New private home sales rise nearly 71% in July, driven by AMO Residence

by Albert02

New private home sales rise nearly 71% in July, driven by AMO Residence

New private home sales rise nearly 71% in July, driven by AMO Residence. New private home sales in Singapore jumped by roughly 71% in July compared to June as buyers entered the market again after the June vacation.

The Urban Redevelopment Authority released figures on Monday (15 August) showing that, excluding executive condos (ECs), developers sold 834 flats in July, up from 488 units in June (URA). In comparison to the 1,602 units sold in July of last year, new home sales decreased by roughly 48% year over year. Sales were buoyed by AMO Residence in Ang Mo Kio, the year’s largest suburban condominium construction and the only new property launched in July. “The significant shortage of new homes available in the suburbs may be to blame for AMO Residence’s strong sales. A mid-size condominium launch has not occurred in nearly a year “said Ms. Christine Sun, OrangeTee & Tie’s senior vice president of research and analytics.

Nearly 98% of the AMO Residence’s units were sold on the day of debut. Ms. Sun stated that with 485 units, 58.2 percent of new home sales last month were from outside the Central Region, indicating that the Ang Mo Kio project had strong sales (OCR). Following closely after are the Rest of Central Region (RCR), with a share of 19.7% and 164 units sold respectively, and the Core Central Region (CCR), with a share of 22.2% and 185 units sold.

The good performance at AMO Residence, according to Ms. Tricia Song, head of research for Southeast Asia at CBRE, should improve sentiment in the real estate market for the rest of the year.

Ms. Song cited upcoming launches like the 158-unit Sky Eden @ Bedok at Bedok Central by Frasers Property and the 605-unit Lentor Modern at Lentor Central by GuocoLand as examples of projects that might attract interest from first-time homebuyers and upgraders who are largely unaffected by the most recent round of cooling measures.

Lee Sze Teck, senior director for research at Huttons Asia, continued, “The market is ravenous for more launches.” He pointed out that since February 2021, more units have been sold overall than have been introduced.

According to Mr. Ong Teck Hui, senior director of research & consultancy at JLL, developers have benefited from the market’s undersupply of available units in terms of sales volume and prices.

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