More flats were sold at the end of May due to discounts, low rates, affordability

    • There was a sudden hike in the sales of new private home sales by 74.7% from 277 units in April to 484 units in May as buyers residing at home purchased their dream home by seeing them through virtual tours organized by the developers amid strict circuit breaker measures.
    • Amid complete circuit breaker measures throughout the month along with frequent layoff and salary deduction news, buyers continued to purchase homes as they were well within their buying capabilities.
    • A total of 509 units were sold in May including executive condominiums (EC) – which are a private-public combo. This is a 73.7% growth in sales when compared to 293 units sold in April.
    • However, the number of flats sold doesn’t depict a robust count when compared to 952 units sold in May 2019. Overall, 9,912 units were sold in the year 2019. This shows that isn’t recovering at the pace it should have and conditions aren’t going to be normal soon.
    • Developers have launched only 12 projects this year till date when it was expected that they would release 40-50 projects this year.
    • More than 90% of the total sales was in Outer Central Region (OCR) and Rest of Central Region (RCR) in May as opposed to higher sales in the Core Central Region (CCR) in April.
    • A total of 254 units were sold in OCR in May compared to 98 units sold in April which is 2.5 times more while 189 units were sold in RCR in May compared to 77 units sold in April. Number of flats sold in CCR dropped from 102 in April to 41 in May.
    • Buyers entered the market after going through various reports that showed rich investors entering the Singapore’s property market off the late and properties in OCR and RCR are more affordable hence the rise in sales in OCR and RCR.
    • As per the agents hesitation to spend million dollars on home without having a physical look was the main reason behind sales of affordable and less expensive flats in May.
    • Around 65.9% of the total new flats sold in May 2020 went for the price range of S$1 million to S$2 million while 17.4% of the properties sold went for S$80,000 to below S$1 million. These are the most in demand price range for the private homes sold in May and these exclude the sale and price of ECs.
  • On a project basis, Treasure at Tampines was the most successful project in terms of sales as 56 units were sold at the mentioned project in May 2020 followed 55 units sold at Parc Clematis, 54units sold at The Florence Residences and 45 units sold at Parc Esta.

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