Private home and EC sales slide 16 per cent in August
The number of private homes and executive condominiums (ECs) sold in August slid by 16 percent to 1,638 from the month before.
Excluding the ECs, the sales of private units slipped 3 per cent to 1,348 over the same period.
The volume decline is due to the drop in EC sales as only 290 EC units were sold last month compared to 568 in July.
The dip came amid the government’s announcement increasing the qualifying income ceiling for Build-to-Order (BTO) flats and ECs.
"As a result of this, home buyers who fall under the $10,000 to $12,000 income range who otherwise might have entered into the mass to mid-end private property are now weighing their options and might venture into the EC market," said Tejaswi Chunduri, real estate analyst from PropertyGuru.
Chunduri added, "Traditionally, August is a gloomy period in the property market due to the Hungry Ghost Festival. Overall sales in all three regions on the island remained steady but lower compared to July."
The bulk of private home sales came from EuHabitat along Jalan Eunos which sold 439 units at a median price of $1,015 psf and Boathouse Residences along Upper Serangoon which sold 202 units at a median price of $898 psf.
The costliest unit sold in August was from The Marq on Paterson Hill at $6,394 psf.
Sales in September are expected to pick up with new project launches following the Hungry Ghost Festival. Demand in EC units is also expected to rise.
