Following strong primary home sales in August, CGS-CIMB analyst Lock Mun Yee has maintained her “overweight” call on Singapore’s real estate market. The Urban Redevelopment Authority (URA) reported that primary home sales last month came in at 1,307 units -- 1,256 excluding executive condominiums (ECs) --with sales volume up 11.8% y-o-y and 16.3% m-o-m.  

URA also found that half of these sales originated from Rest of Central Region (RCR) projects, with the newly-launched Forrett at Bukit Timah comprising a third of all RCR sales and 17% of sales for the month. Suburban projects also recorded promising results, comprising another 40% of sales following promising results from projects like Treasure at Tampines, Parc Clematis and The Garden Residences. 

Over the past eight months, primary sales came in 6% lower y-o-y at 6,353 units and comprise 70%-79% of Lock’s 2020 transaction volume predictions of 8000-9000 units. But the Singapore Real Estate Exchange (SRX) also reported an improvement in the non-landed resale market, which saw 1,052 units sold in August 2020. This constitutes a 7% m-o-m rise and a 36% increase y-o-y -- the highest monthly volume achieved since August 2018. 

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