Buyers Rushing To Avoid Property Curbs Led To 55% Surge In July Home Sales

Influenced by buyers who flocked to buy private condos some hours before the implementation of the latest property curbs, July 6, 2018, the new private property sales of Singapore hurdled 55 percent to cover 1,724 units in July alone, so far the highest level reached after March 2017,  according to a reliable source.

Per statistics report of URA or Urban Redevelopment Authority, such figure is greater compared to the same period previous year which sold only 1,112 units and significantly, over 654 units were disposed in June excluding Executive Condominiums.

This figure in sales of the latest build private home is not surprising because both property buyers and property investors are in their adrenaline to buy flats or units before the clock for implementation of the cooling policy strikes, told by Ismail Gafoor, the CEO of PropNex Realty.

According to the report, there were at least 1,000 units sold among the top performing development projects Stirling Residences, Park Colonial, and Riverfront Residences in just a matter of one night.

Which simply implies that private property development’s market maintained its market condition in spite of the controversial birth of new curbs. ” What is impressive with the controversy of cooling measures,  it was able to sustain its market momentum all throughout the said three properties and other developments evident in the sum total of units sold which is 1,724 units as of July 2018,” explained Ismael.

” The credit goes to the developers who are adjusting the figures so buyers can still be motivated to acquire the unit,” Ismael added.

As a matter of fact, Collier’s International’s lead research to Singapore Tricia Song told that Park Colonial, Stirling Residences and Riverfront Residences disposed of an additional 119, 139 and 118 units since 6th of July.

“We Believe this trend of high demand, dauntless by LTV or loan -to -value limits and bigger additional buyer’s stamp duty.”

Furthermore, at least above 38.4 per cent of Urban Redevelopment Authority caveats have been hand in right after the curbs implemented, said Christine Sun, the OrangeTee’s chair of consultancy and research.

” The greater percentage of caveats rose following the full implementation of cooling policies signifies that property market is still alive and healthy, influenced by first-timers who have less impact in cooling measures and believes that launch prices quite reasonable and attractive.”

Although private unit sales are foreseen to drop succeeding months and onwards which is credited to the sellers and buyers adopting with precaution attitude while being positive on a priced project for its best take -up, Ong Teck Hui, the research and consultancy national director to JLL.