Home buyers put off by Ghost Month

By Romesh Navaratnarajah:

Despite earlier media reports stating that sales at property launches were unaffected by the Hungry Ghost Festival, data from the Urban Redevelopment Authority (URA) showed that 1,421 new homes were sold in the month of August, 27 percent down month-on-month (m/m) from the 1,946 seen in July.

However, the sales volume was up five percent compared to the same period last year.

Including executive condominiums (ECs), the sales volume dropped almost 26 percent m/m and reached 1,539.

Meanwhile, developers launched 1,118 units in August, 37 percent lower than in the previous month.

The most popular project was One Dusun Residences along Jalan Dusun off Balestier Road. The 154-unit project is almost fully sold, with just one available unit remaining. Units were sold at a median price of S$1,532 psf with the lowest psf price recorded at S$1,209.

Other projects that did well included Parc Olympia and Bartley Residences, which sold 110 and 70 units respectively.

 

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