August property sales to fall as buyers postpone purchases

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August property sales to fall as buyers postpone purchases

With buyers holding back purchases during the hungry ghost month, analysts expect property sales for August to be sluggish, reported Singapore Business Review.

With buyers holding back purchases during the hungry ghost month, analysts expect property sales for August to be sluggish, reported Singapore Business Review.

Colliers International even expects the significant drop in sales to continue to September as the buyers’ knee-jerk reaction to the new housing curbs add up to the annual ghost month trend.

Singapore’s property market registered a median decline of 2.1 percent in August for the past 10 years.

 “That said, we do not rule out some developers potentially delaying launches as they reassess the market and re-strategise after the measures were rolled out,” said Colliers International.

Christine Sun, head of research and consultancy at OrangeTee and Tie, noted that many developers are “going ahead with their launches from October, including Jadescape, The Jovell, Parc Esta, Kent Ridge Hill Residences, Treasures at Tampines and The Woodleigh Residences”.

While it expects property sales for August to fall, Colliers International sees home sales for this year to reach 8,500 to 9,000 units, excluding executive condos (ECs). The figure is down 15 to 20 percent from the 10,555 units sold in 2017.

The company expects ECs to be completely sold out by end-August, while the next EC to be launched is the Sumang Walk project next year.

Eugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email eugenia@propertyguru.com.sg