Parc Esta helps boost new private home sales in May, up 75% on April

In May, developers in Singapore sold 486 private non-landed homes, an increase of 75 percent from the 277 homes they sold in April. This was despite a month full of circuit breakers and a weaker economy, highlighted by layoffs, wage cuts, and other economic indicators.

The fact that the number of new homes sold in May was down nearly 49 percent from 952 just a year earlier is evidence that the market has not recovered or returned to normal.

Only 12 new projects have been launched this year, despite developers expecting to launch 40-50 new projects.

In May, 615 new homes were put on the market, a slight decrease from 640 in April and a drop of nearly 56% compared to 1,394 units marketed a year earlier.

The Urban Redevelopment Authority released figures on Monday (15th June) that exclude executive condominiums (EC), which are a hybrid of public and private housing. In May, there were no new EC developments.

The new sales were mainly boosted by Treasure at Tampines. Parc Clematis. The Florence Residences. Parc Esta.

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URA Realis data released on Monday shows that the number of non landed homes including Parc Esta purchased by Singaporeans increased 81.1 percent to 402 units from 222 in April. Foreigners are also buying more homes, as the number of new non-landed homes purchased by Singapore residents (permanent and non-permanent) increased by 71.4 percent to 72 units from 42 units last month.

The June new home sales figures also show some positive signs.

URA Realis data shows that 155 new homes (excluding ECs) have been sold already in the first week of this month. This is more than half of the 277 units signed in April.

According to Mr Lee Sze Teck of Huttons Asia’s director of research, as Singapore enters the next phase of its opening, property sales will likely continue to be a mix of online and physical viewings of show galleries.


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