August New Private Home Sales Drop 636 M O M Amid Absence New Launches

In August, developers in Singapore sold a total of 208 new homes, excluding executive condominiums (ECs), according to data released by the Urban Redevelopment Authority (URA) on September 16. This marks a significant 63.6% decrease from the 571 new homes sold in July. On a year-on-year basis, sales were down by 47.2% compared to 394 new homes sold in August 2023.

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The decline in sales can be attributed to the absence of new launches for sale in August, which coincided with the lunar seventh month. During this period, it is believed that sales activities slow down as it is considered inauspicious to make significant financial decisions.

The number of units launched for sale in August also saw a considerable decrease, with only 272 units launched, marking a 55.8% drop from the previous month and a 53.9% decrease compared to the same period last year.

In total, including ECs, 244 new homes were sold in August, a 59.5% drop from the 608 units sold in July.

The top-selling project in August was Tembusu Grand, a 640-unit condo located along Jalan Tembusu in the Rest of Central Region (RCR). It managed to sell 30 units at a median price of $2,455 per square foot (psf).

According to the data, the Outside Central Region (OCR) was the strongest performing market segment, with a total of 123 units sold. Top-selling developments in this region include Hillock Green, with 17 units sold at a median price of $2,108 psf, and Lentoria, with 15 units sold at a median price of $2,217 psf.