SINGAPORE (June 18): Sales of private homes, excluding Executive Condos, by developers in Singapore rose 7.9% in May from a year earlier, government data showed on Monday.

Data compiled by the Urban Redevelopment Authority (URA) showed developers sold 1,121 units last month, compared with 1,039 units in the same month a year earlier.

This was the best monthly take-up since developers sold 1,246 new private homes last August.

In May, 1,060 new private homes were launched, 59.6% higher compared to 664 units launched in April, and nearly three times the 370 units launched a year ago.

With May's figures, developers sold 3,480 units in the first five months of 2018, 39.4%  lower than the the 5,747 units they moved in the year-ago period.

According to Christine Sun, head of research & consultancy at OrangeTee & Tie says strong buying interest seems to have returned to all market segments with a higher percentage of sales registered for the Outside of Central Region (OCR).

New home sales in OCR dominated 71% of the market share in May 18, up from 39% in May 16 and 60% in May 17.

“We foresee that demand for homes in OCR and RCR will continue to surge as more mega projects are slated to the launched from these regions in the coming months,” says Sun.

Riding on the current sales momentum, many developers have launched, relaunched or planned to launch their projects in June, including The Garden Residences, Affinity at Serangoon, Margaret Ville, Marina One Residences (Phase 2) and South Beach Residences.

Sun says this is rather unusual as most developers would typically avoid the June holidays to launch any major projects as seen from a dearth of major launches in the months of June from 2015 to 2017.

“We foresee that the World Cup season has limited impact on the market as the buying sentiment is currently strong and many of the matches are not held in the wee hours of the night. Therefore, we expect sales to remain healthy in June.”