Sales of new homes in Singapore saw a significant drop in August, according to data released by URA on September 16. A total of 208 new homes, excluding executive condos (ECs), were sold during the month, marking a 63.6% decrease from the 571 homes sold in July. Compared to the same period last year, sales were down by 47.2% from 394 units sold in August 2023.
The decline in sales can be attributed to the absence of new launches for sale in August, which coincided with the lunar seventh month. Only 272 units were launched for sale, which is 55.8% less than the previous month and 53.9% lower than the same period last year.
In total, including ECs, 244 new homes were sold in August, representing a decline of 59.5% from the 608 units sold in July.
Among the top-selling projects was Tembusu Grand, a 640-unit condo located along Jalan Tembusu in the Rest of Central Region (RCR). It moved 30 units at a median price of $2,455 psf. However, the Outside Central Region (OCR) emerged as the best-performing market segment, with 123 units sold. Top sellers in this region include Hillock Green with 17 units sold at a median price of $2,108 psf, and Lentoria with 15 units sold at a median price of $2,217 psf.
In summary, there are many advantages to investing in a condominium in Singapore. These include a high demand for properties, the potential for increasing value over time, and the attractive rental yields. However, before diving into this market, it is crucial to carefully consider various factors such as location, financing options, government regulations, and current market conditions. By conducting thorough research and seeking guidance from professionals, investors can make informed decisions and maximize their returns in this dynamic real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer looking for a stable and profitable investment, condos in Singapore offer an appealing opportunity. It is worth noting that new condo launches should also be considered when exploring this investment option. These launches can provide even more potential for growth and profit in Singapore’s ever-evolving real estate market. With careful planning and guidance, investing in a condominium in Singapore can be a wise and rewarding choice for any investor.