New home sales rose in June despite slow season and lack of new projects

SINGAPORE: New home sales, excluding executive condominiums (ECs), saw a modest rise in June, increasing by 2.2% month-on-month (MoM) to reach 228 units.

This growth came despite a typically slower sales period due to school holidays and the absence of new project launches.

However, on a year-on-year (YoY) basis, sales dropped by 18%, highlighting the ongoing challenges in the market.

PropNex data indicates that only 118 units from existing projects were launched for sale in June, significantly fewer than the 238 units launched in May.

The new units in June came from Tembusu Grand, The Lakegarden Residences, Pollen Collection, and Watten House.

Among the various submarkets, the Outside Central Region (OCR) led the sales in June, with 132 units sold, representing 58% of the total sales for the month.

The Rest of the Central Region (RCR) followed with 71 units sold, while the Core Central Region (CCR) recorded the lowest sales with just 25 units.

In the executive condominium segment, sales saw a substantial increase of 25% MoM, reaching 40 units.

The most popular EC project was North Gaia, which sold 29 units at a median price of $1,311 per square foot (psf).

Lumina Grand followed, selling 16 units at a median price of $1,508 psf.

The data reflects a nuanced market performance where certain segments and regions continue to attract buyers, even in slower periods. /TISG