Huttons’ comments on August 2021 developer’s sales
Developers launched 836 units and sold 1,215 units in August 2021. Sales in August 2021 was 23.6% lower than July 2021 and 3.4% lower than a year ago. Despite the Lunar Seventh Month from Aug 8, developers sold more than 1,000 units, even better than the Lunar Seventh Month a year ago. Buyers are probably less concerned about committing to a home purchase during the Seventh Month nowadays.
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Comparison of developer sales during Lunar Seventh Month
* sales as at 5 Sep 2021
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47.5% of the transactions in August are priced below $1.5 million, 28.4% are between $1.5 million to $2 million and 24.1% above $2 million. The average price paid for a unit in August was $1.77 million. 85.4% of purchases are by Singaporeans with PRs and foreigners making up 10.5% and 4.1%, respectively.
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Table 1: Purchases by Residential Status and Price Range in August
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Seven of the top 10 best-selling projects in August are in the Outside Central Region (OCR). The OCR accounted for 59.3% of the total sales in August. The second launch in the OCR in 2021, The Watergardens at Canberra sold 59.6% of its units in August, supported by the large upgrading demand from the HDB market.
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It is rumoured that an investment fund bought nine units at the recently completed Martin Modern in August. Wealth is coming into the Singapore residential market seeking opportunities.
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The top ten private residential projects for August 2021 are:
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In September, there will be two launches, Bartley Vue and Jervois Mansion. Bartley Vue is estimated to have moved 30% of its units. In the absence of larger launches, sales in September are estimated to be around 700 to 800 units.
The last quarter of 2021 will see more launches lined up – Amber Sea, Belgravia Ace, Cairnhill 16, Canninghill Piers, Mori, Perfect 10 and The Commodore. The market will likely end the year on a high of around 12,000 new sales.
