m-o-m) to 932 units in September, rising above the 12-month (Sep 2017 to Aug 2018) average of 760 units.”
Orange Tee was referring to data released by the Urban Redevelopment Authority (URA) on Oct 15 which showed that condo buyers snapped up 932 new home sales last month, compared with 657 units in the same month last year. This data of new home sales is an increase of about 42 per cent from a year earlier, and a 51.1 per cent increase from the 617 units sold in August. Including executive condominiums (EC), new home sales rose 47.5 per cent to 944 units.
Image credit: Orange Tee & Tie
In noting that projects in Rest of Central Region (RCR) continued to dominate the market as they accounted for 73.8 per cent of new sales in September this year, rising steadily from 40.8 per cent year-on-year (y-o-y), Orange Tee analysts said:
The tighter financing rules and increased Additional Buyers’ Stamp Duty of up to 20 per cent for foreign condo buyers have clipped foreign buying interest further.
In giving further breakdown of data on condo buyers last month, Orange Tee said:
Commenting on the data by URA on new home sales, Desmond Sim, Head of Research for CBRE Singapore & Southeast Asia said: “While demand exuberance is restrained by existing measures, developers are also observed to be phasing out their launches, drip-feeding the market with supply so as to react to market movements accordingly.
“At the same time, new thematic selling points were also employed in attempts to harness sales; Jadescape and Mayfair Gardens accounted for almost 44% of this month’s total sales. Patchy sales from other launches propped up the remaining sales figures. With a strong projected pipeline of launches, CBRE maintains its forecast of 8,000-10,000 units for 2018, driven by total price quantum supported by smaller unit sizes.”
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