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.