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July new home sales up 70.9% m-o-m, largely driven by best-seller AMO Residence

EdgeProp Singapore
EdgeProp Singapore8/15/2022 10:14 PM GMT+08  • 8 min read
July new home sales up 70.9% m-o-m, largely driven by best-seller AMO Residence
AMO Residence was the top-selling project in July, with 366 units sold out of a total of 372 units, at a median price of $2,110 psf / Photo by Samuel Isaac Chua
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Developers sold 834 new homes in the month of July, a 70.9% surge from the previous month. The strong sales last month was driven by the launch of AMO Residence in the Outside Central Region (OCR), which sold 366 units out of a total of 372 units or 98.4% of the project last month at a median price of $2,110 psf, according to URA data.

However, new home sales in July 2022 was 47.9% lower on a y-o-y basis. Tricia Song, head of research for CBRE Southeast Asia, attributes the y-o-y decline to the fact that July 2021 saw the launch of another major suburban project, namely the 487-unit Pasir Ris 8, where 415 units were snapped up on the first day of launch at an average price of $1,580 psf.

AMO Residence contributed to 75.46% of the 485 units sold in the OCR last month. It was the key reason monthly new home sales shot up 70.9% in July, notes Lee Sze Teck, senior director (research) at Huttons Asia. “The market is hungry for more launches,” Lee comments.

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