Huttons’ comments on August 2021 developer’s sales

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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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[/vc_column_text][vc_empty_space height=”8px”][vc_column_text]Comparison of developer sales during Lunar Seventh Month[/vc_column_text][vc_single_image image=”14950″ img_size=”full” add_caption=”yes” alignment=”center”][vc_column_text]* sales as at 5 Sep 2021[/vc_column_text][vc_column_text]

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[/vc_column_text][vc_empty_space height=”8px”][vc_column_text]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.[/vc_column_text][vc_column_text]

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[/vc_column_text][vc_empty_space height=”8px”][vc_column_text]Table 1: Purchases by Residential Status and Price Range in August[/vc_column_text][vc_single_image image=”14951″ img_size=”full” add_caption=”yes” alignment=”center”][vc_column_text]

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[/vc_column_text][vc_empty_space height=”8px”][vc_column_text]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.[/vc_column_text][vc_column_text]

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[/vc_column_text][vc_empty_space height=”8px”][vc_column_text]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.[/vc_column_text][vc_column_text]

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[/vc_column_text][vc_empty_space height=”8px”][vc_column_text]The top ten private residential projects for August 2021 are:[/vc_column_text][vc_single_image image=”14952″ img_size=”full” add_caption=”yes” alignment=”center”][vc_column_text]

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[/vc_column_text][vc_empty_space height=”8px”][vc_column_text]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.[/vc_column_text][vc_column_text]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.[/vc_column_text][/vc_column][/vc_row]