There is a fall in New private property sales in June, after the impressive high in the previous month. According to The Urban Redevelopment Authority (URA) Data, only 536 new residences were transacted last month, which halves from 1,058 units sold in May. The analysts have attributed the decline's causes to the shortage of new property launches and the seasonal effect from the June school holidays.
However, in comparison with the figures at the same time last year with just 375 units transacted, the sales in June saw an annual increase up to 43 per cent. All these features positive signals with more buyers coming back to the market. And it is thought that the price is likely to fall much more and that's the right time for their purchasing decision.
After some cooling property measures of The Government such as Total Debt Servicing Ratio and The Additional Buyer's Stamp Duty in 2013 that have lowered the prices of private property, private homes' demand has been sluggish considerably.
Last month, only 234 new private homes were launched compared to 1,345 units put up for sale in May. The suburban areas accounting for 60 per cent of deals with 324 units sold led sale, followed by the city fringe with 166 units transacted and the main central region with 46 units.
And it was stroke the market as the odd was that there were no significant discounts offered from developers amongst Top five best-selling private homes, their successful sales are attributed to the improving sentiment. In the segment of EC, there were no new EC launched and only 232 units were transacted last month, down by 30.5 per cent from 334 ones in May. And Bellewaters EC in Anchorvale Crescent is the best-selling project with 43 units moved at the average price of $804 psf.
From URA figures, the first half of this year saw an increase in sale of new private homes with the total of 3,814 units sold that was up 7 per cent in comparison with 3,564 sold units at the same time one year ago.
All signs indicate an upcoming bottoming-out and the property market has gradually transitioned to a stable phase. In addition, new properties like Lake Grande a?t Jurong West, Parc Riviera in West Coast Vale, and Gramercy Park can help the sale volume boost, developers can step up before the traditional Chinese Hungry Ghost Festival.