The weather in Singapore has been strange lately, fluctuating from a cooling 25°C one day, to blazing hot the next. But the same can’t be said of the real estate market, which has been just simmering hot, defying expectations and the realities of the Covid-19-hit economy.

While thousands worry about job security and potential loss of income (total employment excluding foreign domestic workers plunged by 103,500 in June), the property market seems to be heading in only one direction — up. This is particularly noticeable for private new home sales, which recorded 1,256 transactions (excluding executive condos) in August 2020 — the highest level in 11 months.

Last weekend, the market reached a new fever high. Penrose, a development by Hong Leong Holdings and City Developments, moved 341 units (or 60.3%) out of a total of 566 units, making it one of the top-selling projects this year.

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