SINGAPORE (Aug 15): PropNex Realty, a subsidiary of PropNex Limited, anticipates the total volume of new homes transactions to hit 8,500-9,000 for 2018.

This comes after private new home transactions, excluding executive condominiums (ECs), hit 1,724 for the month of July this year. The latest figure represents a significant 163% increase from 654 units sold in June 2018, as buyers rushed to beat the latest property cooling measures announced by Singapore’s government in early July.

Singapore home sales soar in July on minute-to-midnight buying

URA data as at 27 July has shown that the first two quarters alone have witnessed 3,947 of new private homes transactions.

Riverfront Residences was reported by PropNex to top the list of performing projects for July 2018, with 628 units sold at a median price of $1,307 psf, according to PropNex and URA data. 

The top five performing projects also included Park Colonial and Stirling Residences, which saw 429 and 339 units sold at median prices of $1,756 psf and $1,746 psf, respectively.

Based on July’s performance and market sentiments, Ismail Gafoor, CEO of PropNex Realty,  estimates sales of new homes to reach 3,000 units in 2Q18.

In particular, Gafoor, notes that the sales momentum carried through at all three of these projects post-cooling measures in the month of July, which he attributes to developers adjusting their prices in an effort to entice homebuyers to commit to their purchases.

“Moving forward with 15 to 20 launches expected for the rest of 2018, even if takeup rates are lower as buyers evaluate their options post-cooling measures, we can expect total volume of new homes transactions for 2018 to hit 8,500 to 9,000,” says Gafoor.